Closing Account Process
Category : Accounting
Duration: 5 days
The closing of accounts is a critical process for every organization, ensuring that financial statements are accurate and complete. This training focuses on the procedures and best practices for a smooth and efficient month-end and year-end close. Participants will learn how to prepare, review, and finalize accounts, as well as how to automate processes to speed up the closing cycle without compromising accuracy.
Learning Objectives
Understand the closing account process and its importance
Implement best practices for an efficient month-end and year-end close
Use automation tools to streamline the closing process
Ensure accuracy and compliance during the closing process
Training Program
Introduction to the Closing Account Process
The importance of a smooth closing process
Common challenges and bottlenecks in closing accounts
Overview of the month-end and year-end close
Quiz: Identify key elements of an efficient close process
Preparation for Closing Accounts
Preparing the trial balance and supporting documentation
Reconciling accounts: Best practices for accuracy
Identifying and resolving discrepancies before closing
Practical case: Prepare for a month-end close in a mid-sized company
Review and Finalization of Accounts
Reviewing accounts for accuracy and completeness
Finalizing adjustments and journal entries
Handling accruals, deferrals, and provisions
Practical case: Finalize the year-end accounts for a retail company
Automation in the Closing Process
Using ERP systems and financial software for faster closing
Automating reconciliations and reporting
Best practices for reducing manual interventions
Practical case: Implement automation tools to speed up the closing process
Compliance and Reporting
Ensuring compliance with accounting standards during the close
Reporting requirements: Statutory accounts, tax reporting, and more
Best practices for audit preparation during closing
Practical case: Prepare a closing report for external auditors
Key Points
Numerous practical examples illustrating the different studied concepts
Practical cases to draw parallels with the concepts learned
Who Should Attend This Training
Accountants and financial controllers
Finance managers responsible for closing accounts
Auditors and compliance officers
Professionals involved in financial reporting and year-end processes
Prerequisities
Basic knowledge of financial reporting and accounting procedures
Teaching Methods
Training structured around skill transfer
Acquisition of operational skills through practice and experimentation
Collaborative learning during synchronous sessions
Multi-stage learning path to allow engagement, learning, and transfer
Training promoting participant engagement for better anchoring of lessons
Satisfaction and Evaluation
Skill evaluation will be conducted throughout the training by the participant (self-evaluation) and/or the trainer according to the training methods.
Online training evaluation on your participant space:
Immediate evaluation at the end of the training to measure your satisfaction and perception of skill improvement against training objectives. With your agreement, your overall rating and comments will be published on our site via Verified Reviews.
Post-training evaluation 40 days later to validate the transfer of your acquired skills in the workplace
Attendance tracking and issuance of an individual training certificate or a certificate of completion
LONDON
128 City Road, EC1V 2NX London
PARIS
38 Rue Boulard, 75014, Paris