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.