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Financial Close and Consolidation

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Accelerate the Monthly Financial Close Process

In today’s fast-paced business world, closing the books quickly and reporting rapidly are essential. But as organizations face complex challenges like organizational changes, mergers, acquisitions, and evolving regulations, accounting and finance teams struggle to keep up. Any disruption to monthly close and consolidation processes can jeopardize data integrity and compliance requirements. That’s where SC&H financial close and consolidation professionals come in. We can help optimize and accelerate your monthly close, ensuring your reporting cycles stay on track no matter what challenges arise.

  • Organized and concise close calendar
  • Governance, controls, and approvals
  • Streamline consolidation of financial source data
  • Automate reconciliations and transaction matching
  • Auditable financial statements
  • Timely filing of 10Qs and 10Ks

Optimizing the End-to-End Close and Reporting Cycle

Ensure timely and repeatable close, consolidation, and financial reporting activities. At SC&H, we lead with speed and precision, addressing the root cause of extended close calendars so you can recover time, focus on analysis, and unlock opportunities for growth. Our experts work alongside your finance team to optimize business processes, provide ongoing strategy, management, and maintenance, and ensure a smooth close calendar across all core financial close and consolidation processes:

Pre-Close Planning

  • Close Calendar: Develop and communicate a close calendar, including critical deadlines, checkpoints, dependencies, and new/updated reporting requirements.
  • Change Management: Set up governance and controls to review and approve reporting and other structural changes that impact the close and results.
  • Subledger Orchestration: Optimize sub-ledger processes (AR, AP, CM, FAS, Projects, Procurement) for timely close across modules.

Monthly Close and Consolidation

  • Corporate Close: Streamline processes across monthly accruals, corporate entries, statutory (GAAP, IFRS), intercompany, and other top-side adjustments to support the general ledger close.
  • Global Consolidation: Coordinate global results consolidation from multiple ERPs and business processes, including FX impact, purchase price accounting, equity ownership, intercompany eliminations, top-side adjustments, and statutory changes across locations.
  • Account Reconciliations: Automate monthly, quarterly, and annual balance reconciliation and transaction matching processes.
  • Audit Support: Assist in creating a comprehensive, detailed audit trail enabling the tracing of results from source to report.

Post-Close Reporting and Analysis

  • Financial Reporting: Develop pre-defined financial statements and tools that enable self-service reporting at all required consolidated levels of the organization.
  • Footnotes and Disclosures: Source financial and supplementary data necessary to support compliance and regulatory disclosures.
  • Regulatory Filings: Punctually produce and file reports according to 10K and 10Q standards.
  • Analytics: Merge financial results with commentary to clarify variances, changes, and developments in the business.
  • Financial Reviews: Conduct a review of results in partnership with the accounting and finance executive teams.

Close and Consolidation Platforms

We specialize in the implementation, optimization, and advanced capabilities of Oracle EPM and OneStream software. While we’re versed in a multitude of technologies, these cutting-edge cloud software solutions are scalable, user-friendly, and can seamlessly integrate with existing systems to enhance the financial close process.

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