fast Closing Monthly and Year - End Accounts


Course Objectives

By the end of the course, participants will be able to:

 
  • Describe the different types of closing and list the main activities in the closing cycle
  • Utilize assessment tools to pinpoint the disconnect between finance and internal users
  • List the steps needed to carry on process improvements in finance and identify the need for closing process redesign
  • Practice using process maps to identify closing inefficiencies and present improvement recommendations
  • Apply best practices and enhance the monthly closing procedures
Course Outline

  • Fast closing defined
    • Importance and benefits of fast close
    • Hard, soft and virtual close
    • Elements of soft close
    • Vision of 'finance and accounting' function
    • Activities and purposes of finance and accounting
  • The finance function as an added value
    • Usefulness of financial information
    • Defining the finance function stakeholders
    • Disconnect between finance and internal users
    • Tools to identify needs assessment and report user satisfaction
  • Redesign of the finance function
    • The paradigm shift
    • Top information deficiencies
    • Tools to identify the need for a redesign
    • Reasons for process redesign
    • Three steps to carry on process improvement and finance function redesign
  • Planning the fast close process
    • Setting up a plan for a fast close
    • Pre-close process and activities
    • Implementing the plan and staying in control
    • Finance process redesign tools and techniques
    • Cost and cycle time charts
    • Process maps and value analysis
    • Identifying process bottlenecks
    • Organizing fast close resources needed
    • Shifting close activities
    • Selecting Key Performance Indicators (KPIs)
    • Continuous improvements in closing process
  • Applying best practices in the close process
    • Enhancing the operating cycle
    • Procurement and disbursement processes
      • Accounts payable
      • Travel and entertainment
      • Inventory and cost
      • Payroll process
      • Costing and analysis
      • Commissions and fees
    • Billing and collection process
      • Accounts receivable and billing
      • Collections and cash management
    • Administration and reporting process
      • The general ledger
      • Operational budgeting
      • Fixed assets
      • Financial reporting
    • Elements of the close reporting package

المواعيد المتاحة

دبى
من 25-11-2024    الى 29-11-2024