Financial Close Best Practices

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1 The following section will introduce you to the paradigm shift in the way finance departments operate. You will learn about the major subprocesses within a close process and the related best-in-class principles/concepts being practiced by companies throughout the world. Copyright 2014 José Roncal. All rights reserved. No part of this publication may be reproduced, transmitted, transcribed, stored in a retrieval system, or translated in another language in any form by any means without written permission.

2 NEW FINANCE DIRECTION The Changing Role of Finance Minimal Involvement Problem Finding Post-Event Critique Confrontational Independent, Veto Power Technical Compliance with External Rules Data Collection Organizational Hierarchy Driven Manually Intensive Cumbersome Redundant High Cost High Cycle Time Desicion Support Control Reporting Transaction Processing Role Transformation Process Re-design Desicion Support Control Reporting Transaction Processing Sophisticated Analysis Strategic Market Issues Problem Solving Embedded Accountability Cost/Benefit Sensitive Relevant to Business Information Rich Integrated Old Paradigm New Paradigm Quick Cycle Time Automated Streamlined Low Cost As is apparent in all the latest news, companies are looking for ways to boost productivity. The diagram depicts this new paradigm. The smaller size triangle is the new paradigm representing efficiency gains. The boost in productivity in this new paradigm is represented by the relative increase in resources in Decision Support. The new paradigm is reached by transitioning from systems & processes that are manually intensive, cumbersome, redundant, high maintenance, and high cycle time to ones that are automated, streamlined, low maintenance, and quick cycle 2

3 time. Many companies are moving towards this new paradigm with continuous process improvements and global systems deployments. Companies need to move towards reporting relevant business information that is information rich and integrated with operational drives and events. Your decision support systems should be focused on problem solving, strategic market issues and move away from post event critique and problem finding. Again, companies are attempting to build internal enterprise data warehouses, which, is a giant step towards this environment. 3

4 FINANCE VALUE LINE Core Transactions and Processes Decision Support and Risk Management Manage Perform Financial Plan and Accounting Accounting Analysis and Manage the Transactions and Close Reporting Business Ensure Compliance Accounts Payable Collect Data and Communicate Strategic Planning Purchasing and Develop Closing through Budgeting Procurement Entries Reporting Treasury Intercompany Billing Fixed Assets Inventory Close Books Consolidate - Internal Management Reporting - External Reporting. Internal Control Forecasting and Outlooking Considered part of monthly and/or quarterly close processes. The Finance Value Line depicts major activities sequentially within a typical Finance organization. Each activity adds value to the preceding activity and is necessary for the next activity in sequence. Most of the checked tasks are part of the close process and are depicted in the Close Process Value Line next. 4

5 CLOSING PROCESS VALUE CHAIN Collect Data, Close Consolidate Communicate Forecasting Close Bocks and Review through and Subsystems Reporting Outlooking Collect Post Process Prepare Prepare Data Entries Segment Performance Volume Run Close Data Reports Estimates Interfaces Ledger Consolidate Prepare Prepare Reconcile Review Financial Forecasts Accounts Statements - Current Quarter - Current Year The close process value chain depicts at a high level the sequential activities involved in closing the books and reporting results. Within most companies, the forecasting and outlooking activity is considered outside of the close process. Look at the tasks listed under each activity and ask yourself if these can be done either before or after the close? Are there any activities that you perform in your close process that are not covered here? Are there other Finance processes that cause inspection, rework and error correction during the close cycle? The answers to these questions are typically the issues that need to be resolved to improve your close process. 5

