Due to increasing complexity and regulations in the financial close and reporting process, the need to optimize the Fast Close is becoming a must for CFOs today.
By delivering accurate and timely information and meeting regulatory compliance, CFO’s participate in forging a professional image of their group towards third parties and competition.
Different steps can be identified and optimized to improve the fast close: subsidiary closing, intercompany reconciliation, consolidation, legal and management reporting process.
Several currencies, many subsidiaries, different countries with different charts of accounts, volume of intercompany invoices and transactions contribute in the difficulty to reconcile intercompany accounts.
The intercompany reconciliation is ranked in the top 3 of the key factors impacting the Fast Close.
This is confirmed and illustrated by several surveys conducted by the Big Four accountancy firms as well as by the survey Sigma Conso organized among its clients.
Within this process, reducing the deadlines by days or even weeks, improving the quality of the information and facilitating the audit procedure are clearly key objectives for the CFO.
Along with an adapted organization in the group and a high level of decentralization, the intercompany reconciliation relies also on the use of specific software.
This application should be web-based, highly collaborative, allow reconciliation at the lowest level – invoice, contract … – and provide smooth interfaces with ERP and consolidation systems.
The group will then gain in productivity and quality at each level, thanks to increased responsibility of all the stakeholders in the group, and benefit from an immediate return on investment.
Sigma Conso organizes a Lunch Conference on July 1st to discover the best practices and recommendations for fast close projects and present live case studies with Mona InterWeb, the most advanced solution on the market.
For more information and to register, please visit www.sigmaconso.lu or contact email@example.com
About Sigma Conso
Headquartered in Brussels, Sigma Conso is operating in Luxembourg via its local office since 2009. It provides Corporate Performance Management (CPM) software and services. The Group has recognised expertise in financial and statutory consolidation and management reporting. It provides over 500 international groups with tailored and flexible solutions that facilitate their financial management.
Sigma Conso is currently undergoing rapid international expansion and now has a presence in major European, African and Asian financial centers.
For more information, please visit www.sigmaconso.lu