The Close Lab
Transforming the close, consolidate and reporting process
The Close Lab. A unique and innovative solution to help finance reduce effort, improve quality and transform the close and reporting process.
There is perhaps no clearer reflection of an efficient finance organization than a fast, accurate close. Just as important, a well-managed close can deliver numerous benefits to the business at large, such as responding to regulatory and shareholder requests more quickly and identifying and diagnosing problems in a timely manner.
If the benefits of a smoother close process are clear, so too are the challenges. The close requires a level of alignment and coordination across the business that many organizations simply do not have in place today. Plus, heightened demands for efficiency occur against a backdrop of constrained resources and scarce funding.
In short, an effective close process needs an innovative, focused approach, along with an aligned team ready to deliver. This is the essence of Deloitte’s Close Lab. It is a one-day experience designed to help finance leaders explore the issues shaping their close today, prioritize the actions that can dramatically improve it, and mobilize their organizations to jumpstart these activities.
We begin the day with analysis of your specific close calendar in detail. This allows us to identify sub-process and tasks considered particular pain points and compare your current close activities to leading practices.
Next, we identify specific improvement opportunities, as well as the anticipated benefits and efficiencies related to each. These exercises occur in real time, actively reshaping your close so you can see the results instantly. This enables your team to examine the practical implications for implementation rather than imagining the path forward.
The day concludes with developing a portfolio of specific initiatives for action, milestones for each initiative, and potential barriers to avoid. Previous Close Labs have identified an average of 33% savings in effort across the process.
At the end of the Close Lab you leave with a prioritized list of initiatives, with owners and timeframes that will help you transform and re-shape your close.