Test your Financial Close Process

Take a quick test and see how your Financial Close Process scores on Control & Compliance, Process- and Reconciliation Management.

The test takes about 5 minutes to complete

  • Test your Financial Close Process and see how it compares.
  • Become aware of the challenges and the solutions for improvement.

Note: This is not a complete test and it should be used as a tool for further discussions.

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Test your Financial Close Process

Question 1-7 of 21

Does your company have a policy for financial reconciliations?

Does your company have fixed times for when the reconciliation should be conducted?

Does your company have overview of the different reconciliation status?

Has your company prioritised reconciliations based on relevance and risk?

Is the financial team aware of the risks related to the reconciliations?

Is the reconciliation procedure documented and known for those conducting it?

Is the reconciliation procedure reconsidered periodically?

Do the reconciliations apply to current legislations?

Does your company document all balance sheet accounts?

Is you financial close controlled by a risk based approach?

Are the balance sheet accounts categorised by risk?

Are the financial close tasks approved by someone who has not conducted it?

Are the control measures (procedures for reconciliation, system controls) documented for the users?

Is there a common understanding among employees of the risks associated with the financial close?

Are all balance sheet accounts reconciled/documented according to SOX, Section 404 or equivalent legislation?

Is the financial close a controlled/organised process?

Does your company have a unified overview of the financial close status?

Are those performing the financial close familiar with laws and regulations associated to the financial close?

Are those performing the financial close familiar with risks relating to reconciliation tasks?

Is the approval process described?

Is the formulation of the financial close documentation described?

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Test your Financial Close Process

Summary of your results

Financial Close Management

Reconciliation Management

Financial Control & Compliance

Read more below or let us show you how to improve your process

Financial Close Management

The goal of Financial Close Management is to produce accurate financial statements and deal with all the activities needed to successfully close the books at month's or period end. The process usually have tight deadlines and it have to be structured, efficient and transparent.

In addition to this there is an increased focus to comply with documentation of internal control tasks, and to comply with accounting regulations. The process starts where the ERP transactions stops, and the process also referred to as Record to Report (R2R).

Goals and key elements to become efficient. How you automate and modernise.

Reconciliation Management

The reconciliation process is included in the organisations internal control procedures where financial risks are mitigated through control activities. It includes financial reconciliation tasks such as bank reconciliation, sub ledger matching and consistency of accruals.

To be efficient in the process the tasks should be prioritized based on risk and materiality, and spread out over the financial calendar to reduce the workload in specific periods. A well-documented reconciliation procedure is also key.

Achievable gains, key elements to consider. How to automate and modernise.

Financial Control & Compliance

There are two main motives for establishing financial control measures: the organizations aversion for financial risk, and secondly compliance with laws and regulations. A huge challenge in establishing an effective framework for control is to get all the routines and control activities operational.

To achieve good and appropriate Financial Control there is a need for process management. The process also have to be transparent and the staff have to be informed about how the risk is mitigated. COSO is the most acknowledged framework regarding internal control over financial reporting.

Why this is important and key elements to achieve control. Modern solutions to become compliant.

Free assessment of your Close Process!

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Your reconciliation process has great potential for improvement. A purpose built tool like ACCOUNTS will save you a lot of time and give you an efficient process with much less risk.
Your reconciliation process have room for improvement. We suggest you consider using a purpose built tool like ACCOUNTS to increase efficiency and reduce risk.
Your reconciliation process is in good shape. If you dont use a purpose build tool for this process, ACCOUNTS would be the perfect tool to master the area.
Your control routines and activities can be improved. With a tool like TASK MANAGER you will manage all your reccuring tasks, get operational excellence and a solid system for Internal Control.
Your control routines and activities are not yet all in place. To go the last mile, a tool like TASK MANAGER will give you operational excellence and a solid system for Internal Control.
Exellent! You seem to have most of the control routines and activities in place. The final step is probably to use a digital tool like TASK MANAGER with audit trail and real time overview.
Your Close Management Process has room for improvement. Using a tool like BALANCER will help you close on time, become stuctured, efficient, compliant and transparent.
Your Close Management Process is not bad, but there are a few areas that you could improve. Using a tool like BALANCER would make your closing process even better and more efficient.
Your Close Management Process looks great! Everyting seems to be in order. You are in the perfect position to use BALANCER to become a real master.