Overview   

Proper month-end and year-end closing procedures are an essential part of ensuring that financial statements accurately reflect a company's financial performance and position, and in turn, accurate financial statements are important in making informed business decisions. 

This webinar will assist bookkeepers, accountants and compilers to improve the accuracy and efficiency of the closing process, ensure compliance with local accounting and tax regulations, and produce accurate financial statements. 

Join Nestene Botha CA(SA), as she provides you with practical knowledge and insights into the best practices for effectively managing the closing process.  

Learning objectives  

By attending this webinar you will gain the following competencies: 

• Have an understanding of the importance of month-end and year closing procedures for financial reporting and compliance purposes. 

• Understand the specific steps involved in the month-end and year-end closing process, including the preparation of financial statements, reconciliation of accounts, and adjustment entries.  

• Have an awareness of the challenges and risks associated with the month-end and year-end closing process and how to mitigate them. 

• Appreciate the important role of technology and automation in streamlining the closing procedures and improving accuracy and efficiency.  

• Implement best practices and tips for improving the month-end and year-end closing process, including the importance of communication, teamwork, and documentation in own practice. 

Content 

The webinar will cover the following topics:  

•  Month-End Closing Procedures 

  • Reconciling bank accounts. 

  • Reviewing outstanding receivables and payables. 

  • Adjusting entries for accruals and deferrals. 

  • Reviewing inventory levels and making necessary adjustments. 

  • Calculating and recording depreciation. 

  • Reviewing fixed asset registers and making necessary adjustments. 

  • Closing revenue and expense accounts. 

  • Reviewing general ledger accounts and making necessary adjustments. 

• Year-End Closing Procedures 

  • Performing a physical inventory count and reconciling inventory records. 

  • Preparing financial statements, including the income statement, balance sheet, and cash flow statement. 

  • Ensuring compliance with local accounting and tax regulations. 

  • Filing necessary tax forms and making tax payments. 

  • Updating budgets and forecasts for the upcoming year 

• Role of Technology in the Closing Procedures.  

  • Overview of technology tools available to improve the closing procedures.  

  • Benefits of automation and digitalization in closing procedures. 

  • Case studies of successful technology implementations in the closing process. 

• Best Practices for Month-End and Year-End Closing Procedures 

  • Importance of communication and collaboration between departments. 

  • Documenting closing procedures and maintaining checklists. 

  • Setting deadlines and establishing clear responsibilities. 

  • Conducting a review of the closing process and identifying areas for improvement. 

• Potential Challenges and Risks 

  • Common challenges faced during the closing process. 

  • Strategies for mitigating risks and addressing challenges. 

  • Case studies of organizations that have successfully addressed closing process challenge. 

Obtaining your CPD certificate 

This training is compliant with the International Education Standard (IES7) issued by the International Federation of Accountants and recognised for CPD by relevant professional bodies including ACCA, CIMA, IAC, IIA, SAICA and SAIPA. 

All attendees are issued with a CPD certificate available in an online profile.   

About the presenter 

Nestene Botha CA(SA) 

Nestene Botha completed her B.com (Hons) at North West University in 2012. In 2014 she completed her professional articles and her Master's Degree in Chartered Accountancy. She then registered with SAICA as a Chartered Accountant in 2015. 

Nestene has lectured on the audit programme at the University of Cape Town. She started her own audit, tax & accounting practice which she has since grown into a reputable firm in the Table View area with 60 clients and two staff members. 

Who should attend? 

The following persons will benefit from attending this webinar: 

• Bookkeepers. 

• Practising accountants including: CA(SA), Professional Accountant (SA), AGA(SA), FCCA, BAP(SA), BA(SA) and ACCA. 

• Compilers. 

Price            

• R 450.00 - Online admission - Individual. 

• Group Price 1 - From R184 per person (up to 5 users) 

• Group Price 2 - From R121 per person (up to 10 users) 

• Group Price 3 - From R109 per person (over 11 users) 

Steps to register for the event:  

If you already have a profile, login and register for the webinar. 

If you don’t have a profile, create a free profile then login and register for the webinar. 

Click here to create a free profile (There is no charge to create a profile and gain access to our free Monthly Practice Management Series). 

Click here to find out about the Technical Resource Centre & CPD Subscription options. 

Additional material 

By attending this webinar you will be provided with: 

• A summarised slide presentation. 

• Reference documents and/or course material where available. 

• You can ask questions during the webinar and you will also have access to the presenter after the webinar.