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Quick Closure of Monthly and Year-End Accounts

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Quick Closure of Monthly and Year-End Accounts


This course focuses on exercises, case studies, individual and group presentations.

Course Objectives:

By the end of the course, participants will be able to:

  • Describe the different types of closures and include the main activities of the closure process.
  • Utilize assessment tools to accurately identify the reasons for the misalignment between the finance department and other departments.
  • List the necessary steps to implement improvements in the financial management process and identify the need for a redesign process.
  • Practice using process maps to identify deficiencies and make necessary recommendations for improvement.
  • Apply best practices and enhance the account closure procedures at the end of the month.

Target Audience:

Accountants, finance managers, financial controllers, management accountants, bookkeepers, creditors, debtors, senior accountants, and assistant accountants.

Training Program Content:

  • Introduction to Quick Account Closure.
  • Importance and benefits of quick account closure.
  • Three types of closures.
  • Elements of weak closures.
  • Vision for the finance and accounting department.
  • Activities and purposes of finance and accounting.
  • The function of finance as value-added.
  • Benefits of financial information.
  • Identifying stakeholders for the finance department.
  • Misalignment between the finance department and other departments.
  • Tools for identifying needs and customer satisfaction.
  • Redesigning the finance function.
  • Changing perspectives.
  • Missing information aspects.
  • Tools for identifying the need for financial process redesign.
  • Reasons for process redesign.
  • Three steps to continue process improvement and redesign.
  • Planning for quick closure process.
  • Developing a plan for quick closure.
  • Pre-closure activities and tasks.
  • Implementing the plan and keeping it under control.
  • Tools and techniques for financial processes and redesign.
  • Costs and timeline charts.
  • Graphical representation and value analysis.
  • Identifying difficulties in the closure process.
  • Organizing necessary resources for quick closure.
  • Transforming closure activities.
  • Selecting key performance indicators (KPIs).
  • Applying continuous improvements in the closure process.
  • Applying best practices in the closure process.
  • Enhancing operational processes.
  • Purchase and expenditure process.
  • Accounts payable.
  • Travel and entertainment.
  • Inventory and cost.
  • Payroll process.
  • Cost estimation and analysis.
  • Commissions and fees.
  • Invoicing and reporting process.
  • Accounts receivable and invoicing.
  • Collection and cash management.
  • Management and reporting process.
  • General ledger.
  • Operational budget.
  • Fixed assets.
  • Financial reports.
  • Components of required reports after closure.

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