Financial Close & Preparation Services

Parent Category: OUR SERVICES

We have been noticing the market need for innovations and offer solutions to improve the efficiency and compliancy of the financial close process as well as improvements in management reporting and analysis and external financial reporting and disclosure.

Processes involved are ensuring closing readiness, close sub-ledgers, manage intercompany accounting and transfer pricing, execute general ledger accounting and close, reconcile accounts, prepare financial statements, perform management review and calculate income tax provisions.

Technology enabled detailed close process with calendar, workflow, well-documented activities, deadlines, pre and post review and accountability. The process can be monitored online throughout the organization - Automated reconciliation process enabled by reconciliation tools between AP sub-ledger and general ledger - Proactive communication and expectation setting and thresholds (e.g. with exception based reporting)

Ensure Close Readiness
This process describes the activities related to preparing for the financial close and ensuring a smooth close process. Close readiness activities include managing the close calendar, managing disclosures, managing the internal and external financial reporting processes, and managing accounting policies and procedures

Close SubLedgers
Activities related to closing sub-ledger accounts such as accounts payable, accounts receivable, fixed assets, inventory, and industry specific sub-ledgers. Depending on the size of the company some of the related work may be performed by departments outside of accounting

Manage IC Accounting and Transfer Pricing
Activities falling under the scope of managing and performing intercompany accounting and transfer pricing include: allocation of shared expenses between entities within a company, reconciling intercompany transactions, posting of eliminations (to avoid double counting), and the determination of transfer pricing

Execute GL Accounting and Close
Encompasses activities related to executing General Ledger (GL) accounting and closing GL accounts. Processes involved are performing accruals, deferrals, provisions, non-standard or non-recurring journal entries, foreign exchange revaluations, review of the trial balance and closing the general ledger

Reconcile Accounts
This process group houses the processes involved in management and performance of account reconciliations. This includes the implementation and enforcement of account reconciliation standards, policies, and procedures, and reconciling general ledger accounts and documenting that account balances are accurate

Prepare Financial Statements
This process describes the activities related to the establishment of business unit or regional level financial statements. This process includes the preparation of the balance sheet, profit & loss statement, financial schedules, statement of cash flows, and conversion of GAAP into IFRS. It also includes the compilation of notes and comments and performance metrics along with the submission of the reporting package

Perform Management Review
Encompasses activities related to the review of business unit or regional financial statements by management and the corporate office. Management reviews should follow a clearly defined schedule and exception reports and manual checks should be used where necessary to validate results

Calculate Income Tax Provision
Activities include the preparation of current and deferred taxes, the calculation and posting of provisions for these taxes, the calculation and posting of tax liabilities and assets and the preparation of the provision schedule