Fast Closing Month-end & Year-end Accounts
[Understanding the Concepts, Design & Implementation]

Learn From The Best

Introduction

Who Should Attend

Management Accountants, Financial Accountants who are involved in month-end and year-end reporting, Finance Directors, CFOs, Financial Controllers, Practitioners who need to prepare reports for their clients

Methology

Hands on Case Study & Group Discussion. Real-current financial issues & cases will be analyzed and scenario solutions will be discussed within the workshop.

After Attending, You Will Return To Your Job

By attending and participating in this program, participants will be provided with an overview of the concepts and methodologies associated with the fast close process and gain insightful practical knowledge by being able to:

• Understand the importance of the fast close process on financial and operational decision-making within an organization

• Examine fast close processes, strategies and best practices as well as consideration of organizational documentation policies and procedures

• Understand the importance of departmental requirements for financial reporting as well as the need for on-going improvements to the closing process

• Provide faster and more accurate data for monthly and year-end account closings with the goal of enhancing communication with internal and external financial statement users

Learn From The Best

Mr. Hari Ramulu A/L Munusamy, FCCA[UK], CA[M], CMIIA, ACTIM, Associate of ACFE[USA], Associate of MACFE, Member of MATPRO, Member of IMA, Member of MIHRM, Member of MAPS, MBA [Accounting] is a Chartered Certified Accountant, with wide experience in audit private practice and in financial/management/public sector accounting, auditing and taxation educational process, having been in the profession and industry since October 1974.

He started his career with Messrs: F.H.Eiles & Co., a firm of Chartered Accountants in London as an Audit Assistant in October 1976 (after Diploma in Accounting, Newcastle-Upon-Tyne). Subsequently, he continued his career as an Audit Supervisor with Messrs: Coopers & Lybrand (now known as PricewaterhouseCoopers), Kuantan in May 1984. In January 1986 he joined Messrs: Senthe & Co (a firm of Chartered Accountants in private practice in Petaling Jaya), as an Audit Manager, till December 2006. He had also worked as a group accountant for FARMCO Sdn. Bhd. He had lectured at various institutions of higher learning, as a part-time and full-time lecturer, from October 1988 till June 2014.

Over the years, he gained knowledge, experience, skills and expertise in accounting, auditing and taxation related services including tax investigation, forensic accounting and company valuation and floatation.

He is deemed to be a prolific speaker/presenter with excellent commendations from participants, at seminars, workshops, conferences. He has several public appearances relating to taxation, costing, budgeting, financial statements analysis, accounting standards, preparation of financial statements, financial statements fraud, forensic accounting and GST (pre and post implementation).

Professionally, he is a Fellow member of the Association of Chartered Certified Accountants of UK, a Chartered Accountant of the Malaysian Institute of Accountants, an Associate member of the Malaysian Chartered Institute of Taxation, a Chartered member of the Institute of Internal Auditors of Malaysia (affiliate of USA), an Associate member of the Association of Certified Fraud Examiners of USA, associate member of MACFE, member of MATPRO, member of IMA and a member of MAPS. His academic excellence is in the form of (a) Diploma in Accountancy (Newcastle-Upon-Tyne,England), and (b) Master of Business Administration (Accounting) from University of Newcastle, USA.

Fast Closing Month-end & Year-end Accounts
[Understanding the Concepts, Design & Implementation]

17 - 18 March 2021

Introduction

This two days course provides an in-depth overview of the “Fast Close” process, which is the ability of a modern, global organization to rapidly close the accounting books, collect, consolidate, and then, publish its financial statements. This process is widely viewed not only as an indicator of management’s abilities to execute its strategic plan in light of the availability of fast, reliable financial information, but also a proxy for good, well-implemented corporate governance. This program will also review the mounting concerns and evidence that the “Fast Close” process, after a long period of sustained improvement, is now in a period of decline, due in large part to the impact of compliance, new accounting and reporting standards and the sheer increase in the volume and complexity of financial information that needs to be consolidated and reviewed.

Program Outlines

DAY 1

INTRODUCTION TO FAST CLOSE CONCEPTS

• Different types and benefits

• Steps needed to achieve a fast close

• Analysing and reviewing the current closing process

• Redesigning the closing cycle

• Finance function stakeholders, redesign and solutions

• Examining needs of stakeholders

• Scope of problems for organizations

• Process improvement practices

• Process redesign tools and techniques
  

DEVELOPING A FAST CLOSE STRATEGY

• Examining closing activities and requirements

• Best practices in attaining fast close, soft close and virtual close

• Optimizing charts of accounts and journal entry requirements

• Organizing corporate resources to achieve fast close

• Identifying potential roadblocks
  

MANAGING CHANGE AND UTILIZING TECHNOLOGY IN REDESIGNING AND MONITORING THE FINANCE FUNCTION

• Standardization, customization and centralization

• Reviewing paradigms and the difficulties of effecting changes

• Using technology to improve organizational redesign
  

OPERATIONAL IMPLEMENTATION OF A FAST CLOSE

• Examining the pre-close and fast close processes

• Adopting benchmark and other measurement standards,including key performance indicators

• Documenting fast close processes incorporating the utilization of checklists
  

FINANCIAL REPORTING AND ON-GOING IMPROVEMENTS TO THE CLOSING PROCESS

• Design and implementation of controls needed for financial reporting

• Improving the closing process and adopting improvement measurements

• Identifying management reporting criteria

• Summary of the programme
  

DAY 2

OPERATIONAL IMPLEMENTATION OF A FAST CLOSE

• Examining the pre-close and fast close processes

• Adopting benchmark and other measurement standards,including key performance indicators

• Documenting fast close processes incorporating the utilization of checklists
  

FINANCIAL REPORTING AND ON-GOING IMPROVEMENTS TO THE CLOSING PROCESS

• Design and implementation of controls needed for financial reporting

• Improving the closing process and adopting improvement measurements

• Identifying management reporting criteria

• Summary of the programme
  

Who Should Attend

Management Accountants, Financial Accountants who are involved in month-end and year-end reporting, Finance Directors, CFOs, Financial Controllers, Practitioners who need to prepare reports for their clients

Methology

Hands on Case Study & Group Discussion. Real-current financial issues & cases will be analyzed and scenario solutions will be discussed within the workshop.

After Attending, You Will Return To Your Job

By attending and participating in this program, participants will be provided with an overview of the concepts and methodologies associated with the fast close process and gain insightful practical knowledge by being able to:

• Understand the importance of the fast close process on financial and operational decision-making within an organization

• Examine fast close processes, strategies and best practices as well as consideration of organizational documentation policies and procedures

• Understand the importance of departmental requirements for financial reporting as well as the need for on-going improvements to the closing process

• Provide faster and more accurate data for monthly and year-end account closings with the goal of enhancing communication with internal and external financial statement users

Course Fees

Normal Fee ~ RM 1378 / person

Group Discount (for 3 or more participants) ~ RM 1240.20/ person

(Incl. 6% Service Tax)