Fast Closing Month-End & Year-End Accounts

The volume of financial data we handle continues to grow daily. Are your procedures for closing period-end accounts adequate and current? Chances are, they may not be. In the last decade, the speed at which we complete the period-end accounting close process has emerged as a critical KPI for assessing management performance. It also serves as an indicator of management's capability to execute strategic plans and uphold good corporate governance. This trend has spurred many organizations worldwide to adopt Fast Close or Record to Report (R2R) initiatives.

This Anderson online training course offers a thorough exploration of Fast Close, which involves swiftly concluding period-end accounts, gathering all necessary financial reporting data, and consolidating and publishing precise and dependable financial statements. The widespread adoption of Fast Close by contemporary global organizations has yielded numerous advantages. These include compliance with stringent stock exchange regulations, the ability to generate more timely information for strategic decisions, cost reduction, increased time for reviewing financial statements to minimize errors, and safeguarding strategic information from competitors prior to publication.

This Anderson online training course will feature:

• 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

This comprehensive training course consists of two modules which can be booked as a 5-Day Online Training event, or as individual, 1-Day online training courses.

Module 1: Fast Closing Accounts and Developing a Fast-Close Strategy

Module 2: Fast Close Implementation: Change Management and Technology

By the end of this Anderson online training course, participants will be able to:

• Identify fast close processes, strategies and best practices
• Consider organisational 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

This Anderson online training course is suitable to a wide range of professionals but will greatly benefit:

• All accounting professionals involved in the preparation of financial statements
• Financial controllers, finance managers, financial systems analysts, senior accountants, financial accountants, management accountants, general ledger accountants, assistant accountants, accounts receivable accountants, accounts payable accountants, payroll accountants
• Decision-makers who rely on timely and accurate financial information
• Operations, logistics, and procurement professionals
• Professionals who have responsibility and accountability for financial performance and the integrity of financial and information systems.

• The different types and benefits of fast close
• Steps needed to achieve a fast close
• Analysis and review of the current closing process
• Redesign of the closing cycle
• Finance function re-design and solutions
• Examination of closing activities and requirements
• Best practice in attaining fast close, soft close and virtual close
• Optimisation of charts of accounts and journal entry requirements
• Organisation of corporate resources to achieve fast close
• Identification of potential roadblocks, or obstacles to fast close

• Standardisation, customisation and centralisation
• Review of paradigms and the difficulties of effecting change
• Force field analysis
• Use of technology to improve organisational re-design
• Examination of the pre-close and fast close processes
• Benchmarking and other measurement standards, and key performance indicators (KPIs)
• Documentation of fast close processes incorporating the utilisation of checklists
• Design and implementation of controls needed for financial reporting
• Improvement of the closing process and adoption of improvement measures
• Identification of management reporting criteria

An Anderson e-Certificate will be provided to delegates who attend and complete the online training course