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Training course overview
In today's rapidly changing world, characterized by significant financial crises and corporate collapses, there is a heightened demand for high-quality financial information delivered swiftly. Financial reporting has evolved to become increasingly detailed, and decision-makers now require this information faster than ever before. Companies capable of producing accurate financial data promptly gain a distinct advantage over competitors, as markets place greater trust not only in their financial reporting systems but also in their overall corporate governance.
Swift internal financial information enables organizations to make agile management decisions, crucial for businesses operating in dynamic environments. Accelerating the production of month-end and financial information not only saves costs but also liberates management and financial professionals to focus on higher-value activities within the organization.
What are the goals?
By the end of this training course, participants will be able to:
- Examine Fast Close Processes, Strategies and Best Practices
- Consider Organisational Documentation Policies and Procedures
- Understand the Importance of Fast Close Process on Financial & Operational Decision-Making
- Provide Faster and More Accurate Data for Monthly and Year-End Account Closings
- Understand the Importance of Departmental Requirements for Financial Reporting
Who is this training course for?
This Coventry Academy training course is suitable for:
- 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 of the Fast Close Process
- Financial Systems Analysts
- Professionals Who are Held Accountable for Financial Performance and the Integrity of Financial and Information Systems
Course Outline
Day One: Introduction to Fast Close Concepts
- Different types and benefits
- Steps needed to achieve a fast close
- Analysing and reviewing the current closing process
- Redesigning the closing cycle
- Finance function stakeholders, redesign and solutions
Day Two: Developing A Fast Close Strategy
- Examining closing activities and requirements
- Best practices in attaining fast close, soft close and virtual close
- Optimising charts of accounts and journal entry requirements
- Organising corporate resources to achieve fast close
- Identifying potential roadblocks
Day Three: Managing Change and Utilising Technology
- Standardisation, customisation and centralisation
- Reviewing paradigms and the difficulties of effecting changes
- Force field analysis
- Change management exercises
- Using technology to improve organisational re-design
Day Four: Operational Implementation of a Fast Close
- Examining the pre-close and fast close processes
- Adopting benchmark and other measurement standards
- Key performance indicators (KPIs)
- Documenting fast close processes incorporating the utilisation of checklists
- Analytical case study
Day Five: Financial Reporting and Ongoing 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 course
The certificate
- Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course
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