Course objectives

At the end of the course, participants will be able to:

Identify fast close processes, strategies and best practices

Consider organizational policies, procedures, and documentation related to fast close

Appreciate the importance of the fast-close process on financial and operational decision-making

Provide faster and more accurate data for month-end and year-end accounts closing

Consider the departmental requirements for financial reporting

Target competencies

Different types of fast close and their benefits

Development of the fast close process and identification of roadblocks

Change management and technological issues of fast close

Measuring and benchmarking the fast close process

Financial reporting issues including IFRS disclosure requirements

Introduction to Fast Close Concepts

Different types and benefits

Steps needed to achieve a fast close

Analyzing and reviewing the current closing process

Redesigning the closing cycle

Finance function stakeholders, redesign and solutions

Developing a Fast Close Strategy

Examining closing activities and requirements

Best practices in attaining fast close, soft close and virtual close

Optimizing charts of accounts and joual entry requirements

Organizing corporate resources to achieve fast close

Identifying potential roadblocks

Managing Change and Utilizing Technology

Standardization, customization and centralization

Reviewing paradigms and the difficulties of effecting changes

Force field analysis

Change management exercises

Using technology to improve organizational re-design

Operational Implementation of a Fast Close

Examining the pre-close and fast close processes

Adopting benchmark and other measurement standards

Key performance indicators (KPIs)

Documenting fast close processes incorporating the utilization of checklists

Analytical case study

Financial Reporting and Ongoing 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 course