Published on February 18, 2014
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) email@example.com • Seth Landau (EVP, Consulting Services) firstname.lastname@example.org • Mark Gregoire (EVP, Sales & Marketing) email@example.com • Alex Ladd (Senior Partner) firstname.lastname@example.org 20 © 2014 Proformative
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