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What are the key strategies employed by fast period-closing companies? (Webinar Attendee Question)

This question was asked by an attendee during the Proformative webinar “Finance Transformation: Essential Elements for Driving Success" held on February 27, 2013.  Please join the discussion and add your insights below.

A video of the webinar can be viewed here: https://www.proformative.com/resources/webinar-video-finance-transformation-essential-elements-driving-success

Answers

Topic Expert
Philip Boken
Title: Principal Advisor & Founder
Company: PCB & Company
(Principal Advisor & Founder, PCB & Company) |

Several key steps - governance and activity based analysis. For governance, leading companies have a "close manager" that manages the monthly, quarterly, annual close just like a project, with a detailed checklist that breaks down each task by owner, due date, task dependencies, handoffs, and more. This same checklist is initially used to built a map of all the sub-processes and their start and end dates. This is used to determine how and where tasks can be accelerated, etc. Feel free to reach out to me to discuss in more detail. Best regards 650-823-6777

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