6 Determine Best Practice Process World Class Principles Collect Data, Data at source; few manual Close entries Subsystems Automated interfaces Accounting complexity reduced Close Books Materially limits established Work performed outside of close Error correction reduced Consolidate Automate critical processes and Review (intercompany) Reduce information to consolidate Forecasting Relate volume and $ forecasts and automatically Outlooking Use stub period estimates to reduce closing cycle Communicate Reduce volume of reports through Manage by exception Reporting Establish balanced scorecard Don t hold up close for minor errors Use pre-month end reserve and closing reviews Adjustments true up on quarterly basis Entries pre-formatted and automated Eliminate and consolidate reviews Financial report through one consolidation system Automate forecasting process Flash income forecasts produced first day of close Use of forecasts critical to soft close Collect data and close subsystems If you were to compare many companies to the world class principles, these companies are working towards: capturing data at the source, automated interfaces, and reduced accounting complexity. Companies need to work harder 6

7 at reducing manual entries, not holding up the close for minor errors, and using pre-month end reserves and closing reviews. Close Books Some sites in many companies are better than others at establishing materiality limits, using preformatted and automated entries, using allocations based on predetermined rates doing true-ups on a quarterly basis. Companies need to improve in performing as much of the tasks as possible outside of the close process, reducing error corrections during the close cycle and mimicking the best practices of other organizations. Consolidate and Review Companies are developing and implementing systems to automate the Intercompany process and have the latest software for their consolidation and reporting system. In general companies need to improve in reducing the information to consolidate and in eliminating the number of reviews within the close process. Many companies are working on an enterprise data warehouse that will capture a lot of the management information that is currently reported and consolidated during the close cycle. Once the data is captured and can be viewed through the data warehouse, this should reduce the amount of information to consolidate. The amount of data consolidated is related to the amount of data requested by the Executive Team. Again, this should decrease as more of the operational and management data is captured in data warehouses. 7

8 Financial Close Process Summary Collect Data, Close Subsystems Close Books Consolidate and Review Communicate Through Reporting Forecasting and Outlooking Performance: Low Cost of Process Speed of Cycle Time Accuracy of Entries High Productivity of Staff Low Percentage of Overtime Accuracy of Reports Accuracy of Forecasts Best Practices: Shortened/streamlined close process Soft Close for Non-Quarter months Electronic approval of journals Real-time data access, useroriented, standard, GUI tools. Focus on analysis vs. transaction processing. Liaison teams linking business and accounting. Challenge policies for materiality Enterprise-wide financial information warehouse. Ledger fully integrated with distributed budget analysis. System Options SAP R/2 and R/3 G/L DBS SmartStream G/L Oracle Financials G/L Walker G/L JDE G/L Software 2000 G/L Platinum People Soft G/L IMRS Hyperion Mainframe & Client Server New Client Server Client Server, Oracle DBMS Mainframe, DB2 AS/400 AS/400 AS/400 Client Server, New LAN Consolidations Performance Total Cost of Financial Reporting/$ 1000 revenues $1.37 Percent of G/L Time Spent on Corrections 1.31% Cycle Time to Close G/L 4 days Percent Profit Forecast Variance 2% Cycle Time for Annual Budget Preparation 60 Days Total Cost of Management Rptg/$1000 revenues $0.24 Cycle Time for Senior Management to get Reports 3 Days Total Cost of Budget Process/$1000 revenues $0.63 Standardized reporting chart of accounts Profitability analysis by product, market, geography and customer Flexible overhead allocations Charge data providers a fee for correcting erroneous data Journal entry data is staged throughout the month Missing data does not stop the closing process Automatic reversal of journal entries. Examples: United Technologies IMRS Implementation Warner-Lambert - Consolidations Redesign New England Electric Walker Implementation Solomon Inc. DBS Implementation BP Oil Europe Oracle Implementation Shell Chemical SAP Implementation United Distillers Software 2000 Implementation Caremark Platinum Implementation Disney Reduce close cycle time and cost MCA Reduce close cycle time and cost Source: PriceWaterhouseCoopers 8

