Fast Closing Monthly and Year-End Accounts :: مركز المجد للجودة وتطوير الموارد البشرية

Training Course Objectives

Understand the importance of the fast close process on financial and operational decision-making within an organization
Examine fast close processes, strategies and best practices as well as consideration of organizational documentation policies and procedures
Understand the importance of departmental requirements for financial reporting as well as the need for on-going improvements to the closing process
Provide faster and more accurate data for monthly and year-end account closings with the goal of enhancing communication with internal and external financial statement users

Training Course Content

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

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

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

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

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