{"product_id":"the-fast-close-toolkit-isbn-9781119554493","title":"The Fast Close Toolkit","description":"\u003cp\u003e\u003cb\u003eThis publication focuses on the critical methods that can be used to dramatically improve the fiscal closing process.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Record to Report (R2R) or Fiscal Closing Process is at the core of the controllership function. The process includes transaction processing, internal and external reporting, and the internal controls—the people, processes, and technology—that constitute the corporate organizational hierarchy. CFOs, controllers, and corporate finance departments require timely, accurate, and consistent data to make appropriate operational and strategic decisions and fulfill statutory, regulatory, and compliance requirements with accurate and timely data. \u003ci\u003eThe Fast Close Toolkit \u003c\/i\u003eoffers both strategic and tactical suggestions that can significantly improve the fiscal closing process and provides guidance on new legislation requirements, systems and best practice processes. Checklists, templates, process narratives, and sample policies are provided for every component of the fiscal close.\u003c\/p\u003e \u003cp\u003eInvestors and shareholders expect fast and easy access to the data created by current business activities in the information-driven digital age. \u003ci\u003eThe Fast Close Toolkit \u003c\/i\u003eprovides the necessary tools and expert advice to improve the fiscal closing process. Authoritative and up to date, this book:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eIdentifies the bottlenecks that can impact the and improvethe fiscal close process and provides best practices to help alleviate these challenges\u003c\/li\u003e \u003cli\u003eDefines the Record to Report (R2R) and recommends the roles and responsibilities for fiscal close processes flow\u003c\/li\u003e \u003cli\u003eOffers the internal controls to use for the end-to-end fiscal close process\u003c\/li\u003e \u003cli\u003eDescribes approaches for risk management, R2R, and fiscal close benchmarking\u003c\/li\u003e \u003cli\u003eIdentifies KPIs for all aspects of the R2R process\u003c\/li\u003e \u003cli\u003eProvides the mechanism for developing a financial close scorecard\u003c\/li\u003e \u003cli\u003eRecommends leading practices for both external and internal reporting\u003c\/li\u003e \u003cli\u003eProvides guidance on how strategic planning, the budget and forecast processes can be streamlined to enhance the fiscal close and internal reporting results\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWritten by a respected expert on internal controls and the fiscal closing process, \u003ci\u003eThe Fast Close Toolkit\u003c\/i\u003e is a valuable source of information for professionals involved in controllership and have responsibility for the fiscal close.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePreface xiii\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow This Toolkit is Organized xiv\u003c\/p\u003e \u003cp\u003eGuide to Toolkit Organization xv\u003c\/p\u003e \u003cp\u003eTable of Best Practices xvii\u003c\/p\u003e \u003cp\u003eTable of Policies xviii\u003c\/p\u003e \u003cp\u003eTable of Checklists xviii\u003c\/p\u003e \u003cp\u003eTable of Process Narratives xviii\u003c\/p\u003e \u003cp\u003eTable of Standards of Internal Control xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eImproving the Fiscal Close 3\u003c\/p\u003e \u003cp\u003eBest Practice 1: Consider the Use of a Single ERP System 4\u003c\/p\u003e \u003cp\u003eBest Practice 2: Employ Cloud-Based Computing 5\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1: Why the Continued Focus on the Fiscal Closing Process? 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAn Overview of the Fiscal Close 9\u003c\/p\u003e \u003cp\u003eCycle Time to Monthly Close 10\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2: Key Pain Points and Bottlenecks 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3: The Components of the Fiscal Close 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCutoff Dates 16\u003c\/p\u003e \u003cp\u003eBest Practice 3: Implement Cutoff Dates 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4: Governing the Fiscal Close Process 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBest Practice 4: Implement a Fiscal Close Governance Process 20\u003c\/p\u003e \u003cp\u003eComposition of GAAP 21\u003c\/p\u003e \u003cp\u003eGAAP Hierarchy 22\u003c\/p\u003e \u003cp\u003eOther Disclosure Standards 22\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5: The Transaction Accumulation, Reconciliation, and Sub-Ledger Close 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBest Practice 5: Complete General Ledger Reconciliations 30\u003c\/p\u003e \u003cp\u003eAccounting Bodies 31\u003c\/p\u003e \u003cp\u003eOther Regulatory Requirements 31\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6: Introduction to the Standards of Internal Control 