Introduction
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 of Fast Closing Month-end & Year-end Accounts
Delegates should have an understanding of the construction of financial statements and be familiar with the financial closing processes of their own organizations.
Course Objective of Fast Closing Month-end & Year-end Accounts
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 of Fast Closing Month-end & Year-end Accounts
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.
Course Outline of Fast Closing Month-end & Year-end Accounts
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
About Barcelona
Barcelona, the main city of Catalonia on Spain's east coast, is known for its fantastic weather and proud local culture. It is also Spain's second largest city and has all the cosmopolitan trappings you would expect. Among Barcelona's many attractions are the delicious seafood, stunning architecture and vibrant atmosphere. It began life as a Roman city and has remained important ever since. Today, it is a buzzing city offering more than enough reasons to look for flights to Barcelona. Between UNESCO World Heritage Sites, famous sports teams plus great food, there's no shortage of ways to amuse oneself.
Things to do and places to visit in Barcelona
Barcelona really does have something for everyone. The attractions of Barcelona include beautiful beaches to relax on, almost endless historical locations to explore, all the shops you could ever wish for, one of the world's most admired football clubs and world-class eateries - you may never want to leave. Luckily, with so much to do the city's compactness makes it easy to explore. Simply wandering through the streets is a great way to soak up the atmosphere.
Just some of the great things to do in Barcelona include:
- Marvel at Gaudi's masterwork, the Sagrada Familia.
- Sample the wide range of tapas in Barcelona's bars.
- See the somewhat surreal architecture of Antoni Gaudi.
- Wander through Park Guell, which offers great views over the city and out to sea.
- See the Cubist master’s early work in the Picasso Museum.
- Get lost in the winding streets of the Gothic Quarter, known locally as the Barri Gotic.
- Browse the upmarket shops along the Passeig de Gracia.
- Soak up the tranquil atmosphere in the Cathedral of the Sea.
- Watch the silky skills of FC Barcelona in a game at the Camp Nou.
- Enjoy authentic paella with fresh seafood.
- Climb Montjuic for spectacular views.