Accelerating the close

Improved and reliable reporting

The close, consolidation and reporting process is one of the most time-consuming and detail oriented processes within a CFO’s organization. In order to get a controllable and advanced financial closing, consolidation and reporting process, it is important to get the finance basics right. Deloitte can help your organization to develop a new reporting strategy and effectively manage and speed-up the financial closing, consolidation and reporting process, by means of the Deloitte Accelerated Close Methodology.

Increasing complexity in the business environment and regulation puts pressure on the Finance department to improve the financial close and reporting process. As a CFO, you need to make sure that the close is error free and meets the ever growing regulatory compliance requirements within a given limited timeframe. At the same time, the role of the CFO has changed to a more strategic one. New opportunities, like XBRL and high quality IT solutions will enable you to significantly speed up the closing, consolidation and reporting process, allowing your organization to free up cash for more value-adding analyses.

How Deloitte can help you

Deloitte can help your organization achieve targeted change along the financial closing, consolidation and reporting process, by means of our leading practices and Accelerated Close Methodology which consists of four phases:

  • Phase 1: An assessment is made of the current situation of the close consolidate & report (CCR) process.
  • Phase 2: Current state evaluation against leading practices and improvement opportunities are identified.
  • Phase 3: Design of future financial closing, consolidation and reporting process and environment.
  • Phase 4: Implementation, monitoring and sustaining of new financial CCR process.

The first two phases are typically focused on understanding the issue and potential risks. The objectives of the third phase are to establish the future (leading) state design and defining a clear roadmap for improvement initiatives. Implementation can then be phased to align changes with business objectives.

What results can you expect?

Grasping the opportunities of effectively managing the end-to-end process of closing, consolidation, and reporting will offer your organization the following financial as well as non-financial benefits:

  • increased quality of financial information, facilitating financial reporting, performance management and enhanced decision making by management;
  • information provided on time to support key decisions and reporting requirements;
  • increased closing transparency enabling management to manage risk better;
  • enhanced time for value-adding analyses, helping the business to achieve its strategic objectives;
  • improved efficiency and reduction of errors by reduced closing time and manual entries through automation;
  • reduced costs of capital by optimizing working capital drivers and limited number of systems in use.

Know more?

Would you like to know more about Accelerated Close? Please contact John Salomons via +31(0)88 288 6212.