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Best Practices for a Quicker Financial Close 1 Credit

Nov 07, 2023, 11:30 AM ET

Best Practices for a Quicker Financial Close 1 Credit

  • Blair Cook

    CPA (US)
  • Rating

    4.5
  • Reviewed on

    January, 2024
  • Subject Area

    Accounting

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Nov 07, 2023, 11:30 AM ET

Learning Objective

  • To identify the rationale for achieving a fast close.
  • To analyze the barriers that stand in the way of a fast close.
  • To discuss strategies for achieving a fast close using people, processes, and technology solutions.
  • To recognize how to use a change management approach to improve the financial close process.

Course Overview

Ever wondered why controllers are so keen on attaining a faster close process? This is because the best measure of controller efficiency is the accuracy and promptness of the financial close process.

The pressure on the finance function has never been higher to deliver financial results as soon as possible after the period. Having a fast and efficient close process allows the finance team to not only present the figures through reports instead become well-positioned to execute high-yielding activities that can help propel the business toward success.

Managers, analysts, Boards, and investors are digesting market information in real-time and are beginning to expect the same financial results. To meet these high expectations, the CFO and controller need to find ways to speed up their financial close processes to report the financial results before they become perceived as old news in the new world.

If achieving a faster close process was easy, all organizations would have done it. As you may very well know, this is easier said than done. Many organizations struggle with achieving a faster close without needing to increase staffing levels because for most companies their end-to-end financial process is marred with inaccuracies needing validation and tasks requiring manual input.

The close financial process includes an income statement, balance sheet, statement of cash flow, operational metrics, analyses of certain reports, forecasting, and scenario simulations among other things.

In this online CPE/CPD course, Blair Cook a many-time CFO will discuss and explore ideas for shortening the financial close process.  

Leading companies have found ways to close their books in as little as one day and see the benefit of almost real-time analysis (in addition to the actual period financial data) that can be performed with a shorter close.  If you are closing your books and circulating your financial results beyond that, then you may benefit from attending this webinar.

Major topics covered in this CPE Accounting Webinar:

  • Challenges with achieving a fast close.
  • Ideas for speeding up your close process.
  • Change management principles to speed up the close process.

