Financial close and reporting optimisation
Financial close and reporting optimisation helps CFOs in need of enhancing the quality, improving the timeliness and/or reducing the cost connected to their financial close and reporting process.
Typical situation in which you might require assistance:
- Policies and procedures are not clearly established or defined for the month-end close process
- Dissatisfaction of investors, affiliates, etc. as time has become a key performance measure which defines the perception of information and management quality
- Merger and acquisition activities demanding an alignment with the acquired company’s financial close, consolidation and reporting processes
- Cost reduction in a finance department with manually intensive close processes depending on key person
- Allocating costs to business units is tedious, time-consuming and overly complex
- Business unit or joint venture data is not submitted to the corporate level in time
- Multiple adjustments are needed to conform to GAAP at the corporate level due to lack of competence and effectiveness in local accounting
- Intercompany transaction accounting is not streamlined and has become more complex due to tax strategies and vertical integration in the marketplace
- Existence of multiple systems requiring significant manual intervention to post entries to the General Ledger (GL)
- Frequent issues related to information system quality, local regulatory and statutory reporting requirements, retention of key staff
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