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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.smartsharepointsolutions.nl/en/finance/financialclosing.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.

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

    • Financial suite® Fast close solution on SharePoint Wouldn’t it be nice if…..
    • You would have: Your financial statements in 5 days? Software to support Fast close? Software that helps you to free up serious time and money? Time available for business control? Risk management included in the process? A secure global network/ environment?
    • Can you do this? Can you 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 You have 2 options Every reporting day costs 184 hours!
    • Option 1. No, in finance we are very busy…..
    • Option 2 Yes, we can, show me
    • The optimal reporting process
    • What is Financial closing ? All transactions booked correctly and timely • = trial balance Close period for standard transactions • Checks and balances + analyses • Journal entries / corrections system close = final balance Financial statements and Management Reporting Monitor Financial Closing Process Financial suite® FinancialClosing software
    • Closing definitions: What is Fast Close? Fast Close • Report period results within 5 days • Forecast in 15 days • Budget in 30 days • Annual report in 45 days Accelerated close • Execute quick wins, leads to structural accelaration of reporting Soft Close • Focus on internal reporting Continuous monitoring • Standardising of processes and systems with continious up to date information
    • Why company size doesn’t matter for fast close and length of deadlines does matter Larger companies report faster than small companies • (doc: EY, Closing excellence survey) Why short deadlines are better than long deadlines • (doc: Inc.Com by Stephany Meyers) Note: • You can download the documents from the link on the last page
    • How to recognize a time consuming Financial closing process Symptoms of an inefficient closing process. Information is too late to act Wasting time, much e mail traffic Closing process is not documented Not enough time for business control No time for answering ad hoc questions Not flexible Hard to find documents from closing files (E.On) Too many companies to manage the closing process properly Excel tasks management, (Excel tasks have been removed by user) Every reporting day costs 184 hours!
    • We help you to eliminate the roadblocks in your finance processes
    • We help you to eliminate the blockings in your finance processes In 1 quarter time we will deliver financial statements in 5 days by • Eliminating inefficient controls • Optimizing controls in your current systems • Reducing closing lead time from current (15) to 5 days per period Improvements • Faster insight in the financial position • Reduction of stress levels • Re use of freed up resources • Better quality of output •lower Auditor (assurance) costs (at least 50 %) Every reporting day costs 184 hours!
    • What makes us different? Old school consultants vision on fast close
    • What makes us different? Financial suite ® Financial Closing software savings as per direct Phase 1 and 2 of old school • We did that for you, it is included in the solution Phase 3 • Installation and workshop cost you 3 days Phase 4 • Fine tuning of lessons learned in 3months
    • How to close fast Financial Closing is a high risk project, use the best PM Financial statements + reporting available in 5 days • Closing activities are incorporated in daily processes • Best practice intercompany procedures Use software for your closing process • Track and trace on performance during the process • Incorporate warning system on risks and pace of the process • Checks and balances, analyses are in the software • Risk management Financial suite® software makes you more efficient
    • The benefits of FinancialClosing from Financial suite® Financial suite® software makes you more efficient Documented Process • Knowledge and structure are embedded in the process Secure Process • SharePoint 2013 on Office365 • ISAE 3402 + • ISO 27001 certificates Makes Life easy • easy for users and admin • easy permissions • easy navigation Releases resources •650 k euro yearly •and 100k one off
    • 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
    • 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 http://www.smartsharepointsolutions.nl/en/case-studies.aspx
    • 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
    • Reward: summary of savings 650,000 euro per year 100,000 euro one off
    • Financial suite® and Kiss Knowledge Information Structure Sandbox with SharePoint
    • 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.smartsharep ointsolutions.nl/en/finan ce/financialclosing.aspx Or call André Salomons @ 0031 165512823 (C.E.T.)