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How to Streamline the Close Consolidate and Reporting Cycle.pptx

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Close, Consolidate, and
Reporting Cycle
Paul Young CPA CGA Senior Data and AI Specialist
August 31, 2023
Paul Young - Bio
• CPA, CGA
• Academia (PF1, FA4 and MS2)
• SME – Risk Management
• SME – ESG and Sustainability
Reporting
• SME – Financial Analysis and Planning
• SME – Data Strategy and Data
Management
• SME – Close, Consolidate and
Reporting
• SME – Public Policy
• SME – Emerging Technology
• SME – Business Process Change
• SME – Financial Solutions
• SME – Supply Chain Management
Email: Paul_Young_CGA@outlook.com
• Top priorities for CFO and Office of Finance 2023/2024
• Close Cycle
• Time to close
• How to improve the close cycle
• AI
• Sales Planning
• Consolidated solutions
• Cash flow Management
• ESG
• Integrated planning and reporting
Agenda
Source - https://amzur.com/blog/top-priorities-for-finance-leaders
Top Focus areas by Office of Finance and CFO
1. Regulatory Compliance and
Risk Mitigation
2. Strategic Financial Planning
3. Close Technology GAP with
ERP
5
Close, Consolidate, and Reporting Cycle
Source - https://blogs.sap.com/2011/06/15/financial-reporting-cycle-close-saps-product-
suite/
September 9, 2014
Statutory reporting falling short
Source - https://www.gtnews.com/
Times it takes to close
Source - https://www.cfo.com/accounting-tax/accounting-accounting-
tax/2023/02/cycle-time-to-perform-year-end-close-speed-up-annual-close/
SOX and the Cost of Compliance
• Source - http://www.journalofaccountancy.com/news/2017/jun/companies-spending-more-time-on-sox-compliance-
201716857.html
What can be done to expedite the close
• More automation between ERP systems with reporting systems
• Movement to FOPM and FPM solutions
• Strengthening controls on all aspects of the organization (Ongoing internal
audit programs)
• Developing and implementing an effective data strategy
• More integration between systems (Data Management)
• Use of mobile applications to access real-time reporting
• Re-engineering other business processes as part of streamlining the close,
consolidate and reporting cycle
What is continuous accounting
• Source - http://www.digitalistmag.com/finance/2017/02/17/what-is-continuous-accounting-04917410
September 9,
2014
• Continuous accounting is a paradigm shift for finance professionals
responsible for closing the books and producing financial
statements. “The way we’ve always done it” is to wait until period
end, work long hours, and get the end of the period reporting done.
This traditional way of doing things is based on repeating what’s
been done period after period in the past. The reports are getting
done so if it ain’t broke, don’t fix it. Change is hard.
• The concept of continuous accounting is not waiting until the end of
the period to execute the multiple tasks that need to happen to close
the books. With the advancements in technology over the past
years, it is now possible to execute tasks required for the close
throughout the period. Similar to the concept of a soft close,
continuous accounting provides better visibility into financial results
throughout the period – live and in real time.
Risk Management
September 9, 2014
• Risk Management
•The total global expenditure on risk IT systems and services by financial institutions (FIs)
will be $70bn during 2016.
•The two biggest areas for investment are in the risk governance and integration field
($22.4bn), which is being driven by compliance demands, stress test reporting obligations
and risk data aggregation requirements, and financial crime risk, which follows closely
behind in terms of growth, as cyber and fraud risks multiply and converge.
•The Chartis 2016 Global Risk IT Expenditure report aggregates all of the firm’s 2015
research to derive a global risk IT spend. The market sizing exercise by Chartis is based
on a comprehensive bottom up methodology driven by thousands of demand side data
points. Furthermore, the analysis has been validated by top-down data from hundreds of
technology vendors and consulting firms.
