Account-closing is often a time consuming manual process for all stakeholders in subsidiaries, head office or auditors.
With our FinClose finance management platform, you will be able to manage all accouning close tasks while empowering your teams and improving quality and accuracy.
FinClose is both a progress monitoring for financial managers and a global platform for all yours teams.
It is an application to organize your closing, to have a global vision of the work and validation tasks, the teams, a detailed progress, blocking and critical points, share your documents, communicate with the auditors etc.
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 seamless by organizing your audit documentation and notes.
What is Fast close ?
The closing time reduction process aim to reduce the closing period footprint in the company. 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 over 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 ressource contacts in all areas of the organization. For example, one of the tasks included in the closing process will be to certify that a physical inventory has been done by the people in the department managing the inventory, and that the accounting department will be able to make the adjusting entries.
The value of a Fast Close process is in several ways:
- Ensure thoroughness in the execution of the accounts closing through procedures that are both simple and precise and ensure that all successive accounts closing have consistent quality. This builds trust with partners and improves comparisons over time.
- Enable qualityness in communication to leaders and partners in the organization. Timely and accurate communication also increases confidence and allows faster decision-making.
- Focus on added value in managing a closing campaign. The organization can tackle tasks that are not useful or time consuming. Human resources allocated to close-out will be quickly questioned, and solutions will be defined through the re-definition of some job positions, adapted procedures, and the use of optimized tools, software and information systems.
The Fast Close process, led by accounting and financial management, brings together 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. The reorganization of the accounting close-out processes will, among other things, ensure that simple and clear procedures are drafted, provide trainings for the persons involved, select work tools, and focus on cooperation between departments by fluidizing the exchanges.
The organization of the Fast Close into modular tasks, which will be tracked individually, must be able to establish a consistent overall backplanning and an appropriate task processing sequence. For example, the task of circulating client claims will be a prerequisite to establishing an explanatory note on the elderly balance and possibly estimating a provision on certain client claims.
These tasks will be grouped into subsets, with clearly identified resource persons in charge.
Fast close’s process includes organization, responsiveness, management, and communication, and provides a positive contribution to service cooperation through a streamlined organization.