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Fast Close with SharePoint by Financial Suite® delivers financial statements in 5 days and saves over 20.000 hours per year!
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Fast Close with SharePoint by Financial Suite® delivers financial statements in 5 days and saves over 20.000 hours per year!

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Fast Close is a mindset that can save huge amounts of money for you! What is FinancialClosing from Financial Suite®? See how Fast Closing can improve your high level financial processes. Financial …

Fast Close is a mindset that can save huge amounts of money for you! What is FinancialClosing from Financial Suite®? See how Fast Closing can improve your high level financial processes. Financial Closing from Financial Suite® is a structured closing process that helps each organization to accelerate all closing processes, budget, forecasts, external reporting etc.and it frees up thousands of hours per year.

Hours in which you can improve business control and other finance processes.
The Slideshare presentation fills you in on the details..

Visit http://www.financialsuite.net/Paginas/FastClose.aspx to read more and to take action.

Want to try it? Be our quest and try it on SharePoint 2013 online or SharePoint 2010 online.

Published in: Business, Economy & Finance
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  • 1. Financial suite® Fast close solution on SharePoint
  • 2. In the world of Finance: Everything seems to move faster
  • 3. Are you fast enough? When do you report to the board? a. In 5 days b. In 10 days c. In 15 days or later
  • 4. Are you ready? Is it time for FAST CLOSE?
  • 5. WIIFM? FAST CLOSE = a result of a structured closing process, delivering and faster information at a better quality and lower cost
  • 6. WIIFM? FAST CLOSE = how to release the locked up resources in Finance
  • 7. Finance Landscape in Logo’s - as seen in many companies Monthly - Quarterly reporting: Accountability Accountability Your Finance Processes Business Intelligence - Dashboards Transactions
  • 8. In the world of Finance: Is FAST CLOSE possible with the landscape from previous slide?
  • 9. Let’s check it Why do we still use Excel and Shared folders for our key finance processes?
  • 10. A. Because it is comfortable B. Because we think that we work structured if we have this toolset: ERP, Consolidation, dashboards, file shares, folders, Excel sheets and SharePoint Our perception
  • 11. Our perception You can always do better, can’t you? That is what we tell the other managers…..
  • 12. Show me Yes, as Finance we can improve too
  • 13. Why? Our best kept secret: We have no systems in place for Document management. We use • File shares • Shared folders Track and trace process. We use • Excel task lists • Or In best case • Single dimension list in SharePoint
  • 14. Do we need to replace Excel and File shares?
  • 15. Let’s check if there is a need for systems for documents and tasks? Questions….. Do we need to track and trace progress during closing? Is there a better way to find our files? Can you find a document from 2 years ago? Are the reporting procedures documented? Are the reporting procedures transparent? Is risk management included? How many emails are necessary in your process?
  • 16. The answers…. How do you track and trace progress during closing? = Excel is a single dimension tool Can you find older documents easily? = No, you look for them the way you are organized today -File shares – shared directories Are the reporting procedures documented? = NO Are the reporting procedures transparent? = Not all Is risk management included? = NO How many emails are necessary in your process? = Many
  • 17. You just realized that there is a gap between your opportunities (tomorrow)and what you do (today)
  • 18. Fill the gap between today and tomorrow According to Microsoft executives in The Netherlands and the US: The best kept secret!
  • 19. The missing piece of the Finance puzzle. What is Financial Suite®?
  • 20. What is Financial Suite®? A unique document and process management tool, that structures all finance processes and manages all documents
  • 21. Maybe we can replace some logo’s
  • 22. Finance Landscape in Logo’s Fast Close enabled Monthly - Quarterly reporting: Accountability Your Finance Processes – with Financial Suite®closing- forecast-budget etc. Business Intelligence - Dashboards Daily Transactions
  • 23. Standard options in Financial Suite ® Uniform processes for comparable companies Structure for document and process control Document management with metadata, version control, copy and move options Financial suite® FinancialClosing software
  • 24. Standard options in Financial Suite ® Generic tasks for all finance processes, covers 80% of your processes Financial suite® FinancialClosing software
  • 25. Process management library with generic tasks and special features Task types • company types • finance processes Metadata: •financial category + standard control •role + SOx + risk level •process type + lead time Progress monitoring: • task status • task by assigned to • tasks per period Reporting on process: • compare multiple periods • open high risks tasks • performance • aggregated reporting on Holding level
  • 26. Steps from generic to specific task set
  • 27. Steps for re-use of company task set Financial suite® FinancialClosing software
  • 28. Standard in Financial Suite ® Document management with process metadata, version control, copy and move options Financial suite® FinancialClosing software
  • 29. Standard document management options for Finance Structured Metadata termstore • Balance sheet • P and L categories, • IAS • document types Standard find options for • Reporting • Forecast • Budget • Annual reports 2 versions Holding- sub holding – entities Shared Service center With aggregated info on • Company level • Sub holding • Holding level Includes options as • Copy and move option within SharePoint • document display web parts • Copy to auditors and stakeholders • Open and close periods
  • 30. Steps for document management and Balance file sets deployment
  • 31. Is it another project? NO Why not • Installation depends on number of enitities, but is very quick • Creating a specific task set for multiple companies takes uo to several hours if well prepared • A workshop takes 4 hours
  • 32. Benefits Efficient, documented, structured and secure process Flexible and easy Reduction of stress levels Re use of freed up resources Better quality of output Lower Auditor (assurance) costs Results in FAST CLOSE: faster reporting at reduced costs! Every reporting day costs 184 hours!
  • 33. New in Financial Suite ® Reporting and consolidation on Excel and SharePoint Financial suite® FinancialClosing software
  • 34. Take the challenge and free up resources by efficiency improvement Example: Reduce the reporting cycle from 15 to 5 days for10 companies Qty Company type Days Hrs Rate FTE Total annual costs 1 Holding 15 8 30 3 10,800 10 Subs 15 8 30 2 72,000 82,000 Annual reporting costs 993,600 Qty Company type Days Hrs Rate FTE Total annual costs 1 Holding 5 8 30 3 3,600 10 Subs 5 8 30 2 24,000 27,600 Annual reporting costs 331,200 Easy calculation Annual Saving 15 days reporting 993,600 5 days reporting 331,200 Freed up resources 662,400 Every reporting day costs 184 hours!
  • 35. Our results Reduce Annual reporting cycles with 6 months • Set up and define specific tasks for closing, budget, forecasts, external reports for holdings, Reduce Monthly reporting cycles with 6 weeks to 5 days Set up efficient group reporting and consolidation Reduced stress levels of finance people
  • 36. References Listed company , global company 12,000 employees, Europe Global company presence in 20 countries, 40 subs, Europe Local company, 11 different businesses, South America Regional company, 7 countries, ASIA and more….. http://www.financialsuite.net/screens/clientcases_en
  • 37. Who we are: Knowledge and experience: >300 Period end closings •Set up and definition of Generic tasks •closing, budget, forecasts, external reports for holdings, production co’s, sales and services offices etc. •Incl process management >120 • forecasts and •>30 Budgets 15 •Years of group and subs. control experience of reporting at UK global companies, 35,000 employees •that are #1 on fast close for many years >10 Years • of SharePoint experience >40 years • Finance and control experience
  • 38. Financial suite® Fast close? • Yes or no? We can help you with your decision, please visit our website on the Fast close topic http://www.financialsuite.net/ Paginas/FastClose.aspx Or call André Salomons @ 0031 165512823/ 0031625016829 (C.E.T.)

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