Best Practices for a Quicker Financial Close

The video tutorial, led by Blair Cook, addresses the challenges of achieving a fast financial close. It highlights the importance of timely information dissemination for effective decision-making in business management. The tutorial discusses the impact of technological advancements on information dissemination and the pressure on financial executives to close books faster. It identifies common bottlenecks in the financial close process and offers practical strategies to overcome them, emphasizing the roles of technology, processes, and people.

What has been a significant change in information dissemination over the last decade?

• Printed books are more popular than ever.

• Cable news is the fastest source of information.

• Libraries have become the primary source of research material.

• Online news sites are replacing traditional newspapers.

According to a recent study, what percentage of business managers need data within an hour of a business event?

• 28%

• 42%

• 64%

• 90%

What is a common pressure faced by financial executives according to the Add rematch study?

• Increasing the number of financial reports.

• Closing the books faster.

• Reducing the number of stakeholders.

• Improving employee satisfaction.

What are the three main challenges identified in the financial close process?

• Speed, accuracy, and cost.

• Efficiency, effectiveness, and engagement.

• Innovation, integration, and intelligence.

• Timeliness, trustworthiness, and quality.

What is the ultimate goal of having timely financial information for decision makers?

• To enhance the company's public image.

• To improve the management of the business.

• To reduce the workload of financial executives.

• To increase the number of financial reports.

What is the first area the course aims to cover?

• Developing new financial software.

• Enhancing employee training programs.

• Improving stakeholder communication.

• Identifying bottlenecks in the financial close process.

Which aspect is NOT mentioned as a focus for achieving a fast close?

• Technology

• Processes

• People

• Marketing