Course: Fast Closing Month end & Year end Accounts

The Programme Content

Day One

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

Day Two

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

Day Three

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

Day Four

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

Day Five

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

The Scandinavian Academy for Training and Development employs modern methods in training and skills development, enhancing the efficiency of human resource development. We follow these practices:

• Theoretical Lectures: 
  • We deliver knowledge through advanced presentations such as PowerPoint and visual materials, including videos and short films.
• Scientific Assessment:
  • We evaluate trainees skills before and after the course to ensure their progress.
• Brainstorming and Interaction: 
  • We encourage active participation through brainstorming sessions and applying concepts through role play.
• Practical Cases:
  • We provide practical cases that align with the scientific content and the participants specific needs.
• Examinations: 
  • Tests are conducted at the end of the program to assess knowledge retention.
• Educational Materials:
  • We provide both printed and digital scientific and practical materials to participants.
• Attendance and Final Result Reports:
  • We prepare detailed attendance reports for participants and offer a comprehensive program evaluation.
• Professionals and Experts: 
  • The programs scientific content is prepared by the best professors and trainers in various fields.
• Professional Completion Certificate: 
  • Participants receive a professional completion certificate issued by the Scandinavian Academy for Training and Development in the Kingdom of Sweden, with the option for international authentication.
• Program Timings:
  • Training programs are held from 10:00 AM to 2:00 PM and include coffee break sessions during lectures.

The Course

This program provides an in-depth overview of the “Fast Close” process, which is the ability of a modern, global organization to rapidly close the accounting books, collect, consolidate and, then, publish its financial statements. This process is widely viewed not only as an indicator of management’s abilities to execute its strategic plan in light of the availability of fast, reliable financial information, but also a proxy for good, well-implemented corporate governance. This program will also review the mounting concerns and evidence that the “Fast Close” process, after a long period of sustained improvement, is now in a period of decline, due in large part to the impact of compliance, new accounting and reporting standards and the sheer increase in the volume and complexity of financial information that needs to be consolidated and reviewed.

Pre-Requisites

Delegates should have an understanding of the construction of financial statements and be familiar with the financial closing processes of their own organizations.

The Goals

By attending and participating in this program, delegates will be provided with an overview of the concepts and methodologies associated with the fast close process and gain insightful practical knowledge by being able to:

• 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

The Process

Delegates will gain a practical understanding and comprehension of the program topics through a combination of instruction, illustrations, group discussions and other practical, real-life examples.