Creating Process Flows to Streamline Year End Close
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Transcript of Creating Process Flows to Streamline Year End Close
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Creating Process Flows to Streamline Year End CloseJessica Gulliver
Senior HFM Consultant, MindStream Analytics
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© 2014 Proformative
Agenda
• Discuss year-end close difficulties
• Understand benefits of process documentation
• Creating valuable straight forward process flows
• Q & A
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© 2014 Proformative
Year-end Close Difficulties
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© 2014 Proformative
Year-end Close Difficulties
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© 2014 Proformative
Year-end Close Difficulties
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© 2014 Proformative
Year-end Close Difficulties
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© 2014 Proformative
Year-end Close Difficulties
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Summarize difficulties
• Inconsistency
• Understanding Responsibilities
• Redundancy
• Timing of Task Completion
• Notification of Task Completion
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© 2014 Proformative
Benefits of Process Documentation
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© 2014 Proformative
Benefits of Process Documentation
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© 2014 Proformative
Benefits of Process Documentation
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© 2014 Proformative
Benefits of Process Documentation
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Summarize Benefits
• Open and Clear Business Communication
• Efficient Training
• Increased Control and Consistency
• Increased Operational Effectiveness
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Creating a Process Flow
• Steps:1. Perform an assessment to determine which processes to document
2. Interview key personnel to understand tasks impacting the process
3. Create a draft version of the diagram
4. Review the diagram with key personnel, making refinements
5. Create final version of the diagram
6. Share process flow diagram with all impacted personnel
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© 2014 Proformative
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Creating a Process Flow
Basic Process Flow Cross-Functional Process Flow
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© 2014 Proformative
Creating a Process Flow
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© 2014 Proformative
Illustrate Flow Creation
• International and Domestic General Ledgers submitted to corporate (Day 3)
• International data translated into Reporting currency by Corporate Accounting (Day 4)
• International and Domestic General Ledger is consolidated (Day 5)
• Intercompany eliminations processed by Corporate Accounting (Day 7)
• Consolidated Income Statement and Balance Sheet created (Day 8)
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© 2014 Proformative
Process Flow
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© 2014 Proformative
Key Summary
Year End Difficulties
• Inconsistency
• Understanding Responsibilities
• Redundancy
• Timing of Task Completion
• Notification of Task Completion
Benefits Gained
• Open and Clear Business Communication
• Efficient Training
• Increased Control and Consistency
• Increased Operational Effectiveness
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© 2014 Proformative
Contact Information
MindStream Analyticswww.mindstreamanalytics.com
• Jessica Gulliver (Senior HFM Consultant)[email protected]
• Seth Landau (EVP, Consulting Services)[email protected]
• Mark Gregoire (EVP, Sales & Marketing)[email protected]
• Alex Ladd (Senior Partner)[email protected]
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Creating Process Flows to Streamline Year End Close
Thank You For Attending