Day One: Introduction to Fast Close Concepts
- Different types and benefits
- Steps needed to achieve a fast close
- Analysing and reviewing the current closing process
- Redesigning the closing cycle
- Finance function stakeholders, redesign and solutions
Day Two: Developing A Fast Close Strategy
- Examining closing activities and requirements
- Best practices in attaining fast close, soft close and virtual close
- Optimising charts of accounts and journal entry requirements
- Organising corporate resources to achieve fast close
- Identifying potential roadblocks
Day Three: Managing Change and Utilising Technology
- Standardisation, customisation and centralisation
- Reviewing paradigms and the difficulties of effecting changes
- Force field analysis
- Change management exercises
- Using technology to improve organisational re-design
Day Four: 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 utilisation of checklists
- Analytical case study
Day Five: 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