A common challenge for the controller role is in closing the month-end and period-end books in preparation to issue financial statements. This duty requires precision, timing and efficiency.
In today’s digital world, many organizations have access to financial accounting software that will assist with the steps in the financial close. However, even with this aid it is critical the accountant understand the various steps for the close process and how they inter-relate to other accounting processes. This course gives you an insight into the inter-relationships between many processes that impact the financial close.
The closing process has traditionally been a slow one with many companies taking two weeks to close its subsidiary’s books and another two to three weeks to roll up and consolidated the results. With the introduction of technology much has been done to help accelerate that process with integrated enterprise resource planning systems and general ledger and consolidate software.
Within this session we will discuss the many facts involved in closing the books and provide insights into expediting the process in order to be able to create more timely financial statements. Typical steps in the accounting close process include:
- Analysis of business transactions
- Make journal entries
- Post to Ledger Accounts
- Prepare trial balance
- Make adjusting entries
- Prepare adjusted trial balance
- Prepare financial statements
- Close accounts
- Prepare post-closing trial balance
Within this segment we will discuss the elements of the financial close and also important concepts to assist the controller in accelerating their close timeline. This includes addressing all functional areas of the close including payroll, invoicing, payables, inventory, cash, and the general ledger. We will also discuss important concepts of ensuring your financial close is accurate by discussing bank reconciliations, overhead allocations, bad debt reserves, unpaid wages and accruals for vacation time, account reconciliations, deprecation and overall financial statement review.
Note: This course does not address utilizing technology in the financial close. Its focus is to understand the varied procedures involved in the financial close whether or not technology is utilized.
Learning Objectives
- Discover and discuss the many facts involved in closing the books and provide insights into expediting the process in order to be able to create more timely financial statements.
- Explore the elements of the financial close and also important concepts to assist the controller in accelerating their close timeline.
- Discover the important concepts of ensuring your financial close is accurate by discussing bank reconciliations, overhead allocations, bad debt reserves, unpaid wages and accruals for vacation time, account reconciliations, deprecation and overall financial statement review.
Included In Certifications
This course is included in the following Certification Programs:
22 CoursesThe Controllership Series Certification
- The Controllership Series: The Controller Function - Elevating the Role
- The Controllership Series: The Controller Function - Strategic and Annual Planning
- The Controllership Series: The Controllers Role in Financial Forecasting
- The Controllership Series: Future Role of the Controller – Part 1
- The Controllership Series: Future Role of the Controller – Part 2
- The Controllership Series: The Controller Function - Cash and Investments
- ASC 842 Accounting for Leases - Deep Dive
- The Controllership Series: The Controller Function - Inventory Part 1
- The Controllership Series: The Controller Function - Inventory Part 2 - Inventory Valuation, Physical Inventory Methods and Inventory fraud
- The Controllership Series: Overhead, Direct and Indirect Costs and Allocation Methods
- The Controllership Series: Financial Statement Preparation and Presentation
- The Controllership Series: The Controllers Role in the Procurement Function
- The Controllership Series: The Role of The Controller in ESG
- The Controllership Series: The Controllers Role in Pro Forma Financials
- The Controllership Series: The Controllers Role in Data Analytics and Big Data
- The Controllership Series: Introduction to the Financial Close Process
- The Controllership Series: Managerial Accounting Basics and Cost Principles
- The Controllership Series: Sales, Collections and Customer Credit
- The Controllership Series: Addressing Cash Flow and Forecasting Uncertainty
- The Controllership Series: The Controller’s Skillset
- The Controllership Series: The Controllers Role in Internal Controls
- Tools for The Controllership Series Certificate
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Prerequisites
No advanced preparation or prerequisites are required for this course.
Education Provider Information
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