Course description
Year-end – also known as an accounting reference date – is the completion of an accounting period. At this time, businesses need to carry out specific procedures to close their books.
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.
Fast Closing Monthly and Year-End Accounts training course focuses on helping you achieve effectiveness and accuracy in fast closing monthly and year-end accounts.
Upcoming start dates
Upcoming start dates
Suitability - Who should attend?
Fast Closing Monthly and Year-End Accounts training course, is ideal for :
- Accountants, finance managers, financial controllers, management accountants, general ledger accountants, accounts receivable and accounts payable accountants, senior accountants, and assistant accountants.
Outcome / Qualification etc.
By the end of the Fast Closing Monthly and Year-End Accounts training course, you will be able to :
- Describe the impact of fast closing on company-wide operations
- Develop a closing process improvement plan
- Identify departmental requirements for financial reporting
- Provide faster and more accurate data for monthly and year-end closing
- Enhance communication with internal and external customers
Training Course Content
Day 1
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
Day 2
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
Day 3
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
Day 4
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)
Day 5
Applying Best Practices in the Close Process
- Enhancing the Operating Cycle
- Procurement and Disbursement Process
- Accounts Payable
- Travel and Entertainment
- Inventory
- Payroll
- Costing
- Commissions
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