Course Details
Course Outline
5 days course
Introduction to Fast Close Concepts
- Fast Closing Defined
- Importance and Benefits of Fast Close
- Hard, Soft and Virtual Close
- Elements of Soft Close
- Vision of Finance and Accounting Function
- Activities and Purposes of Finance and Accounting
- The Finance Function as an Added Value
The Finance Function as an Added Value
- Usefulness of Financial Information
- Defining the Finance Function Stakeholders
- Disconnect between Finance and Internal Users
- Tools to Identify Needs Assessment and Report User Satisfaction
- Examining closing activities and requirements
- Best practices in attaining fast close, soft close and virtual close
- Optimizing charts of accounts and journal entry requirements
- Organizing corporate resources to achieve fast close
- Identifying potential roadblocks
Planning the Fast Close Process
- Setting Up a Plan for a Fast Close
- Pre-Close Process and Activities
- Implementing the Plan and Staying in Control
- Finance Process Redesign Tools and Techniques
- Cost/Cycle Time Charts
- Process Maps and Value Analysis
- Identifying Process Bottlenecks
- Organizing Fast Close Resources Needed
- Shifting Close Activities
- Selecting Key Performance Indicators (KPIs)
- Continuous Improvements in Closing Process
Financial Reporting and On-Going Improvements to the Closing Process
- Design and implementation of controls needed for financial reporting
- Improving the closing process and adopting improvement measurements
- Identifying management reporting criteria
- Summary of the programme
- Administration and Reporting Process ( The General Ledger – Budgeting - Fixed Assets- Financial Reporting)
Applying Best Practices in the Close Process
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Enhancing the Operating Cycle
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Procurement and Disbursement Process
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Accounts Payable
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Travel and Entertainment
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Inventory
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Payroll
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Costing
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Commissions
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