Month-End and Year-end Closing Procedures
Presenters : Nestene Botha CA(SA)
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:
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Have an understanding of the importance of month-end and year closing procedures for financial reporting and compliance purposes.
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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.
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Have an awareness of the challenges and risks associated with the month-end and year-end closing process and how to mitigate them.
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Appreciate the important role of technology and automation in streamlining the closing procedures and improving accuracy and efficiency.
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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:
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Month-End Closing Procedures
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Reconciling bank accounts.
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Reviewing outstanding receivables and payables.
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Adjusting entries for accruals and deferrals.
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Reviewing inventory levels and making necessary adjustments.
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Calculating and recording depreciation.
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Reviewing fixed asset registers and making necessary adjustments.
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Closing revenue and expense accounts.
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Reviewing general ledger accounts and making necessary adjustments.
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Year-End Closing Procedures
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Performing a physical inventory count and reconciling inventory records.
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Preparing financial statements, including the income statement, balance sheet, and cash flow statement.
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Ensuring compliance with local accounting and tax regulations.
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Filing necessary tax forms and making tax payments.
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Updating budgets and forecasts for the upcoming year
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Role of Technology in the Closing Procedures.
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Overview of technology tools available to improve the closing procedures.
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Benefits of automation and digitalization in closing procedures.
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Case studies of successful technology implementations in the closing process.
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Best Practices for Month-End and Year-End Closing Procedures
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Importance of communication and collaboration between departments.
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Documenting closing procedures and maintaining checklists.
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Setting deadlines and establishing clear responsibilities.
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Conducting a review of the closing process and identifying areas for improvement.
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Potential Challenges and Risks
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Common challenges faced during the closing process.
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Strategies for mitigating risks and addressing challenges.
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Case studies of organizations that have successfully addressed closing process challenge.
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