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBest Practice 6: Implement an Internal Controls Program 34\u003c\/p\u003e \u003cp\u003eEnsuring Success 36\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7: Roles and Responsibilities During the Fiscal Close 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTactical Responsibilities 40\u003c\/p\u003e \u003cp\u003eExecutive Responsibilities 43\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8: The General Ledger and Trial Balance 45\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9: The Common Chart of Accounts 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBest Practice 7: Implement a Common Chart of Accounts 47\u003c\/p\u003e \u003cp\u003eSample Chart of Accounts 49\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10: Cost Centers 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBest Practice 8: Define Business Rules for Establishing Cost Centers 54\u003c\/p\u003e \u003cp\u003eBest Practice 9: Define Allocation Risks 55\u003c\/p\u003e \u003cp\u003eCommon Allocation Challenges 57\u003c\/p\u003e \u003cp\u003eBest Practice 10: Implement an Indirect Cost Allocation Methodology 59\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11: The Journal Entry Process 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBest Practice 11: Streamline Recurring Journal Entries 64\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12: Spreadsheet Controls 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBest Practice 12: Address Spreadsheet Risks and Implement Controls 65\u003c\/p\u003e \u003cp\u003eBalancing Risks with Controls 67\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13: Checklists for the Transaction Accumulation, Reconciliation, and Sub-Ledger Close 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChecklist 1: Transaction Accumulation and Fiscal Close Checklist 69\u003c\/p\u003e \u003cp\u003eChecklist 2: Fiscal Year-End Close Sample Schedule 72\u003c\/p\u003e \u003cp\u003eChecklist 3: Accounts Payable Roles and Responsibilities Year-End Checklist 73\u003c\/p\u003e \u003cp\u003eChecklist 4: Reconciliation Template 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14: Sample Policies for the Transaction Accumulation, Reconciliation, and Sub-Ledger Close 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePolicy 1: Account Reconciliation Policy 75\u003c\/p\u003e \u003cp\u003ePolicy 2: Accounts Payable Accruals 78\u003c\/p\u003e \u003cp\u003ePolicy 3: Spreadsheet Controls 81\u003c\/p\u003e \u003cp\u003eControls Standards 83\u003c\/p\u003e \u003cp\u003eBest Practice Guidelines 84\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15: Process Narratives for the Transaction Accumulation, Reconciliation, and Sub-Ledger Close Process 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eProcess Narrative 1: Journal Entry (JE) Process 87\u003c\/p\u003e \u003cp\u003eProcess Narrative 2: Management Approval of Journal Entries 88\u003c\/p\u003e \u003cp\u003eProcess Narrative 3: Other Current and Long-Term Assets 89\u003c\/p\u003e \u003cp\u003eProcess Narrative 4: Other Current and Long-Term Liabilities 92\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16: Standards of Internal Control for the Transaction, Accumulation, Reconciliation, and Sub-Ledger Close Process 97\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStandards of Internal Control 1: Journal Entry (JE) Process 97\u003c\/p\u003e \u003cp\u003eStandards of Internal Control 2: Management Approval of Journal Entries 99\u003c\/p\u003e \u003cp\u003eStandards of Internal Control 3: Other Current and Long-Term Assets 101\u003c\/p\u003e \u003cp\u003eStandards of Internal Control 4: Other Current and Long-Term Liabilities 109\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17: Corporate Close and Consolidation 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDifferences Between IFRS and U.S. GAAP That Impact the R2R Process 118\u003c\/p\u003e \u003cp\u003eHow Often are New IFRS Pronouncements Issued? 119\u003c\/p\u003e \u003cp\u003eIs IFRS, as Issued by the IASB, the Same for All Companies and Industries, in All Countries? 119\u003c\/p\u003e \u003cp\u003eWhat is The Principal Standard Governing Conversion to IFRS? 120\u003c\/p\u003e \u003cp\u003eDoes IFRS Use the Same Financial Statements as Those Required under U.S. GAAP? 121\u003c\/p\u003e \u003cp\u003eHow Will IFRS Impact Internal Control Reporting and Certification under the Sarbanes Oxley Act of 2002? 