Financial close and reporting optimisation has been saved
Financial close and reporting optimisation
Financial close and reporting optimisation helps CFOs to increase the quality, improve the timeliness and/or reduce the cost of their financial close and reporting process.
Today’s finance departments are very streamlined and the financial close is a heavy and resource intensive process. Timeliness of the financial close has become a key performance measure for the CFO and the CFO’s stakeholders require more and quicker information with higher quality.
Moreover, there are frequent new regulatory and statutory reporting requirements such as annual financial statements, VAT and tax returns that create additional work for the finance department and influences the quality of the information needed.
Here are some of the situations you may experience as CFO:
- Policies and procedures are not clearly established or defined for the month-end close process
- Dissatisfaction of investors, affiliates, etc. as time has become a key performance measure which defines the perception of information and management quality
- Merger and acquisition activities demanding an alignment with the acquired company’s financial close, consolidation and reporting processes
- Cost reduction in a finance department with manually intensive close processes depending on key person
- Allocating costs to business units is tedious, time-consuming and overly complex
- Business unit or joint venture data is not submitted to the corporate level in time
- Multiple adjustments are needed to conform to GAAP at the corporate level due to lack of competence and effectiveness in local accounting
- Intercompany transaction accounting is not streamlined and has become more complex due to tax strategies and vertical integration in the marketplace
- Existence of multiple systems requiring significant manual intervention to post entries to the General Ledger (GL)
- Frequent issues related to information system quality, local regulatory and statutory reporting requirements, retention of key staff
We offer an integrated solution for entities in need of enhancing the quality, the timeliness and/or reducing the cost connected to their financial close:
- Identification of process inefficiencies and best practice solutions tailor made for the entity.
- Assisting in writing policies and procedures in line with the latest regulatory framework based on best practices.
- Temporary resources during peak period to enable the entity to deliver timely reporting meeting stakeholders expectation on quality.
- Temporary specialists for activities outside of the entity’s normal business activities such as mergers, acquisitions or other special projects.