If you deal with the month-end closing process, this is an interesting article from a former CFO, John L. Daly, CPA, MBA, CMA, CPIM. His explanations as to why “fresh” information is important and how most companies attempt to implement quick closing procedures are interesting. Reconciliations seem much more evil after one statistic: “many organizations spend large portions of their costs, perhaps 30%, fixing things not done correctly the first time.”
It’s a relatively short article. Click here for the full text.
If you’re interested in learning more about shortening your closing times, John will be teaching a four-hour seminar on the subject at the VSCPA CPE Cluster at Wintergreen. It’s in February, so don’t forget your skis.