Overview
To understand how to conduct efficient closings in an environment where many activities are accomplished remotely and currently in an environment of document driven manual processes independent of each other. Companies must re-imagine the entire closing process and conduct in an environment that is data vs document driven and the maximum use of technology. Theme is Automate to Activate for efficient closing. Move from manual efforts to interactive processes.
Why you should Attend
Accounting is often called a series of closing the books.
Timeliness in closing the books is key and typically takes too long. Automation through integrated technology is the key to quick efficient accounting close. COVID-19 has destroyed traditional business norms. Many finance & accounting related functions & activities are being done remotely. This poses a challenge in the monthly and quarterly closing process. Attendees with take away:
- Review of closing challenges in a COVID-19 Environment
- Challenges of in-house vs in-home closings and solutions to accomplish efficiently
- How to develop a detail close plan
- How to establish a closing coordinator
- Converting processes from document to data
- The utilization of Accounts Payable as the focal point for the close process
- Seamless input of transactions from the closing process to the general ledger
- Conducting the close process equally as efficient for in-house ad in-home activities & events
- How to re-imagine the entire close process to achieve efficiency & accuracy
- How to maximize the use of technology in the close process
- Deal with the COVID-19 reality and use lessons learned to create new closing norms
- Automation the key to efficient accounting close
- Closing the books in 3 days or less
- Creating a closing game plan & coordinator
Areas Covered in the Session
Current accounting closings are too time consuming. Closings are too document dependent. Technology is not maximized. Many activities are being accomplished remotely. COVID-19 has amplified these conditions and made the closing process even more difficult. Companies must find a way to conduct closing activities with efficiency in terms of both time and accuracy. This Webinar will outline ways to improve the closing process in a technology based environment. These items will be covered:
- Developing a detail close game plan
- Focus of data rather than documents
- Establishing accounts payable as the core of all closing activity
- Re-Imagine a new normal with automated paperless accounts payable
- Empower employees with specific actions and responsibilities
- Employ technology to the maximum
- Establish data driven real time processes, activities & actions
- Ensure file & records integrity with defined points of authorization, approval, review & validation
- Compare in-house processes to remote reality
- Purge process of in-house dependent events
- Assign specific cross functional tasks
- Create new closing techniques in a technology-based environment with fully integrated activities & events