122\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18: The Number of Consolidation Points 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBest Practice 13: Automate the Consolidation Process 124\u003c\/p\u003e \u003cp\u003eBest Practice 14: Include the People Who Impact the Close 124\u003c\/p\u003e \u003cp\u003eBest Practice 15: Create Consistent Closing Schedules 124\u003c\/p\u003e \u003cp\u003eBest Practice 16: Consider Fiscal Close Process Improvements 125\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19: The Number of Closing Cycles 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBest Practice 17: Reduce the Number of Closing Cycles 127\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20: Post-Closing Entries 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinancial Closing Strategies 129\u003c\/p\u003e \u003cp\u003eBest Practice 18: Develop Business Rules for Post-Closing Entries 130\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21: Communication and Accountability 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFiscal Close Postmortem Meetings 132\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 22: Financial Statement Assertions 133\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinancial Statement Assertion Requirements and Application 134\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 23: Checklists for the Corporate Close and Consolidation Process 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChecklist 5: Corporate Close and Consolidation 137\u003c\/p\u003e \u003cp\u003eChecklist 6: Executive-Level Closing Checklist 139\u003c\/p\u003e \u003cp\u003eChecklist 7: Twenty Critical Areas to Review at Year-End 142\u003c\/p\u003e \u003cp\u003eChecklist 8: The Year-End Financial Statement Checklist 143\u003c\/p\u003e \u003cp\u003eChecklist 9: The Year-End Transaction Checklist 144\u003c\/p\u003e \u003cp\u003eChecklist 10: The Year-End Payroll Process Checklist 146\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 24: Sample Policies for the Corporate Close and Consolidation Process 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePolicy 4: Fiscal Close and Consolidation Process 149\u003c\/p\u003e \u003cp\u003eThe Timely Communication of Delays 152\u003c\/p\u003e \u003cp\u003eAdjustments Requested by Field and Corporate Personnel 152\u003c\/p\u003e \u003cp\u003eAdjustments Between Preliminary and Final Results 153\u003c\/p\u003e \u003cp\u003e“Late” Adjustments 153\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 25: Process Narratives for the Corporate Close and Consolidation Process 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eProcess Narrative 5: Balance Sheet Consolidation 155\u003c\/p\u003e \u003cp\u003eProcess Narrative 6: Assets Held for Sale Due to Discontinued Operations 157\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 26: Standards of Internal Control for the Corporate Close and Consolidation Process 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStandards of Internal Control 5: Balance Sheet Consolidation 161\u003c\/p\u003e \u003cp\u003eStandards of Internal Control 6: Assets Held for Sale Due to Discontinued Operations 164\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 27: Analysis and Reporting (The Final Mile) 169\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 28: Internal and External Reporting 171\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInternal Reporting 171\u003c\/p\u003e \u003cp\u003eBest Practice 19: Ask Key Questions to Define Your Internal Financial Reporting Process 172\u003c\/p\u003e \u003cp\u003eExternal Reporting 175\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 29: Budgeting and Forecasting 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAbout the Budget Process 182\u003c\/p\u003e \u003cp\u003eTypes of Budget Processes 182\u003c\/p\u003e \u003cp\u003eBest Practice 20: Consider Five Steps for a Successful Budget Process 184\u003c\/p\u003e \u003cp\u003eTen Considerations for a Successful Budget Process 188\u003c\/p\u003e \u003cp\u003eVariance Analysis 191\u003c\/p\u003e \u003cp\u003eOther Factors to Consider 192\u003c\/p\u003e \u003cp\u003eCorporate Performance Management (CPM) 194\u003c\/p\u003e \u003cp\u003eA Moving Target 194\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 30: Reduce Fiscal Close Cycle Times by Moving Your Finance Function to “Dynamic” Budgeting and Planning 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDynamic Budgeting and Planning 197\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 31: Fixed Assets and the Capital Budget 199\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBest Practice 21: Establish a Capital Budget Process 199\u003c\/p\u003e \u003cp\u003eDeveloping the Capital Budget 200\u003c\/p\u003e \u003cp\u003eBest Practice 22: Implement the Capital Review and Approval Board (CARB) Process 201\u003c\/p\u003e \u003cp\u003eConstruction in Process Accounting 207\u003c\/p\u003e \u003cp\u003eFixed Asset Management 207\u003c\/p\u003e \u003cp\u003eDepreciation Methods 208\u003c\/p\u003e \u003cp\u003eIntangible Assets 211\u003c\/p\u003e \u003cp\u003eAsset Appreciation and Asset Impairment 212\u003c\/p\u003e \u003cp\u003eDisposal of Fixed Assets 214\u003c\/p\u003e \u003cp\u003eThe Capital Budget and Fixed Assets Business Process Risks and Challenges 217\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 32: The Forecast Process 221\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAbout the Forecast Process 222\u003c\/p\u003e \u003cp\u003eTypes of Forecasting Models 222\u003c\/p\u003e \u003cp\u003eThe Forecasting Process