Creating Process Flows to Streamline Year End CloseJessica Gulliver

Senior HFM Consultant, MindStream Analytics

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Agenda

• Discuss year-end close difficulties

• Understand benefits of process documentation

• Creating valuable straight forward process flows

• Q & A

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Year-end Close Difficulties

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Year-end Close Difficulties

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Year-end Close Difficulties

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Year-end Close Difficulties

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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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Benefits of Process Documentation

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Benefits of Process Documentation

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Benefits of Process Documentation

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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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Creating a Process Flow

Basic Process Flow Cross-Functional Process Flow

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Creating a Process Flow

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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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Process Flow

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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

© 2014 Proformative

Contact Information

MindStream Analyticswww.mindstreamanalytics.com

• Jessica Gulliver (Senior HFM Consultant)jgulliver@mindstreamanalytics.com

• Seth Landau (EVP, Consulting Services)slandau@mindstreamanalytics.com

• Mark Gregoire (EVP, Sales & Marketing)mgregoire@mindstreamanalytics.com

• Alex Ladd (Senior Partner)aladd@mindstreamanalytics.com

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Creating Process Flows to Streamline Year End Close

Thank You For Attending