Course Details
Your Growth, Our Mission
Course Description
This program provides an in-depth overview of the “Fast Close” process, which is the ability of a modern, global organization to rapidly close the accounting books, collect, consolidate and, then, publish its financial statements. This process is widely viewed not only as an indicator of management’s abilities to execute its strategic plan in light of the availability of fast, reliable financial information, but also a proxy for good, well-implemented corporate governance. This program will also review the mounting concerns and evidence that the “Fast Close” process, after a long period of sustained improvement, is now in a period of decline, due in large part to the impact of compliance, new accounting and reporting standards and the sheer increase in the volume and complexity of financial information that needs to be consolidated and reviewed.
The Training Course Will Highlight ?
Training Objective
Target Audience
Any professional involved in the preparation of financial statements, including financial controllers, finance managers, senior accountants, management accountants, general ledger accountants and assistant accountants, and accounts receivable and accounts payable accountants and assistant accountants
- Operational professionals acting upon the financial decisions of others, who will gain an appreciation for the fast close process
- Financial systems analysts
- Financial and operational business re-engineering professionals
- Professionals who are held accountable for financial performance and the integrity of financial and information systems
Training Methods
Daily Agenda
The programmer Content
Day One
Introduction to Fast Close Concepts
- Different types and benefits
- Steps needed to achieve a fast close
- Analyzing and reviewing the current closing process
- Redesigning the closing cycle
- Finance function stakeholders, redesign and solutions
- Examining needs of stakeholders
- Scope of problems for organizations
- Process improvement practices
- Process redesign tools and techniques
Day Two
Developing a Fast Close Strategy
- 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 Three
Managing Change and Utilizing Technology in Redesigning and Monitoring the Finance Function
- Standardization, customization and centralization
- Reviewing paradigms and the difficulties of effecting changes
- Using technology to improve organizational redesign
Day Four
Operational Implementation of a Fast Close
- Examining the pre-close and fast close processes
- Adopting benchmark and other measurement standards, including key performance indicators
- Documenting fast close processes incorporating the utilization of checklists
Day Five
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
Accreditation
BTS attendance certificate will be issued to all attendees completing minimum of 75% of the total course duration.
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