FINAL ACCOUNTS: FAST CLOSING MONTHLY AND YEAR-END ACCOUNTS

₦165,000.00

Content

Fast Closing Defined
  • Importance and benefits of the fast close
  • Hard, Soft and Virtual Close
  • Elements of Soft Close
  • Vision of Finance and Accounting Function
The Finance Function as an Added Value
  • Usefulness of Financial Information
  • Defining the Finance Function Stakeholders
  • Disconnection between Finance and Internal Users
  • Tools to identify needs assessment and report user satisfaction
Planning the Fast Close Process
  • Setting Up a Plan for a Fast Close
  • Pre-Close Process and Activities
  • Top Information Deficiencies
  • Finance Process Redesign Tools and Techniques
  • Reasons for Process Redesign
  • Cost and Cycle Time Charts
  • Process Maps and Value Analysis
  • Identifying Process Bottlenecks
  • Organizing Fast Close Resources Needed
  • Selecting Key Performance Indicators (KPIs)
  • Continuous Improvements in Closing Process
Applying Best Practice in the Close Process
  • Enhancing the Operating Cycle
  • Procurement and Disbursement Process
  • Billing and Collection Process
  • Administration and Reporting Process

FOR WHOM: Accountants, Finance Managers, Financial Controls, Management Accountants, General Ledger Accountants, Accounts Receivable and Accounts Payable Accountants and others who perform related functions.

 

DATE:                  15th – 17th May, 2024

                             13th – 15th November, 2024
Category:

Objective

Month and year-end closings are the ultimate processes of finance where the efforts spent during the period materialize in accurate and timely reports. Providing such valuable information needs to be done at a cost that is justified by the benefits gained. Hence, organizations need to always identify in efficiencies in this closing process and apply continuous improvement. This workshop provides several tools for process analysis and improvement related to closing the books quickly and efficiently. By the end of the workshop, participants will be able to:

  • Describe the different types of close 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 close process redesign
  • Apply best practices and enhance the monthly closing procedures

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