The amount of financial data we are required to process is increasing day-by-day. Are your period-end accounting close procedures adequate and up to date? They probably are not. Over the past 10 years or so the speed with which we carry out the period-end accounts closing process has become a powerful KPI of management performance and is an indicator of management’s ability to execute its strategic plans, and good corporate governance. This has encouraged the implementation of Fast Close or Record to Report (R2R) initiatives by increasing numbers of organisations on a global basis.
This COPEX online training course provides a comprehensive analysis of Fast Close, which is the ability of organisations to rapidly close their period-end accounts, collate all information for financial reporting, and then consolidate and publish accurate and reliable financial statements. The implementation of Fast Close by many modern, global organisations has provided a large range of benefits. These include being able to meet strict stock exchange regulations, produce more timely information for strategic decisions, reduce costs, and gain more time for review of the financial statements before they are published to reduce errors, and prevent strategic information being made available to competitors.
This COPEX online training course will feature:
Different types of fast close and their benefits
Development of the fast-close process and identification of roadblocks
Change management and technological issues of fast close
Measuring and benchmarking the fast-close process
Financial reporting issues including IFRS disclosure requirements
What are the Goals?
By the end of this COPEX online training course, participants will be able to:
Identify fast close processes, strategies and best practices
Consider organisational policies, procedures, and documentation related to fast close
Appreciate the importance of the fast-close process on financial and operational decision-making
Provide faster and more accurate data for month-end and year-end accounts closing
Consider the departmental requirements for financial reporting
Who is this Training Course for?
This COPEX online training course is suitable to a wide range of professionals but will greatly benefit:
All accounting professionals involved in the preparation of financial statements
Decision-makers who rely on timely and accurate financial information
Operations, logistics, and procurement professionals
Professionals who have responsibility and accountability for financial performance and the integrity of financial and information systems.
Module 1: Fast Closing Accounts and Developing a Fast-Close Strategy
Training Course Outline
The different types and benefits of fast close
Steps needed to achieve a fast close
Analysis and review of the current closing process
Redesign of the closing cycle
Finance function re-design and solutions
Examination of closing activities and requirements
Best practice in attaining fast close, soft close and virtual close
Optimisation of charts of accounts and journal entry requirements
Organisation of corporate resources to achieve fast close
Identification of potential roadblocks, or obstacles to fast close
Module 2: Fast Close Implementation: Change Management and Technology
Training Course Outline
Standardisation, customisation and centralisation
Review of paradigms and the difficulties of effecting change
Force field analysis
Use of technology to improve organisational re-design
Examination of the pre-close and fast close processes
Benchmarking and other measurement standards, and key performance indicators (KPIs)
Documentation of fast close processes incorporating the utilisation of checklists
Design and implementation of controls needed for financial reporting
Improvement of the closing process and adoption of improvement measures
Identification of management reporting criteria
A COPEX e-Certificate will be provided to delegates who attend and complete the online training course
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20-24 May 2024 Fee: $3,950
09-13 Dec 2024 Fee: $3,950
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