Fast close is a collective term for all procedures and techniques aimed at the rapid or accelerated preparation of financial statements. The term “fast close” not only refers to the information provided in the financial statements, but also to timely reporting. In the meantime, the impression has been confirmed that not only the rapid preparation of the annual financial statements is critical, but also the quality of the data.
Based on an analysis of the existing structures, processes and systems, our support can be used to design the optimization measures and their implementation as part of a fast close or efficient quality close project.
Challenges in Fast Close Projects
The challenges lie in the lengthy closure process and the late availability of financial statements. This is compounded by the fact that many companies lack sufficient system support, data quality is inadequate, and master data is insufficiently maintained. The unsatisfactory quality of the financial statements and unclear responsibilities as well as a lack of expertise within the company are further obstacles. The inefficient internal communication in the course of the closing process and the recurring reconciliation problems with the statutory auditor are also issues.
Fast Close – FAS AG Services
FAS AG will provide you with a systematic and structured analysis of your existing processes. After reviewing and evaluating the current situation, we can develop a recommendation for action for you in advance as part of a quick scan. Our quantifiable, proven approach, which is tailored to your requirements, lets us efficiently achieve the desired result.
Documentation of the results serves as a basis for coordination with you. We will accompany you with our experienced consultants during the implementation and exchange with your auditors.
Our employees have considerable experience in optimizing closure processes due to the implementation of a large number of fast close projects. As experts in finance and with our former Big Four auditors, we have extensive knowledge. This in particular enables us to professionally interpret the principle of materiality and to distinguish accepted and practicable ways from other options.
- Analysis and benchmarking for the optimization of the processes related to preparing financial statements by moving up and staggering financial statement work (entire fiscal year)
- Definition and reconciliation of (Group) materiality to identify and evaluate key reporting items for shifts in income between periods
- Creation of a stringent, cross-departmental communication concept for efficient cooperation
- Reduction of the preparation time with increasing quality
- Improving cooperation with statutory auditors
- Significant acceleration of closing and publishing times: Coordination work, error corrections and reworking are avoided and the audit process is massively streamlined.
- Increasing the relevance and quality of company data: Early availability of data shortens management response time and creates more time for analyses
- Improving the efficiency of the processes: Non-value-adding activities are omitted or automated and resources are freed up.
- Increasing the motivation of employees: The workload is significantly reduced at peak times
If you are interested or have any questions, please contact us.