Account-closing is often a time consuming manual process for all stakeholders, whether subsidiaries, head office or auditors.
With our FinClose finance management platform, you will be able to manage all accounting close tasks while empowering your teams and improving quality and accuracy.
FinClose is both a progress monitoring solution for financial managers and a global platform for all yours teams.
This application helps you to organise your closing, providing a global vision of work and validation tasks, teams, detailed progress info and blocking /critical points, as well as document sharing, communication with auditors, and more.
Collaborate and share administrative and financial information.
Reduced closing time, cost and effort
Reduce the time, cost and effort required for your monthly, quarterly or annual closing.
Analysis, quality, visibility, traceability: make audits faster and more seamless by organising your audit documentation and notes.
What is Fast Close ?
The closing time reduction process seeks to reduce a company’s closing period footprint. Most of the tasks related to a financial close fall under the responsibility of the accounting and financial management department, but in reality involve most departments, sales, production, logistics, etc., which must ensure that their own operations are up-to-date for the period to be closed. This overall consistency is a necessary condition for reliable and accurate financial statements.
As a result, the Fast Close management process may be required to identify resource contacts in all areas of the organisation. For example, one of the tasks included in the closing process will be to certify that a physical inventory has been drawn-up by the people in the department responsible for doing so, and that the accounting department will therefore be able to make the adjusting entries.
The value of a Fast Close process is multifaceted:
- Ensure thoroughness in the execution of accounts closing through procedures that are both simple and precise and ensure that all successive accounts closing procedures enjoy consistent quality. This builds trust with partners and improves comparisons over time.
- Enable quality of communication with leaders and partners in the organization. Timely and accurate communication also increases trust and allows faster decision-making.
- Focus on added value in managing a closing campaign. The organisation may take on tasks that are of little value or time consuming. The human resources allocated to close-out will be an immediate challenge, and solutions will be defined through the re-definition of some roles, adapted procedures, and the use of optimised tools, software and information systems.
The Fast Close process, led by accounting and financial management, encompasses a large number of procedures and information that make up an organization’s Corporate Performance Management (CPM). The goal of shortening closing times is generally associated with improving the quality of the information being collected. In fact, this is a major point in implementing a project to reduce closing times, by structuring and clarifying the closing process and converging the two objectives to achieve a faster and more qualitative closing. Reorganisation of the accounting close-out processes will, among other things, ensure that simple and clear procedures are drawn-up, provide training for the people involved, select work tools, and focus on cooperation between departments by streamlining exchanges.
Organisation of the Fast Close into modular tasks, which will be tracked individually, must enable the establishment of a consistent overall back planning and an appropriate task processing sequence. For example, the task of circulating client claims will be a prerequisite for establishing an explanatory note on the ageing balance analysis and possibly estimating a provision on certain client claims.
These tasks will be grouped into subsets, with clearly identified people in charge.
Fast Close process encompasses organisation, responsiveness, management, and communication, and provides a positive contribution to inter-departmental cooperation through a streamlined organisation.