On Demand Credits for All Qualifications

Nano Credits for All Qualifications

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Accounting for Certified Public Accountants (CPA-US) 1 CPE Approved
Accounting for CPA in Canada 1 CPD Eligible
Financial Accounting for Certified Internal Auditors (CIA) 1 CPE Eligible
Accounting & Auditing for Certified Management Accountants (CMA) 1 CPE Eligible
Accounting for Chartered Financial Analyst (CFA) 1 PL Eligible
Accounting for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Accounting for Certified Government Financial Manager (CGFM) 1 CPE Eligible
Accounting for Internal Audit Practitioner (IAP) 1 CPE Eligible
Association of Chartered Certified Accountants (ACCA) 1 CPD Eligible
Chartered Accountant - ICAEW 1 CPD Eligible
Accounting for Certified Fraud Examiner (CFE) 1 CPE Eligible
Accounting for Qualification in Internal Audit Leadership (QIAL) 1 CPE Eligible
Accounting for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Accounting for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
Financial Reporting for Certified Financial Forensics (CFF) 1 CPD Eligible
Financial accounting for Certified Valuation Analyst (CVA) 1 CPE Eligible
CPA - Ireland 1 CPD Eligible
Chartered Accountants - Scotland 1 CPD Eligible
Chartered Accountants - Ireland (CAI) 1 CPD Eligible
Accounting for CIPM 1 PL Eligible
Financial accounting concepts for Certified FP&A Professional (FP&A) 1 CE Eligible
Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) 1 CPE Eligible
License details Credits Status
Accounting for Certified Public Accountants (CPA-US) 1 CPE Approved
Accounting for CPA in Canada 1 CPD Eligible
Financial Accounting for Certified Internal Auditors (CIA) 1 CPE Eligible
Accounting & Auditing for Certified Management Accountants (CMA) 1 CPE Eligible
Accounting for Chartered Financial Analyst (CFA) 1 PL Eligible
Accounting for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Accounting for Certified Government Financial Manager (CGFM) 1 CPE Eligible
Accounting for Internal Audit Practitioner (IAP) 1 CPE Eligible
Association of Chartered Certified Accountants (ACCA) 1 CPD Eligible
Chartered Accountant - ICAEW 1 CPD Eligible
Accounting for Certified Fraud Examiner (CFE) 1 CPE Eligible
Accounting for Qualification in Internal Audit Leadership (QIAL) 1 CPE Eligible
Accounting for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Accounting for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
Financial Reporting for Certified Financial Forensics (CFF) 1 CPD Eligible
Financial accounting for Certified Valuation Analyst (CVA) 1 CPE Eligible
CPA - Ireland 1 CPD Eligible
Chartered Accountants - Scotland 1 CPD Eligible
Chartered Accountants - Ireland (CAI) 1 CPD Eligible
Accounting for CIPM 1 PL Eligible
Financial accounting concepts for Certified FP&A Professional (FP&A) 1 CE Eligible
Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) 1 CPE Eligible
License details Credits Status
Accounting for Certified Public Accountants (CPA-US) 1 CPE Approved
Accounting for CPA in Canada 1 CPD Eligible
Financial Accounting for Certified Internal Auditors (CIA) 1 CPE Eligible
Accounting & Auditing for Certified Management Accountants (CMA) 1 CPE Eligible
Accounting for Chartered Financial Analyst (CFA) 1 PL Eligible
Accounting for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Accounting for Certified Government Financial Manager (CGFM) 1 CPE Eligible
Accounting for Internal Audit Practitioner (IAP) 1 CPE Eligible
Association of Chartered Certified Accountants (ACCA) 1 CPD Eligible
Chartered Accountant - ICAEW 1 CPD Eligible
Accounting for Certified Fraud Examiner (CFE) 1 CPE Eligible
Accounting for Qualification in Internal Audit Leadership (QIAL) 1 CPE Eligible
Accounting for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Accounting for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
Financial Reporting for Certified Financial Forensics (CFF) 1 CPD Eligible
Financial accounting for Certified Valuation Analyst (CVA) 1 CPE Eligible
CPA - Ireland 1 CPD Eligible
Chartered Accountants - Scotland 1 CPD Eligible
Chartered Accountants - Ireland (CAI) 1 CPD Eligible
Accounting for CIPM 1 PL Eligible
Financial accounting concepts for Certified FP&A Professional (FP&A) 1 CE Eligible
Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) 1 CPE Eligible
License details Credits Status
Accounting for Certified Public Accountants (CPA-US) 1.5 CPE Approved
Accounting for CPA in Canada 1.5 CPD Eligible
Financial Accounting for Certified Internal Auditors (CIA) 1.5 CPE Eligible
Accounting & Auditing for Certified Management Accountants (CMA) 1.5 CPE Eligible
Financial Reporting for Accredited in Business Valuation (ABV) 1.5 CPD Eligible
Accounting for Chartered Financial Analyst (CFA) 1.5 PL Eligible
Accounting for Delaware Licensed Public Accountant (DE-LPA) 1.5 CPE Eligible
Accounting for Certified Government Financial Manager (CGFM) 1.5 CPE Eligible
Accounting for Internal Audit Practitioner (IAP) 1.5 CPE Eligible
Association of Chartered Certified Accountants (ACCA) 1.5 CPD Eligible
Chartered Accountant - ICAEW 1.5 CPD Eligible
Accounting for Certified Fraud Examiner (CFE) 1.5 CPE Eligible
Accounting for Qualification in Internal Audit Leadership (QIAL) 1.5 CPE Eligible
Accounting for Iowa Licensed Public Accountant (IA-LPA) 1.5 CPE Eligible
Accounting for Maine Licensed Public Accountant (ME-LPA) 1.5 CPE Eligible
Financial Reporting for Certified Financial Forensics (CFF) 1.5 CPD Eligible
Financial accounting for Certified Valuation Analyst (CVA) 1.5 CPE Eligible
Accounting for CIPM 1.5 PL Eligible
Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) 1.5 CPE Eligible
Financial accounting concepts for Certified FP&A Professional (FP&A) 1.5 CE Eligible
Chartered Accountants - Ireland (CAI) 1.5 CPD Eligible
Chartered Accountants - Scotland 1.5 CPD Eligible
CPA - Ireland 1.5 CPD Eligible

Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

Explore CPA CPE Courses with MY-CPE. Our online offerings make it easy for you to fulfill your CPA CPE requirements. With a broad selection of topics taught by experienced professionals, you can enjoy flexible scheduling and self-paced learning. Say goodbye to traditional methods and begin your path to professional growth with us today!

About Instructor

Live webinars for Canadian CPAs & ABV by Blair Cook | Join Now!
Blair Cook , CPA (US)

Partner, Executive Finance Partner Inc.

  • 4.4
  • rating
  • rating
  • rating
  • rating
  • rating

Blair is a many-time and active financial executive, corporate director, author, speaker, and thought leader.  His educational videos of accounting and finance have million of views on YouTube. He has keynoted and spoken at national conferences from New York to Toronto. Along with Jen, he co-hosts CPA Canada’s podcast series “CPA Success Podcast.” He works with real businesses experimenting with theories and best practices to share his experiences and stories with others of what works, what doesn’t, and what was learned.  He is the author of The Illiterate Executive: An Executive’s Handbook for Mastering Financial Acumen.


On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

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EG

Erin Gilbert, CPA (US)
5

Excellent presentation, speaker presented material in a very understandable way.

SR

Sierra Rolon, CPA (US)
5

Information was really good, but could have done without the music in the back.

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