The report provides an overview of the risk technology market and forecasts 2016
expenditure for specific risk categories, examining the regulatory, operational and
reputational drivers for different sizes of financial institution (FI) and across different
regions
Internal Audit
September 9, 2014
AI and Accounting
September 9, 2014
Blog – Accounting and AI - https://www.linkedin.com/posts/paul-young-055632b_investment-in-ai-growing-
as-benefits-become-activity-7098639823854305280-
cPF6?utm_source=share&utm_medium=member_desktop
Amazing post by John Colthart
This ties nicely a few of my blogs:
Blog – Big data and AI Trust - https://www.linkedin.com/posts/paul-young-055632b_responsible-
design-can-ensure-ai-serves-society-activity-7098282450400804864-I4l-
?utm_source=share&utm_medium=member_desktop
Blog – How are Retail Companies leveraging AI as part of their Business Model -
https://www.linkedin.com/posts/paul-young-055632b_how-retail-companies-are-using-talking-about-
activity-7097578519102193664-t9Bj?utm_source=share&utm_medium=member_desktop
AI will play a key role as part of more automation related to the office of finance. Blog – What is
Autonomous Finance - https://www.linkedin.com/pulse/blog-what-autonomous-finance-paul-young
Sales / Forecasting -
https://www.youtube.com/watch?v=R40nAm
Nf1CE
Integrated Planning and Reporting -
https://www.youtube.com/watch?v=7FIaasS
M264
September 9, 2014
Tips:
1. Integrate predictable analytics into sales planning cycle
2. Look at combination of fed cells and rules as part of building your sales plan
3. Decide on the level granularity in terms of sales planning (SKU, product table, etc)
4.
Analysis and Reporting
September 9, 2014
1. Cognos Controller - https://www.youtube.com/watch?v=P3ALmxTNIWs
2. Tagetik - https://www.youtube.com/watch?v=JnBgFs7pBhg
3. Onestream - https://www.youtube.com/watch?v=FzUuDq0tGKw
ESG Reporting
16
1. Demo – IBM Planning Analytics – ESG - https://www.youtube.com/watch?v=mIYcx4SnD7w
Additional Links:
Key Environmental Areas – https://www.linkedin.com/posts/paul-young-055632b_7-environmental-factors-for-esg-reporting-activity-7071476082784276480-
EYDt?utm_source=share&utm_medium=member_desktop
Scenario Planning - https://www.linkedin.com/posts/paul-young-055632b_6-ways-scenario-planning-is-essential-for-activity-7086384141918752768-
P7cE?utm_source=share&utm_medium=member_desktop
GAP Analysis https://www.slideshare.net/paulyoungcga/how-gap-analysis-can-better-support-business-decisions
ESG reporting Standards? - https://www.linkedin.com/posts/paul-young-055632b_esgreporting-esgreporting-issbstandards-activity-7079823962368606208-
NVac?utm_source=share&utm_medium=member_desktop
Close, consolidate, and reporting - https://www.slideshare.net/paulyoungcga/close-consolidate-and-reporting-cyclepptx-256864692
Data Management - https://www.slideshare.net/paulyoungcga/how-to-solve-data-management-isuses-for-both-the-private-and-public-sectorspptx-257454162
Circularity - https://www.linkedin.com/posts/lindsayhampson_tipwednesday-netzero-sustainability-activity-7006238715744333824-KU-
s?utm_source=share&utm_medium=member_desktop
Biodiversity - https://www.linkedin.com/posts/paul-young-055632b_what-is-biodiversity-and-how-does-it-affect-activity-7038115093066223617-
CUHj?utm_source=share&utm_medium=member_desktop
Cash Flow Management
September 9, 2014
Cash Forecasting - https://revelwood.com/cash-flow-modeling-with-ibm-tm1/ or https://ioco.tech/wp-
content/uploads/2021/05/iOCO-IBM-Planning-Analytics-cashflow-forecasting-solution-brief_FINAL.pdf
Tips:
a) Identify all your data sources (Inputs (ERP, Treasury Manaement, etc.)