for Small Businesses 224\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 33: The Fiscal Close and Strategic Planning 227\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eExpected Outcomes of the Strategic Plan 227\u003c\/p\u003e \u003cp\u003eBest Practice 23: Include Finance and Accounting in the Strategic Planning Process 228\u003c\/p\u003e \u003cp\u003eBest Practice 24: Use a Strategic Planning Readiness Checklist 229\u003c\/p\u003e \u003cp\u003eBest Practice 25: Follow These Seven Steps for Your Strategic Planning Process 230\u003c\/p\u003e \u003cp\u003eBest Practice 26: Implement Six Key Elements for Your Strategic Plan 230\u003c\/p\u003e \u003cp\u003eBest Practice 27: Use a Standardized Table of Contents for Your Strategic Plan 231\u003c\/p\u003e \u003cp\u003eStrategic Planning Methodologies 232\u003c\/p\u003e \u003cp\u003eBest Practice 28: Establish Performance Metrics to Determine the Effectiveness of Your Strategic Plan 236\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 34: Analytics to Detect Financial Statement Fraud 237\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBest Practice 29: Use Red Flags to Detect Financial Statement Fraud 238\u003c\/p\u003e \u003cp\u003eThe National Commission on Fraudulent Financial Reporting (The Treadway Commission) 240\u003c\/p\u003e \u003cp\u003eUse Detection Methods for General Financial Statement Fraud 243\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 35: Checklists for the Analysis and Reporting Process 247\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChecklist 11: Quarter-End Fiscal Close (10Q) 247\u003c\/p\u003e \u003cp\u003eChecklist 12: Year-End Fiscal Close (10K) 251\u003c\/p\u003e \u003cp\u003eChecklist 13: Performing Financial Statement Analysis 257\u003c\/p\u003e \u003cp\u003eChecklist 14: Trend Analysis 264\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 36: Sample Policies for the Analysis and Reporting Process 271\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePolicy 5: Basic Policies on Financial Reporting 271\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 37: Process Narratives for the Analysis and Reporting Process 273\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eProcess Narrative 7: Disclosure Checklist 273\u003c\/p\u003e \u003cp\u003eProcess Narrative 8: Fluctuation Analysis 274\u003c\/p\u003e \u003cp\u003eProcess Narrative 9: Cash Flow Statement Reconciliation 276\u003c\/p\u003e \u003cp\u003eProcess Narrative 10: Reporting Debt 277\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 38: Standards of Internal Control for the Analysis and Reporting Process 283\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStandards of Internal Control 7: Disclosure Checklist 283\u003c\/p\u003e \u003cp\u003eStandards of Internal Control 8: Fluctuation Analysis 284\u003c\/p\u003e \u003cp\u003eStandards of Internal Control 9: Cash Flow Statement Reconciliation 287\u003c\/p\u003e \u003cp\u003eStandards of Internal Control 10: Reporting Debt 290\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 39: The Virtual Close: Myth or Reality? 299\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat is the Virtual Close? 299\u003c\/p\u003e \u003cp\u003eHow is the Virtual Close Different from the Soft Close? 300\u003c\/p\u003e \u003cp\u003eCase Study: The Virtual Close at Cisco 300\u003c\/p\u003e \u003cp\u003eImplementing a Virtual Close 303\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 40: Roadmap: Benefits of the Fast Close 305\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDifferent Types of Fast Fiscal Closing Processes 306\u003c\/p\u003e \u003cp\u003eSoft Close 306\u003c\/p\u003e \u003cp\u003eVirtual Close 307\u003c\/p\u003e \u003cp\u003eLegal Issues Impacting the Fast Financial Close 307\u003c\/p\u003e \u003cp\u003eSteps to Achieve a Faster Financial Close 307\u003c\/p\u003e \u003cp\u003eConclusion 310\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 41: Accelerating the Close with Automation 311\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKey Requirements for Automating the Fiscal Close 311\u003c\/p\u003e \u003cp\u003eKey Questions to Ask During Implementation 312\u003c\/p\u003e \u003cp\u003eSystem Ease of Use 312\u003c\/p\u003e \u003cp\u003eQuality of Financial Information 313\u003c\/p\u003e \u003cp\u003eAccounts Payable and Purchasing 314\u003c\/p\u003e \u003cp\u003eProject Accounting 314\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAddendum: Fast Close Tools and Additional Best Practices 315\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eContingency Planning 315\u003c\/p\u003e \u003cp\u003eBest Practice 30: Establish Escalation Procedures 322\u003c\/p\u003e \u003cp\u003eRoadmap: 25 Steps to Shorten the Fiscal Close 323\u003c\/p\u003e \u003cp\u003eThe Monthly Financial Close Process Checklist 327\u003c\/p\u003e \u003cp\u003eForeign Corrupt Practices Act (FCPA) 336\u003c\/p\u003e \u003cp\u003eAccelerate Your Financial Close: A 35-Step Roadmap 337\u003c\/p\u003e \u003cp\u003eThe Fast Close Compliance Toolkit 