Fast close


Fast close

We provide an integrated approach to fast close projects. The approach is tailored to meet specific industry needs as well as specific tax, accounting, legal, technological and procedural issues and aimed at the optimisation of complex financial and management reporting procedures across a range of functional areas.

  • Reduce time required to prepare financial statements and management reporting for each period
  • Improve quality of information to be submitted
  • Enhance internal control over preparation of financial statements

Goals and objectives

Our integrated approach to fast-close projects is tailored to meet your specific industry needs and any specific tax, accounting, legal, technological and procedural issues. We aim to optimise complex financial and management reporting procedures in the following areas:

  • Data: the volume and quality of data processed and submitted during the closing period affect reporting time and quality
  • Processes: standardisation, centralisation or decentralisation, optimisation, and organization of efficient reporting processes all have an impact on reporting quality and time
  • Accounting methodology: the accounting methodology is designed to meets the needs of financial statement users, giving a fair presentation of business activities and covering international and statutory reporting issues
  • IT: Information technology form an integral part of an efficient reporting system. It must meet business requirements, enable efficient data storage and processing and ensure data reliability and security
  • Personnel: effective segregation of duties, communications, HR management and professional training are key to efficient labour organisation
  • Management: efficient monitoring and control of the reporting processes by management, ensures the coordination of all the areas mentioned above.

Our approach

We provide solutions for our clients across Russia and the CIS which typically include the following:

  • Optimisation of primary data processing in order to accelerate work flow
  • Using the accruals method where work flow acceleration is not possible
  • Reporting process control procedures
  • Optimisation of accounting and reconciliation of intercompany transactions
  • Improving the functionality of fixed asset registers for maintaining both statutory and international accounting
  • Developing and implementing a unified chart of accounts for company subdivisions to meet both national and international accounting requirements
  • Optimising procurement and supplier settlement processes
  • Unification and standardisation of accounting processes, procedures and methodologies, allowing for future centralisation and automation as part of the creation of a shared accounting services centre
  • Optimisation of transformation and consolidation processes
  • Efficient management of the reporting process