Fast Closing Defined

• Closing Effectiveness and Efficiency
• Hard, Soft and Virtual Close
• Importance and Benefits of Fast Close
• Enhanced Quality of Financial Information

The Finance Function as an Added Value

• Defining the Finance Function Stakeholders
• Disconnect Between Finance and Internal Users
• Tools to Identify Needs Assessment and Report User Satisfaction

Redesign of the Finance Function

• The Paradigm Shift
• Tool to Identify the Need for a Redesign
• Reasons for Process Redesign
• Three Steps to Carry On Process Improvement and Finance Function Redesign
• Comprehensive Review of Current Close Processes and Activities
• Process Improvement Techniques
  • Cost/Cycle Time Charts
  • Process Maps and Value Analysis
• Identifying Process Bottlenecks
• Monthly and Annual Close Requirements

Planning the Fast Close Process

• Setting Up a Plan for a Fast Close
• Pre-Close Process and Activities
• Organizing Fast Close Resources Needed
• Shifting Close Activities
• Implementing the Plan and Staying in Control
• Selecting Key Performance Indicators (KPIs)
• Monitoring and Documentation
• Continuous Improvements in Closing Process

Applying Best Practices in the Close Process

• Enhancing the Operating Cycle
• Procurement and Disbursement Process
  • Accounts Payable
  • Inventory
  • Payroll
  • Travel and Entertainment
  • Commissions
• Billing and Collection Process
  • Accounts Receivable and Billing
  • Collections and Cash Management
• Administration and Reporting Process
  • The General Ledger
  • Budgeting
  • Financial Statements
  • Fixed Assets
• Elements of the Close Reporting Package