Best Practices for a Quicker Financial Close

Learning Objectives

• 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 Description

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.

Overview

• Feeling the pressure to close faster

  3 mins
• Ideas for achieving the fast close

  10 mins
• Pro-close preparations

  16 mins
• Making it happen

  28 mins
• Institutionalize continuous improvement

  43 mins