Operational improvement | Accelerated financial close
The responsibilities of your finance department are expanding, leaving less time for traditional functions such as closing the financial statements. Our accelerated financial close services can help streamline the process to reduce your periodic close while still meeting your auditor’s increasing requirements—giving you more time to focus on core activities that provide shareholder value.
Today, many businesses are facing compression in their financial reporting cycles, resulting in intense pressure to close their books in fewer days. Using our knowledge of generally accepted accounting principles (GAAP) and business processes, our accelerated financial close services streamline the closing and consolidation processes, establish more transparent and predictable financial reporting, and implement the proper technologies to support these improvements.
Our accelerated financial close approach includes
- identifying how finance can help achieve the business strategy,
- assessing current closing processes to understand where effort is actually spent,
- assessing the relative value of activities and the time and effort it takes to complete them,
- eliminating or reducing activities that add little or no value,
- spreading workload across the month,
- identifying information that managers need to make timely decisions and how best to provide it,
- improving the productivity and job satisfaction of financial staff, and
- identifying technologies or other tools to support the closing process.
- improved quality, accuracy and timeliness of financial information
- reduced time to close the books each period
- eliminated redundant and manual activities
- increased ability to make business decisions with actual data
- reduced number of manual entries
- integrated databases between applications
- reduced risk of errors by developing policies and processes for the financial close
- transformed role of finance function from tactical to strategic
- improved quality and job satisfaction of your finance and accounting team
When you’re ready to speed things up, give us a call.