9 This slide presents some performance goals, the achievement of which will help reduce the close cycle. Also listed are some best practices, best-in-class systems, best-in-class metrics and companies that are using these, and are undertaking or have undertaken a close process improvement initiative. Collect Data, Close Subsystems. - Capture data at source with few manual journal entries. - Invalid transactions from feeder systems are resolved before the start of closing. - Account validation and maintenance are done using one controlled database. - Automatic table updates when there are organizational changes. - Program edits in all feeder systems and rules for edits are provided in standards for internal control. - Close critical systems and update transaction data weekly. Feed subsystems more frequently than monthly. The following pages describe best practices that will help reduce the close cycle. It is interesting to compare these practices to what is currently being done in your company. - We have noted that many companies are implementing global initiatives with principles that require data to be captured and validated at the source. Unfortunately, most companies still have legacy systems that are not flexible and do not capture data at the source requiring allocations and manual entries in the GL to restate the results for reporting purposes. The other principle some companies have adopted within their global initiatives is that invalid transactions from feeder systems are resolved before being passed on to the GL. This is being done through validations performed with new software. Again, until all legacy systems are replaced and 9

10 standard compliant systems are adopted, companies will struggle with manual error corrections in the GL. - Many companies are on their way to implementing software which will serve as the centralized database of record for account validation, maintenance, and automatic updates. These initiatives should help reduce the error correction and rework activities being done during the close cycle. - One of the most important practices to reduce the close cycle and improve data quality is to close subsystems and update transactions to the GL weekly. Reviewing the critical data weekly will allow for resolving errors during the month and help reduce the number of reviews during the close process. 10

11 Collect Data, Close Subsystems. - Summarize data from subsystems before posting to general ledger. - Track errors and assign responsibility for error recycling. - Systematize routine journal entries, distributions, and closing entries before accountants impact the closing process. - Chargeback support-related expenses (allocations) based on market or standard rates. - Use of materiality limits to reduce entry and account detail and manage time spent on small items. - Reduce number of accounts and transaction codes. Most sites in companies are using these best practices to varying degrees. The more important ones on this list are: - Tracking errors and assigning responsibility for determining root cause and ensuring that errors never happen again. - Chargeback/allocations of support-related expenses using standard rates. These entries can then be run before the close cycle. - Use of materiality limits to reduce entry and account detail. This is only important for manual entries that are required during the close cycle. This is when you need to decide whether to make the entry and affect downstream tasks or whether to book the entry the following month. 11

12 Close Book - Correction of errors and adjustments, if immaterial, are done in the following month s elimination. - Book accruals at business level (market or segment), not at cost center level. - Use pre-formatted accrual, elimination, reversal, and adjustment entries, where possible, and automate. - Use ratio and accrual rates based on previous month s calculation. - Establish materiality limits to book adjustments. - Make external to the closing process. - Selected activities: Reconciliation Immaterial error correction Account maintenance Calculated accrual percentages - Minimize error to about.02% (233 errors per 1,000,000 lines of account attributes). - Use quarterly or annual true up to adjust as necessary, not monthly. - Trend monthly accruals and record recurring estimates as recurring entries. - Reconcile accounts on a cyclical basis based on risk and do outside the close. - Establish performance metrics to monitor speed, quality, and cost of closing. - Only resolve material items during segment review at segment level and reverse next month to book at market level. - Same analogy could work at corporate. 12

13 As stated earlier, it is interesting to compare the best practices listed here to what is being done at your company. It is also interesting to note that quite a few of these best practices involve minor changes to your current processes, yet the impact could be great. Looking at the list, the more important recommendations are: - Corrections of immaterial errors and adjustments should be done in the following month. - Book accruals at the subsidiary and not at the organization level. This can be trued up the following month. - Use standard rate for chargebacks/allocations and true up quarterly or annually. - Do reconciliations, immaterial error corrections, and account maintenance outside of the close process. - Establish performance metrics to monitor speed, quality, and cost of closing. The metrics for speed and quality that we are currently tracking are close cycle time (speed), validation errors (quality), roll forward errors (quality), misclassification errors (quality), and other errors (quality). 13

