The process of preparing financial statements (closing) is one of the most complex and simultaneously most important processes in the finance organization of companies. Especially in the case of highly complex business models such as those in the automotive supplier industry or software industry as well as with international corporate structures as are common in large corporations, the preparation of individual financial statements and their reconciliation with the accounting regulations of the Group (such as IFRS or US-GAAP) as well as their consolidation is usually very time-consuming and cost-intensive. Fast close – preparing financial statements as quickly as possible – was a buzzword at the beginning of the new millennium. In the meantime, it has become generally accepted that speed cannot be the only goal. It is more important to be able to provide the right data in the right quality and as quickly as possible. We will support you within the framework of an efficient closing project. Optimization measures and their implementation are designed on the basis of an analysis of the existing structures, processes and systems.
Approaches for an Efficient Closing Project
Our services in the area of efficient closing are particularly relevant for you in the following situations:
- The annual or consolidated financial statements are not prepared and audited until very late in the following year.
- Preliminary and final results in the annual and consolidated financial statements are clearly different.
- The finance organization is at its limit due to the workload associated with preparing and auditing financial statements
- Incoming reporting packages from subsidiaries require extensive overhauling
- Consolidation entries are not included due to lack of reconciliations.
- No or few measures are taken to accelerate the preparation of financial statements, such as materiality limits and moving up or automating activities.
Support for Efficient Closing
Our services in the area of efficient closing include in particular:
- Lessons learned workshop following the annual financial statement as an introduction.
- Analysis of existing structures, processes and systems, starting with the individual financial statements and continuing to consolidation and consolidated financial statements, to identify short-, medium- and long-term potential for optimization
- New design of the preparation of financial statements and audit processes or the identified potential for optimization.
- Implementation of the new design or potential for optimization in the closing process.
- Monitoring of the closing processes to ensure process quality and to achieve further optimizations
- Introduction of a closing cockpit for structured tracking of the closing process
If you are interested or have any questions, please contact us.