Support in a Fast Closing approach (Accelerated Accounting Closing Process) for an international group

Context

A fast-growing international group with over 50 subsidiaries
Turnover greater than 1 bn EUR
Heterogeneous local finance teams (size, maturity, information systems, etc.)
Monthly reporting / dashboards available at D+15 on average
Time-consuming closing process

Objectives

Improvement in the time taken to close the accounts, at D+4 at the subsidiary level and D+7 at the group level
Development of an harmozined pack of monthly closing procedures including a list of key controls to be carried out by the subsidiaries
Establishment of a closing working group to support local finance teams during pre-closing and closing

Deliverables achieved

Implementation of a detailed group process by key phase: pre-closing, subsidiary closing, group closing and reporting
First year of Fast Close: 80% of subsidiaries on time at D+4, Group closing on time at D+7
Switch from a monthly accounting P&L to a less time-consuming management P&L
Formalization and sharing with Finance teams (subsidiaries and group) of a pack of monthly closing procedures

Key success factors

Pragmatic approach focused on operational quick wins and change management
Common reporting material with process descriptions, guidelines, etc. prepared with local teams
Close and customized support for subsidiaries by the Group Finance teams (management control, consolidation, standards and methods)
Group communication on the importance of meeting deadlines
Collective effort at all levels, both financial and non-financial teams

Tools used

Excel
JDE

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