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The year-end close is the culmination of the annual cycle. Beyond the satisfaction of bringing the financial year to a close, the annual report is the conclusion of a long series of tasks that have been worked on throughout the year. However, the process for the year-end close and the creation of the annual report can look vastly different depending on how well-planned the preparation has been.
In our Financial Controlling & Compliance magazine, you can read about how to find the most value-creating and efficient approach to the year-end close.
The magazine also explores the preparatory work that forms a large part of the foundation: daily tasks such as bookkeeping and reconciliation. Did you know, for example, that three out of four Danish companies still carry out both monthly reconciliations and year-end close manually or semi-manually? And considering that manual systems make your business vulnerable to human error, dependence on individuals and lack of overview, that is an alarmingly high figure.
So, if you have not already considered energising your year-end close process, now is a good time to get started.
It can be a challenging task to navigate increasing and changing legal requirements in a complex business context – where management's demands for speed and the auditor's documentation requirements are growing. The magazine therefore focuses on supporting finance professionals in translating legislation into practical application. In this way, they achieve high professional standards in controlling and in supporting their decision-making.
What can I read?
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How to plan the creation of the annual report
A well-planned process can be of crucial importance in ensuring that resources are used most appropriately in the preparation of the annual report. We have written a guide on how to ensure a smoother and more value-creating process.
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Navigating complex compliance requirements
When your business grows and the strategy is continuously adapted, the compliance landscape can quickly become complex – particularly for listed companies. Zealand Pharma has navigated through dramatic strategic shifts whilst still meeting high compliance requirements. Read their VP, Head of Finance, put the challenges into words.
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Getting started with financial risk management
In this article, we focus on how you can organise your risk management without a dedicated treasury department. You can read about how risks are first identified and then quantified, before being hedged and monitored.
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The benefits of full automation
Automating the year-end close process can transform your finance function from being a backward-looking reporting unit to a forward-looking strategic partner for the business. Read what the journey looks like in the magazine.
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RMIG's digital transformation
Like many other companies, RMIG struggled with manual processes that took up far too many resources during month-end and particularly during the year-end close period. Today, they have transformed their finance function into a strategic partner that delivers precise figures in record time. Read more in the article.
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Other inspiring articles
You’ll also find pieces on many other relevant topics within financial controlling and compliance-related tasks.
Download the magazine here!
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