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Fast close

Goals and objectives

  • Reduce time required to prepare financial statements and management reporting for each period
  • Improve quality of information to be submitted
  • Enhance internal control over preparation of financial statements

Our approach

Deloitte offers an integrated approach to fast-close projects. The approach is tailored to meet specific industry needs as well as specific tax, accounting, legal, technological and procedural issues. Our approach is aimed at optimizing complex financial and management reporting procedures in the following areas:

  • Data: the volume and quality of data processed and submitted during the closing period  effect reporting time and quality;
  • Processes: standardization, centralization or decentralization, optimization, and efficient reporting process organization impact reporting quality and time;
  • Accounting methodology: the requirements of data and processes are defined by an accounting methodology that meets the needs of financial statement users, giving a fair presentation of business activities and covering international and statutory reporting issues;
  • IT: Information technologies form an integral part of an efficient reporting system. They must meet business requirements, enable efficient data storage and processing and ensure data reliability and security;
  • Personnel: effective segregation of duties, communications, HR management and professional training are key to efficient labor organization;
  • Management: efficient management, monitoring and control of the reporting processes ensures the coordination of all the areas mentioned above.

Results

Solutions for most of our clients in Russia and across the CIS typically include the following:

  • Optimization of primary data processing in order to accelerate work flow;
  • Using the accruals method where work flow acceleration is not possible;
  • Reporting process control procedures;
  • Optimization of accounting and reconciliation of intercompany transactions;
  • Improving the functionality of fixed asset registers for maintaining both statutory and international accounting;
  • Developing and implementing a unified chart of accounts for company subdivisions to meet both national and international accounting requirements;
  • Optimizing procurement and supplier settlement processes;
  • Unification and standardization of accounting processes, procedures and methodologies, allowing the possibility of future centralization and automation as part of the creation of a shared accounting services center;
  • Optimization of transformation and consolidation processes;
  • Efficient management of the reporting process.
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