b) Linking capital planning, HR planning, and other models with your Cash Flow process
c) Scheduling the data loads through job management
Thank you
18

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How to Streamline the Close Consolidate and Reporting Cycle.pptx

  • 1. Close, Consolidate, and Reporting Cycle Paul Young CPA CGA Senior Data and AI Specialist August 31, 2023
  • 2. Paul Young - Bio • CPA, CGA • Academia (PF1, FA4 and MS2) • SME – Risk Management • SME – ESG and Sustainability Reporting • SME – Financial Analysis and Planning • SME – Data Strategy and Data Management • SME – Close, Consolidate and Reporting • SME – Public Policy • SME – Emerging Technology • SME – Business Process Change • SME – Financial Solutions • SME – Supply Chain Management Email: Paul_Young_CGA@outlook.com
  • 3. • Top priorities for CFO and Office of Finance 2023/2024 • Close Cycle • Time to close • How to improve the close cycle • AI • Sales Planning • Consolidated solutions • Cash flow Management • ESG • Integrated planning and reporting Agenda
  • 4. Source - https://amzur.com/blog/top-priorities-for-finance-leaders Top Focus areas by Office of Finance and CFO 1. Regulatory Compliance and Risk Mitigation 2. Strategic Financial Planning 3. Close Technology GAP with ERP
  • 5. 5 Close, Consolidate, and Reporting Cycle Source - https://blogs.sap.com/2011/06/15/financial-reporting-cycle-close-saps-product- suite/
  • 6. September 9, 2014 Statutory reporting falling short Source - https://www.gtnews.com/
  • 7. Times it takes to close Source - https://www.cfo.com/accounting-tax/accounting-accounting- tax/2023/02/cycle-time-to-perform-year-end-close-speed-up-annual-close/
  • 8. SOX and the Cost of Compliance • Source - http://www.journalofaccountancy.com/news/2017/jun/companies-spending-more-time-on-sox-compliance- 201716857.html
  • 9. What can be done to expedite the close • More automation between ERP systems with reporting systems • Movement to FOPM and FPM solutions • Strengthening controls on all aspects of the organization (Ongoing internal audit programs) • Developing and implementing an effective data strategy • More integration between systems (Data Management) • Use of mobile applications to access real-time reporting • Re-engineering other business processes as part of streamlining the close, consolidate and reporting cycle
  • 10. What is continuous accounting • Source - http://www.digitalistmag.com/finance/2017/02/17/what-is-continuous-accounting-04917410 September 9, 2014 • Continuous accounting is a paradigm shift for finance professionals responsible for closing the books and producing financial statements. “The way we’ve always done it” is to wait until period end, work long hours, and get the end of the period reporting done. This traditional way of doing things is based on repeating what’s been done period after period in the past. The reports are getting done so if it ain’t broke, don’t fix it. Change is hard. • The concept of continuous accounting is not waiting until the end of the period to execute the multiple tasks that need to happen to close the books. With the advancements in technology over the past years, it is now possible to execute tasks required for the close throughout the period. Similar to the concept of a soft close, continuous accounting provides better visibility into financial results throughout the period – live and in real time.
