Case Study
Close Process Coordination + Optimization
- Matthew Edwards
Construction
INDUSTRY
500
EMPLOYEES
$250M
ANNUAL REVENUE
Background
Our client acquired 11 business units over a 24 month period. These business units operate on 7 different general ledger systems. The accounting and finance workforce responsible for these business units was actively being consolidated with evolving duties and responsibilities.
Objective
- Prepare a global close calendar across all business units.
- Measure the balance by tasks by employee and day to identify burdens, roadblocks and improvement opportunities.
- Design pre-close process to relieve burdens and accelerate timelines.
- Proctor the close process to enhance review process and coordination with finance functions.
Solution
- Interviewed 15 accounting and 3 finance employees to document close process duties.
- Accumulated close process tasks identifying 225 close process tasks.
- Reviewed and monitored general ledger transactions for undocumented close tasks.
- Proctored 2 monthly closes processes.
- Evaluated tasks by employee, functional process, and timeline to identify close cycle improvements of accuracy, timeliness and control.
- Trained leaders to manage close cycle process to maintain improvements.
OUR TEAM ENHANCED ACCURACY THROUGH IMPROVED REVIEW OF CONTROLLERS, FINANCE FUNCTIONS, + REDUCED CLOSE CYCLE BURDENS.
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