Lengthy Closing Process

Operational Excellence
Written By INOVAT

14+ day book closings.

Case Studies

Business Issue

Closing the books each month was taking 14+ days preventing proactive management by a Finance Organization.

Approach Used

Flow consultants prepared for and facilitated a 4-day Kaizen with a cross-functional team from the Finance Organization. The team addressed the following areas:

• Conducted a baseline of the existing process.
• Identified wastes — poor quality of data, manual entry, and data verification.
• Automated postings for high-volume transactions.
• Addressed resource issues and skills.
• Automated bank reconciliations.

Results

• Reduced the closing cycle to 5 days.
• Developed playbooks to provide standard, repeatable processes.

INOVAT http://inovat.com
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