Fast Closing Monthly & Year-End Accounts

Denny HaRTANTO

2 days’ workshop

INTRODUCTION

In order to be effective in Fast Closing & year end accounts, you need to have the financial management skills to problem solving. This course will help to provide you with an environment that stimulates proactive behavior in order to achieve greater goals for yourselves and your organization. By creating financial value for your organization, you will be amazed at the speed of career advancement. Real-current financial issues & cases will be analyzed and scenario solutions will be provided under the guidance of Dr. Steven Liew.

Course Objectives                                                                                                                                   
By the end of this course you will be able to:

  1. Why cannot Fast Closing Monthly & Year-End Accounts?

  2. Critical Roles of The Finance Function

  3. Redesign Finance Function

  4. Implementing Process Improvement Project

  5. Redefining the Role for Finance Managers

METHODOLOGY

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

WHO SHOULD ATTEND

Entrepreneurs, Bankers, Accountants, CFO, CEO, Business Managers, Finance Managers, Supervisors, and Managers

Special Feature: NOTE: Please bring laptop along

PROGRAMME OUTLINE

Day 1

Module 1: Understanding Fast Closing

  • Fast closing definition

  • Benefits of fast closing

Module 2: Discussion on Fast Closing Burning Issues

  • Most work done manually - no system

  • Inadequate Document Flow

  • Miscommunication leading to different data report - budget issues

  • Unknown Transactions from historical data

  • Culture & Work Environment - no commitment

  • Slow info received from subsidiaries

  • System Migration - Data compilation during migration not yet complete

  • Uneven Workload

  • Outlets pass documents late

  • Interface of revenue from billing system to SAP

Module 3: Fast Closing Discussion

  • Discuss on how to shorter the mth end closing 

  • Discussion on systematic way of closing the accounts

  • How to do minimum adjustments to closing of accounts

  • Discuss ways to redesign a simple finance accounting cycle

  • How finance division can be more proactive in terms of budgeting, Forecasting & advisory role

  • Discuss ways to control & manage the cash flow

Module 4: Fast Closing Contribution to The Organization’s Bottom Line

  • Asset conversion 

  • Collection 

  • Cost reduction 

  • Revenues 

  • Purchasing policy 

Module 5: Discussion on Account Payable

  • Timely payment due incomplete documents

  • Received invoices late from vendor/outlets

  • PO not stated on the invoice 

  • Timely closing of AP/accruals

  • PO issued but invoice never reached AP.

  • Cancellation of PO was never informed.

  • Changes in price quoted was not informed

  • Invoices not issue/received

Day 2

Module 6: Success Story of Fast Closing & its Best Practices (Case studies)

  • Cisco’s Virtual Close

  • JC Penney Deploys Concur Expense on The Company Intranet

  • Case Corp (USA) Industry heavy equipment (construction), agricultural machinery

  • IBM (USA) multinational technology and consulting corporation, with headquarters in Armonk, New York.

  • Lord Corp (USA) Transportation: Automotive, Rail, Truck/Bus, Agriculture and Recreational and Marine. Aerospace and Defense: Commercial and Private Aircraft, Military Aircraft, Missile Systems and Tanks and Artillery. Manufacturing: Industrial Assembly and Process Industries.

  • Owens corning (USA) is the world's largest manufacturer of fiberglass and related products

  • Ford (USA) The Ford Motor Company is an American multinational automaker headquartered in Dearborn, Michigan, a suburb of Detroit.

  • EDS (USA)Conferences & Training

Module 7: Improving the Finance Process 

  • Remove non-value added work

  • Reduce the cost of required transaction processing 

  • Eliminate errors that create costly rework

  • Employ technology to reduce the time, effort, cost, and complexity of finance work

  • Enhance input to strategic decision making and general business management

Module 8: GST Fast Closing Accounting (Case Study)

  • Bad debt relief

  • Bad debt recovered

  • Credit Note

  • Debit Note

  • Deposit received

  • Reverse charge mechanism

  • Gift rule

Module 9: Application - Steps in Closing Accounts 

  • Starting Process

  • Fixed Assets

  • Hire Purchase / Term Loan Schedule

  • Company and Group Level of Profit & Loss Accounts

  • Project Accounts

  • Company & Group Level of Balance Sheet

  • Company & Group Level Cash Flow Statement

  • External Audit & Tax Matter

Fast Closing Monthly
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