The need for timely and accurate financial information is critical in today’s fast moving and highly competitive business environment. Accounting close and reporting processes are often identified by companies as pain points and impediments to growth and profitability. Leaders are pursuing opportunities to streamline processes, leverage technology and reduce risk in order to support their business goals and objectives.
Fast Track Assessment: Accounting Closing, Consolidation and Reporting
The goal is to maximize accuracy and efficiency while minimizing cycle time and cost. Focus on items that consume the most resources but do not significantly impact accuracy or timeliness. Financial close, consolidation and reporting are critical to a company’s success. Managing this process has become more important for CFOs. Effectively managing the process allows CFOs to meet management’s expectations, including:
- Meet reporting deadlines
- Close faster with fewer mistakes
- Save time and money because of increased efficiency and clear description of tasks
- Create intra-company cooperation
- Clearly define internal reporting and make support data readily available
- Audit without surprises
- Apply automated workflows
Benefits to Your Organization
In order for the accounting closing, consolidation and reporting process to positively impact your organization’s overall success, processes must be efficient, people must be appropriately trained, systems must be integrated and financial information must be available in a timely manner so strategic business decisions can be made. Our Fast Track Assessment will help you optimize your accounting closing, consolidation and reporting process by:
- Reducing closing time
- Providing access to timely information
- Eliminating redundant processes and controls
- Uncovering cost savings through increased workflow efficiency
- Improving reliability of interim financial reports
- Reducing mistakes and duplication of efforts
We evaluate the current closing processes and the related risks and controls, both in terms of effectiveness and efficiency. We provide a comprehensive analysis of improvement opportunities to introduce faster, more transparent and accurate closing processes.
As part of our strategic planning process and ongoing efforts to improve efficiency, effectiveness and service, St. Louis Public Library requested that Brown Smith Wallace assist with the implementation of a series of improvements to the Library’s core business services. Brown Smith Wallace assisted the Library with process improvement implementation and provided additional recommendations in investment policy, general internal controls, revenue process, ERP system, organizational structure and our accounts payable process. Their team continues to be a valued resource for us as we seek to improve how we operate and serve the public.
St. Louis Public Library
Justin Struttmann, Chief Operating Officer