Faster financial closing

Improving financial reporting timescales without compromising data quality

Many companies continue to devote an excessive amount of time and effort to financial reporting at period ends. Considerable cost savings are available to organisations that eliminate inefficiencies in the closing process.

More importantly perhaps, eliminating inefficiencies in the closing process can release time and resources within the finance function - time which can and should be spent more productively on value-adding activities.

• financial managers, accountants and controllers responsible for the closing process in their organisation
• those with responsibility for identifying and exploiting e-business opportunities within the finance function.

The course is of particular relevance to delegates from larger organisations or those companies whose closing processes are time consuming and/or inefficient.

'Will assist thought process in changing procedures.'
Odette Armitage, financial controller, Gp at Work Ltd

'Gave a clearer, structured process to ongoing improvements in faster month/year-end close.'
Declan Larkin, ACMA, CGMA, accounting manager, Hertz Europe Service Centre Ltd

1. An understanding of how you can significantly improve the reporting timetable in your organisation while maintaining the quality of information being provided. The seminar will demonstrate how gathering accurate financial and management information can be done quickly and efficiently.
2. An appreciation of the process, technology and cultural change issues which will have to be addressed during a project to reduce closing cycle times.
3. An indication of the benefits which can be realised by those organisations that have managed to reduce appreciably their reporting timescales.
4. An insight, through case studies, into how leading organisations have radically re-engineered their closing process.

Linnet Sen BSc (Hons), ACA, independent fast close lead practitioner, leads the planning and reporting team at Capgemini Consulting. Prior to this she led the UK and Ireland Hyperion practice for IBM Global Business Services and the financial consolidation and fast close solution team at Atos Consulting Ltd.

In 1999 she led the first accelerated close project completed by PwC and has subsequently implemented a number of performance improvement projects in the group reporting and financial consolidation/fast close area.

9.00 Registration and coffee

9.30 Why is faster financial closing needed? Current and future trends in reporting

9.45 What makes financial closing complex?

• Technical and accounting issues.
• Information collection, transfer and manipulation.
• Business organisation.
• Cultural issues within the organisation.

10.15 Why do 'quick fix' solutions rarely work?

• Six common misconceptions.

10.30 What is current 'best practice'?

• Quantitative measures.
• Qualitative measures.

10.45 Coffee

11.00 The benefits of faster financial closing

• Cost savings.
• Improved business support.
• Enhanced image for the finance function.
• Illustrated with a case study.

11.30 How to improve the closing process in your organisation – an overview of project management, design and timing

• Illustrated with a case study.

12.30 Lunch

1.30 Process redesign

• An introduction to process redesign.
• How to re-engineer the closing process - key issues.
• Process re-engineering - core re-engineering techniques.
• Practical tips and guidance.

2.00 Software for improved financial closing

• How technology can contribute to improved financial closing.
• Technology choices.
• How to make the right software choice.

2.45 Tea

3.00 People and change management issues

• Developing and leading a case for change.
• Managing resistance to change.

4.30 Conclusions, agenda recap and wrap up

5.00 Close of seminar

6 CPD hours (where applicable)

Find out more
If you have any queries please email or phone us on +44 (0)845 026 4722.

CIMA on demand
CIMA on demand is a high quality online professional development solution, specifically designed for busy finance and business professionals. Find out more.