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

2

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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