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Creating Process Flows to Streamline Year End Close

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Information about Creating Process Flows to Streamline Year End Close
Business & Mgmt

Published on February 18, 2014

Author: Proformative

Source: slideshare.net

Description

Having a well documented close process can help companies increase efficiencies during the close cycle. Process flows can be leveraged to ensure consistency and to identify redundancies within the close. We will examine the benefits that can be gained through well documented process and how to create a comprehensive process flow.

Speaker: Jessica Gulliver, Senior Consultant, MindStream Analytics

Presentation delivered at ProformaTECH 2014 - http://www.proformatech.com
Track: Change Anticipation & Readiness | Session: 5
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Creating Process Flows to Streamline Year End Close Jessica Gulliver Senior HFM Consultant, MindStream Analytics

Agenda • Discuss year-end close difficulties • Understand benefits of process documentation • Creating valuable straight forward process flows • Q&A 2 © 2014 Proformative

Year-end Close Difficulties 3 © 2014 Proformative

Year-end Close Difficulties 4 © 2014 Proformative

Year-end Close Difficulties 5 © 2014 Proformative

Year-end Close Difficulties 6 © 2014 Proformative

Year-end Close Difficulties 7 © 2014 Proformative

Summarize difficulties • Inconsistency • Understanding Responsibilities • Redundancy • Timing of Task Completion • Notification of Task Completion 8 © 2014 Proformative

Benefits of Process Documentation 9 © 2014 Proformative

Benefits of Process Documentation 10 © 2014 Proformative

Benefits of Process Documentation 11 © 2014 Proformative

Benefits of Process Documentation 12 © 2014 Proformative

Summarize Benefits • Open and Clear Business Communication • Efficient Training • Increased Control and Consistency • Increased Operational Effectiveness © 2014 Proformative

Creating a Process Flow • Steps: 1. 2. Interview key personnel to understand tasks impacting the process 3. Create a draft version of the diagram 4. Review the diagram with key personnel, making refinements 5. Create final version of the diagram 6. 14 Perform an assessment to determine which processes to document Share process flow diagram with all impacted personnel © 2014 Proformative

Creating a Process Flow Basic Process Flow 15 © 2014 Proformative Cross-Functional Process Flow

Creating a Process Flow 16 © 2014 Proformative

Illustrate Flow Creation • International and Domestic General Ledgers submitted to corporate (Day 3) • International data translated into Reporting currency by Corporate Accounting (Day 4) • International and Domestic General Ledger is consolidated (Day 5) • Intercompany eliminations processed by Corporate Accounting (Day 7) • Consolidated Income Statement and Balance Sheet created (Day 8) 17 © 2014 Proformative

Process Flow © 2014 Proformative

Key Summary Year End Difficulties Benefits Gained • Inconsistency • Open and Clear Business Communication • Understanding Responsibilities • Redundancy • Timing of Task Completion • Notification of Task Completion © 2014 Proformative • Efficient Training • Increased Control and Consistency • Increased Operational Effectiveness

Contact Information MindStream Analytics www.mindstreamanalytics.com • Jessica Gulliver (Senior HFM Consultant) jgulliver@mindstreamanalytics.com • Seth Landau (EVP, Consulting Services) slandau@mindstreamanalytics.com • Mark Gregoire (EVP, Sales & Marketing) mgregoire@mindstreamanalytics.com • Alex Ladd (Senior Partner) aladd@mindstreamanalytics.com 20 © 2014 Proformative

Thank You For Attending Creating Process Flows to Streamline Year End Close

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