Fast Closing Month end & Year end Accounts Training Course in Dublin | European Quality Training and Management Consultancy

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Dubai

Fast Closing Month end & Year end Accounts

Finance and Accounting Training Courses

Fast Closing Month end & Year end Accounts

Dubai

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26 Jan 25 : 30 Jan 25

25 Hours

2950 USD

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About

Training Methodology

Introduction

The Course

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

Delegates should have an understanding of the construction of financial statements and be familiar with the financial closing processes of their own organizations.

The Goals

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

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.

The Programme Content

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

Day 1 - Asset Cost Management Introduction

Maintenance & Reliability Best Practices are critical for every successful individual and company. This workshop delivers many practical and new Maintenance and Reliability Best Practices concepts and tools. You will discuss these concepts and practice using practical tools in case studies and discussion groups. The costs associated with equipment downtime and reduced production can be significant. Learning how to effectively manage all aspects of your industrial facility is a must.This workshop is a combination of instructor lead topic areas and class discussions. Interactive discussions will allow you to hear and learn best in class applications relating to maintenance planning and cost management strategies. You will have the opportunity to ask lots of questions in order to consider how best to apply these tools and techniques in your organization.

Day 2 - Laying the Groundwork

Day 3 - Applying the Value based Process

Day 4 - Ensuring the Continuity of the Value-based Process

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