Closing and reporting optimization
Executives’ demand for information has increased substantially in the unpredictable and rapidly changing environment of recent years. In order to achieve business success and minimize risks, it has become essential for companies to react and make decisions quickly.
As a result, CFOs must work under increased pressure as they must provide more of the company's fundamental financial information in less time while maintaining the reliability of such information. Meeting the new requirements and management's expectations may require the closing and reporting processes to be redesigned.
Our approach evaluates the current closing processes and operational efficiency as well as the related risks and controls, both in terms of adequacy and accuracy. It provides a comprehensive analysis of improvement opportunities to introduce faster, more transparent and accurate closing processes. Based on our experience the Deloitte approach focuses on three key elements which have crucial impact on operational efficiency as follows: people, processes and technology.
- Reduced closing time and readily available information
- Elimination of redundant processes and controls
- Reduced risk exposure and improved transparency
- Potential cost savings due to more efficient workflows
- ’Quick Wins’ with short-term benefits and long-term opportunities for optimization
- Quality time for securing an appropriate level of control for, and the analysis and correction of critical items
- Improved reliability of interim financial reports
- Improved quality and reliability of information for decision making
- Fewer errors revealed during audits