14 Consolidate and Review - Consolidated data should be pre-formatted and system should automatically produce segment and corporate consolidated reports. - Reduce required information for consolidation. - Avoid replicating financial data in separate reporting systems. - Establish materiality limits for review and approval steps. - Minimize number to review layers. - Consolidated numbers are highlighted when outside budget or trend control limits. - Profit center and legal entity reporting are driven from the same source of data and always balance. - Intercompany eliminations, currency translations, and corporate/segment allocations are done in an automated manner to not hold up close. Comparing this list to practices with most companies, we noted that companies are moving towards having a consolidation and reporting system that loads in preformatted data and produces internal management reports and the external legal reporting on a consolidated basis. The system does comparisons to plan and prior year and highlights the numbers outside a control limit. The only problem is that this system is not integrated with the GL and other transaction based systems and so there is a duplication of data. The major issue here is that any post review changes to the consolidated data has to flow back to the GL and should flow back to the supporting operational system. The current initiatives in most companies should result in a data warehouse with management data thus reducing the data required in the consolidation system. This should help reduce the close cycle. Unfortunately, companies are currently moving towards more data in the consolidation system. 14

15 Communicate Through Reporting - Formats based on key performance indicator and financial reports. - Report variance of hardcopy reports and have strategy for retiring obsolete reports. - Design executive report package to include trend, graphical, comparison to target and story line information. - Ability to drill down to analyze significant variances. - Maintain financial data warehousing using relational data base technology to access financial information. - Responsibilities for reporting to executives are clearly delineated with minimal adjustments after the consolidation process. - Automate month-end reporting for income statements, balance sheet, cash flow, and performance metrics, including Value-Based Management concepts. Again we are using some of these practices to varying degrees. - Formats based on key performance indicators and financial reports - Report variance on an exception basis. - Automate month-end reporting for income statements, balance sheet, cash flow and performance metrics. These practices including some we have already discussed may not pertain totally to your specific situation, but they are relevant to your company as a whole. Corporate consolidations in many companies do a good job in including trend and graphical comparisons, and a story line to depict results. Unfortunately, they struggle with: - Retiring obsolete reports. 15

16 - Making adjustments after consolidating the results (excluding necessary post consolidation entries). - The inability to drill down to further analyzes variances in Corporate Consolidations because the consolidation system is not integrated with the financial and operational systems. These companies are moving towards creating a data warehouse, but they are at least 1.5 years away from implementation. 16

17 Forecasting and Outlooking - Ability to develop flash income estimate after first day of close. - System modeling capability to create net income forecasts from the estimate. - Ability to analyze difference between forecasts and actuals based on the analysis of major profit centers (e.g., volume, price, cost, mix, currency, etc). - Use of forecast as part of introduction of soft closing process for months that do not end a quarter. - Ability to use product or service composites to forecast profit margins. A composite is a grouping of services or products such as combining products into product lines. - Database of forecast information integrated with actual and budgeted information. - Forecasts visible to all individuals that are responsible for major profit drivers. 17

18 Implementing a Faster, Cost Effective Financial Close Implementation Steps Create the Vision of Finance Get Ready For Faster Close Envision Target Environment Implement Target Processes Extend to Soft Close Process Create design team and steering committee Define customer requirements. Determine finance function goals and measures Evaluate current environment Perform resource and cycle time analysis Assess systems affecting the close. Identify nonvalue added activities Identify improvement targets Identify close process metrics by portions of value chain Define materiality Define closing entry process Define end of month and beginning of month processes Identify outstanding issues Analyze major performance Develop process implementation plan Conduct training Implement changes Monitor progress Develop monthly performance scorecard Define soft close process Implement soft close Copyright 2014 José Roncal. All rights reserved. No part of this publication may be reproduced, transmitted, transcribed, stored in a retrieval system, or translated in another language in any form by any means without the written permission of José Roncal. 18

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