340\u003c\/p\u003e \u003cp\u003eThe M\u0026amp;A Due Diligence Checklist 362\u003c\/p\u003e \u003cp\u003eFinance and Accounting Key Business Partnerships Matrix 372\u003c\/p\u003e \u003cp\u003eFiscal Close Risks and Challenges 374\u003c\/p\u003e \u003cp\u003eFiscal Close Standards of Internal Control 376\u003c\/p\u003e \u003cp\u003eThe Fiscal Close Dashboard 379\u003c\/p\u003e \u003cp\u003eThe Controller’s Dashboard 380\u003c\/p\u003e \u003cp\u003eThe Detailed Fiscal Close Scorecard 380\u003c\/p\u003e \u003cp\u003eThe Project Management Toolkit 382\u003c\/p\u003e \u003cp\u003eGlossary 387\u003c\/p\u003e \u003cp\u003eIndex 403\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eCHRISTINE H. DOXEY, CAPP, CCSA, CICA, CPC\u003c\/b\u003e, is president of Doxey, Inc., a consultancy that has brought vast improvements to the finance departments of leading organizations worldwide. Doxey is on the Advisory Boards of The Exchange Summit and The Institute for Internal Controls. Previously, Christine was a financial executive at Hewlett Packard and Verizon Business. She has authored several books and speaks on a range of financial processes and internal controls best practices at global conferences.   \u003c\/p\u003e\u003cp\u003eThe fiscal closing process is both complex and critical to the efficient and accurate functioning of any organization's fiscal infrastructure. Because the fiscal close is the cornerstone of financial reporting and controllership, it deserves constant scrutiny, from the daily recording of a transaction and the reconciliation to annual budgeting and forecasting which should result in timely and accurate internal and external reporting. This is especially true in global organizations, where multiple systems and accounting standards may apply. In today's information era stakeholders expect quick access to accurate financial data at the end of each reporting period regardless of a company's challenges during the fiscal close. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eThe Fast Close Toolkit\u003c\/i\u003e is a remarkable response to the growing demands on Chief Financial Officers (CFOs) and accounting departments to add efficiency while maintaining rigorous standards of transparency and reliability. Balancing these competing demands requires a systematic approach that integrates best practices, leverages new tools and technologies, and moves forward from a strong foundation of internal controls. In other words, \u003ci\u003esimply\u003c\/i\u003e speeding up the fiscal close process is not enough. This book, with its careful attention to all of the many aspects of the fiscal close, will be invaluable to CFOs, controllers, and others navigating the whirlwind of financial reporting. The operational and strategic success of organizations depends on a fast and accurate fiscal close. \u003c\/p\u003e\u003cp\u003eAuthor Christine Doxey takes a unique toolkit approach which provides concise and practical information on the methods that can be used to dramatically improve the fiscal close process. The chapters are structured to include best practices, checklists, process narratives, and other concrete tools that businesses can immediately implement to improve their fiscal closing processes. Readers can use this book to quickly identify existing bottlenecks and pain points, and design a roadmap to solve them.\t   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eGENERATE IMPROVEMENT IN EVERY ASPECT OF YOUR FISCAL CLOSE PROCESS\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eAs finance professionals know, the fiscal close has countless moving parts. It involves everything from daily financial operations in which employees generate and record data to the annual reporting, budgeting, and planning tasks that are critical to an organization's financial health. \u003ci\u003eThe Fast Close Toolkit\u003c\/i\u003e is an extensive set of practical guidelines for improving the fiscal close. \u003c\/p\u003e\u003cp\u003eWith over 50 best practices, checklists, policies, and other tools, this book provides valuable steps that you can immediately implement to bring efficiency to the fiscal close without sacrificing the accuracy, reliability, and transparency that regulatory bodies require. In addition, you will enjoy thorough yet concise explanations of every aspect of the fiscal close, including governance, standards of internal control, reconciliation, and beyond. This detail will enable you to identify where your own close process can be improved, and how to get there. The Fast Close is not just about speed—it's about designing and implementing an elegant fiscal close strategy that can serve as the strategic engine for the entire organization.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990226976997,"sku":"NP9781119554493","price":65.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119554493.jpg?v=1761786984","url":"https:\/\/k12savings.com\/products\/the-fast-close-toolkit-isbn-9781119554493","provider":"K12savings","version":"1.0","type":"link"}