Is your organisations month end taking more than ten days ?
Are the organisations month end reports too large and have errors regularly ?
The reasons your organisations monthly reports are extremely important, is so that you are the owners and managers of your organisation look into the future instead of constantly looking through the rear view mirror.
Closing the books of accounts within an initial 10-day frame, and which we can then reduce to 6 or 7 days days, will give you the opportunity to take corrective action very quickly. This in turn will increase the efficienciency of the organisations operations as well as ensure cost savings immediately. Most important, this will free up the accounting and finance departments’ time. The freed up time will enable accounting and finance staff to spend quality time on providing management with better information and enable faster decision making. This information could be information on:
- Debtors and collections,
- Cash flow forecasts,
- Creditors and planning for payments and therefore reducing the burden on overdrafts and other debt,
- Reducing costs that may have gone out of control,
- Controlling certain costs and balance sheet items.
Despite investments made by many organisations in expensive software and ERP systems, the efficiency that these systems could bring are still not being exploited fully. Many Financial Controllers’ and CFOs are considerably stressed during the month end close of the period and in trying to ensure that accurate reports are prepared and presented to management.
The CFOO Centre Limited shall assist you in the development of a checklist and a set of standard procedures for the month end close. We have developed standard procedures and checklists for numerous organisations already and will share best practice for the development of the same. We GUARANTEE that these checklists will:
- Increase the speed of your month end closing
- Increase the accuracy of your organisations financials.
We will follow through with your current processes of month end closing for a quarter or two and keep improving your processes.
Our process for example involves 8 to 10 amongst critical steps including:
- Looking at the individual steps in a process with the end in mind.
- Ensuring that there is room in the team for cross training.
- Spreading out the work amongst the team.
- Looking at and helping set up materiality levels.
- Ensuring that the team can automate as much as is possible.
The CFOO Centre Limited will work with your team to put together a checklist which will make the month end process faster and remove the unwanted stress and errors that your month end financials cause.
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