Fast Closing Month-End and Year-End Accounts Course

The objective of this training is to help you achieve effectiveness and accuracy in fast closing monthly and year-end accounts.
By the end of this training, you will learn to:
• Move the timing of closing activities out of the core closing period
• Standardise and automate the use of journal entries in the closing process
• Standardise the chart of accounts
• Centralise the accounting functions
• Optimise the approval process for the receivables and payables
• Integrate an ongoing improvement review into the closing process
Course Outline
Introduction to the Fast-Closing Process
• Different types of a fast close
• Benefits of the fast close
• Legal issues impacting the fast close
• Steps to achieve a fast close
Review of the current closing process
• Traditional closing process
• Additional closing tasks for listed, multidivisional, multinational companies
• Problems with the current closing process
• The total duration of the closing process
Altering the timing of the closing activities
• Altering the closing mindset
• Review and correct the sub-ledger transactions
• Completing Bank reconciliations faster
• Altering the invoicing process
• Altering the accruing of expenses and income
• Reconciling asset and liability accounts
• Deferring closing activities
Revising the content of financial statements
• Altering the mode of report delivery
• Revising the content of financial statements
• Standardizing reports
• Eliminate the cost reporting from the reporting package
• Separate metrics from the financial reporting package
Optimize the use of journal entries and chart of accounts
• Eliminate immaterial journal entries
• Standardize the journal entries
• Convert to recurring journal entries
• Automate journal entry postings
• Standardize the chart of accounts
• Automate elimination of intercompany transactions
Fast closing process
• Closing the inventory function
• Closing the billing function
• Closing the payroll function
• Closing the payables
• Closing the cash process function
Standardization, centralization and automation of the closing process
• Impact of standardization of the closing process
• Impact of centralization of the closing process
• Impact of automation on the closing process
• Controls for financial reporting
Ongoing improvements in the closing process
• Ongoing improvement process
• Improvement measurements

Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.
DATE:
1ST BATCH: 11th – 14th Feb, 2025
2ND BATCH: 22nd – 25th July, 2025