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Fast Closing Monthly and Year-End Accounts - Virtual Learning

Fast Closing Monthly and Year-End Accounts - Virtual Learning

Why Attend

Month and year-end closings are the ultimate processes of finance where the efforts spent during the period materialize in accurate and timely reports. It is important that such valuable information is developed at a cost that is justified by the benefits gained. Hence, organizations need to always identify inefficiencies in the closing process and apply continuous improvement. This course provides several tools for process analysis and improvements related to closing the books quickly and efficiently.

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Course Methodology

Live online course where participants will be able to interact with instructor (video and audio), view slides, collaborate with others, and comment on discussions, complete assessments, activities and case studies. 

Course Objectives

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

  • Describe the different types of closing and list the main activities in the closing cycle
  • Utilize assessment tools to pinpoint the disconnect between finance and internal users
  • Practice using process maps to identify closing inefficiencies and present improvement recommendations
  •  Apply best practices and enhance the monthly closing procedures
Target Audience

Accountants, finance managers, financial controllers, management accountants, general ledger accountants, accounts receivable and accounts payable accountants, senior accountants and assistant accountants.

Target Competencies
  • Process analysis
  • Closing procedures
  • Analytical skills
  • Process mapping
  • Applying month-end and year-end closing best practices

Course Outline
  • Fast closing defined
    • Importance and benefits of fast close
    • Hard, soft and virtual close
    • Elements of soft close
    • Vision of 'finance and accounting' function
  • Redesign of the finance function
    • Defining the finance function stakeholders
    • Disconnect between finance and internal users
    • Tools to identify needs assessment and report user satisfaction
    • The paradigm shift
    • Tools to identify the need for a redesign
    • Reasons for process redesign
  • Planning the fast close process
    • Setting up a plan for a fast close
    • Implementing the plan and staying in control
    • Cost and cycle time charts
    • Process maps and value analysis
    • Selecting Key Performance Indicators (KPIs)
    • Continuous improvements in closing process
  • Applying best practices in the close process
    • Enhancing the operating cycle
    • Procurement and disbursement processes
      • Accounts payable
      • Inventory and cost
      • Commissions and fees
    • Billing and collection process
      • Accounts receivable and billing
      • Collections and cash management
    • Administration and reporting process
      • The general ledger
      • Operational budgeting
      • Fixed assets
      • Financial reporting
Schedule & Fees
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