  • 11. Risk Management September 9, 2014 • Risk Management •The total global expenditure on risk IT systems and services by financial institutions (FIs) will be $70bn during 2016. •The two biggest areas for investment are in the risk governance and integration field ($22.4bn), which is being driven by compliance demands, stress test reporting obligations and risk data aggregation requirements, and financial crime risk, which follows closely behind in terms of growth, as cyber and fraud risks multiply and converge. •The Chartis 2016 Global Risk IT Expenditure report aggregates all of the firm’s 2015 research to derive a global risk IT spend. The market sizing exercise by Chartis is based on a comprehensive bottom up methodology driven by thousands of demand side data points. Furthermore, the analysis has been validated by top-down data from hundreds of technology vendors and consulting firms. The report provides an overview of the risk technology market and forecasts 2016 expenditure for specific risk categories, examining the regulatory, operational and reputational drivers for different sizes of financial institution (FI) and across different regions
  • 13. AI and Accounting September 9, 2014 Blog – Accounting and AI - https://www.linkedin.com/posts/paul-young-055632b_investment-in-ai-growing- as-benefits-become-activity-7098639823854305280- cPF6?utm_source=share&utm_medium=member_desktop Amazing post by John Colthart This ties nicely a few of my blogs: Blog – Big data and AI Trust - https://www.linkedin.com/posts/paul-young-055632b_responsible- design-can-ensure-ai-serves-society-activity-7098282450400804864-I4l- ?utm_source=share&utm_medium=member_desktop Blog – How are Retail Companies leveraging AI as part of their Business Model - https://www.linkedin.com/posts/paul-young-055632b_how-retail-companies-are-using-talking-about- activity-7097578519102193664-t9Bj?utm_source=share&utm_medium=member_desktop AI will play a key role as part of more automation related to the office of finance. Blog – What is Autonomous Finance - https://www.linkedin.com/pulse/blog-what-autonomous-finance-paul-young
  • 14. Sales / Forecasting - https://www.youtube.com/watch?v=R40nAm Nf1CE Integrated Planning and Reporting - https://www.youtube.com/watch?v=7FIaasS M264 September 9, 2014 Tips: 1. Integrate predictable analytics into sales planning cycle 2. Look at combination of fed cells and rules as part of building your sales plan 3. Decide on the level granularity in terms of sales planning (SKU, product table, etc) 4.
  • 15. Analysis and Reporting September 9, 2014 1. Cognos Controller - https://www.youtube.com/watch?v=P3ALmxTNIWs 2. Tagetik - https://www.youtube.com/watch?v=JnBgFs7pBhg 3. Onestream - https://www.youtube.com/watch?v=FzUuDq0tGKw
  • 16. ESG Reporting 16 1. Demo – IBM Planning Analytics – ESG - https://www.youtube.com/watch?v=mIYcx4SnD7w Additional Links: Key Environmental Areas – https://www.linkedin.com/posts/paul-young-055632b_7-environmental-factors-for-esg-reporting-activity-7071476082784276480- EYDt?utm_source=share&utm_medium=member_desktop Scenario Planning - https://www.linkedin.com/posts/paul-young-055632b_6-ways-scenario-planning-is-essential-for-activity-7086384141918752768- P7cE?utm_source=share&utm_medium=member_desktop GAP Analysis https://www.slideshare.net/paulyoungcga/how-gap-analysis-can-better-support-business-decisions ESG reporting Standards? - https://www.linkedin.com/posts/paul-young-055632b_esgreporting-esgreporting-issbstandards-activity-7079823962368606208- NVac?utm_source=share&utm_medium=member_desktop Close, consolidate, and reporting - https://www.slideshare.net/paulyoungcga/close-consolidate-and-reporting-cyclepptx-256864692 Data Management - https://www.slideshare.net/paulyoungcga/how-to-solve-data-management-isuses-for-both-the-private-and-public-sectorspptx-257454162 Circularity - https://www.linkedin.com/posts/lindsayhampson_tipwednesday-netzero-sustainability-activity-7006238715744333824-KU- s?utm_source=share&utm_medium=member_desktop Biodiversity - https://www.linkedin.com/posts/paul-young-055632b_what-is-biodiversity-and-how-does-it-affect-activity-7038115093066223617- CUHj?utm_source=share&utm_medium=member_desktop
  • 17. Cash Flow Management September 9, 2014 Cash Forecasting - https://revelwood.com/cash-flow-modeling-with-ibm-tm1/ or https://ioco.tech/wp- content/uploads/2021/05/iOCO-IBM-Planning-Analytics-cashflow-forecasting-solution-brief_FINAL.pdf Tips: a) Identify all your data sources (Inputs (ERP, Treasury Manaement, etc.) b) Linking capital planning, HR planning, and other models with your Cash Flow process c) Scheduling the data loads through job management

Editor's Notes

  1. Source - https://www.gtnews.com/
  2. Source - https://www.gtnews.com/
  3. 1. http://www.chartis-research.com/research/reports/global-risk-it-expenditure-in-financial-services-2016
  4. 1. PWC