There is a saying, “Accounting looks backward, and Finance looks forward.” Predictive analysis, forecasting, and planning always seem to be at the forefront of financial system initiatives; sometimes at the expense of improvements to the back office systems or a solid close process. But, without reliable actuals, downstream forecasting is less meaningful. USGAAP, IFRS, and statutory reporting formats and content are mandated, controls required, and essentially considered a necessary evil each reporting period. Even as a necessary evil, there is significant value in how the preparation of the actuals provides the support and foundation for the look ahead and forward-looking analytics.
A solid close process, system, and team provides value to an organization that is significant and should be appreciated beyond the “just a cost-center” mentality. It is the backbone of providing insight, visibility, confidence in the health of the organization, and the direction of where it is headed. Now, add an acquisition or divestiture and this throws a monkey-wrench into an already taxed close process with no room for margin of
error, delays, or inaccuracies in the best of situations.
What You’ll Learn:
- How to close the books quickly, but accurately
- Why timely feedback is critical
- The right tool for the job
