【正文】 eports167。 Report production is automated from a single database and includes automated data checks and validation (refer to Appendix 2 for outline technical architecture)167。 Reporting systems are linked to allow drilldown to appropriate levels of detail (see Section Error! Reference source not found.: Business Intelligence)167。 Enhanced query tools, relational OLAP tools, and multidimensional databases utilised to enhance analysis and deliver information in a flexible manner167。 Exception based reporting is not used167。 Consistent and accurate classification of accounting data167。 application of a mon chart of accounts where possible, which facilitates consolidation and reconciliation across large organisations.167。 a structure consistent with the organisational structure (management and legal)167。 GL holds excessive data quantities and is used as an analytical toolStructure167。 Appropriate cost centre structure reflecting the needs of the organisation, cascading through to managerial decision makers and not beyond. Being accountable does not mean being a cost centre manager167。 Clear procedures for requesting and performing Chart field Maintenance167。 Inplete mapping between local and group chart of accounts167。 GL cannot acmodate local, base and reporting currencies easily167。 Disjointed/ local ownership of general ledgers and chart of account structuresProcess167。 procedures167。 Interpany transaction procedures strictly adhered to167。 Well written and userfriendly accounting manual available on line167。 Manual entries required to reconcile GL167。 Clear policy for adjusting entries based on materiality levels167。 Clearly documented and understood procedure to obtain approvals for journal entries. Embedded controls for approval.167。 Clear procedure for processing allocations.167。 Complexity of allocation model leads to processing delays 167。 All feeders into the general ledger process are automated167。 Data integrity accountability at source (integrity checks in the system ie trial balance balances etc)167。 Systems owned and controlled by the Finance function167。 Long processing times for data167。 Poor security over GL maintenance4 Month end close What is Fast close?For a reporting environment to be effective there needs to be delivery of timely and relevant information. The longer the delay between operational transactions and report production, the less relevant the report will be from an information and decision making perspective. Consequently, month end close procedures are critical in the delivery of effective management reporting.Fast Close is an approach to deliver quicker management and financial reporting by improving month end close processes and enhancing the quality and relevance of the information provided.The first quartile benchmark for the production and distribution of management reports is 5 working days post month end. This can be achieved by:167。 The key customers of management reporting are decision makers within the organisation 167。 Feeds from operational systems must be consistently available when required167。 Timing of month end reports varies significantly from month to monthStructure167。 Common chart of accounts167。 Complex legal/management/tax structure167。 Senior support in adherence to defined policies (ie. CFO support and backing on rejecting immaterial/ late adjustments required by Division MD)167。 Lack of clarity in roles and responsibilities167。 Key individuals insist on accounting for “accuracy” regardless of cost/ delay167。 Payroll posted167。 Significant time and effort spent reconciling interpany balances (value destruction exercise)167。 Automatic validation checks on data submissions167。 Issue flash results and cost centre reports167。 Numerous demands for immaterial adjustments and accruals, delaying the month end cycle167。 Identification and posting of material adjustments。 Automated Group consolidation167。 Division/ subsidiary review of results167。 Books left open topmost late invoices etcProcess: Working Day 1167。 GL close (AP/ AR/ cashbook, fixed assets)167。 Automatic validation checks on data submissions167。 Identification and posting of accounts receivable and accounts payable accruals167。 Divisions are made accountable to Group for their results with insufficient time to review and adjust them (if necessary)167。 Understanding and acceptance of principles of materiality and timeliness167。 Clear accountability for the month end process167。 Associates/ JVs accounted for in arrears or by estimate, unless material167。 management reporting167。 The Business has no performance measures until well into the month end cycle167。 To work properly requires accurate and plete information to be provided from underlying data sources (GL, operational systems, payroll, etc). Data capture needs to be correct first time, every time.167。 ensuring all possible activities and postings are performed in advance of the month end close (eg. interpany reconciliations)167。 Poor system interfaces to the GL167。 Transactions posted on a realtime basis (whereever possible)167。 System controls to ensure appropriate access to amending COA167。 Ability to enter a single transaction in multiple currencies simultaneously167。 High number of cost centres required to maintain allocation modelTechnology167。 High volume of manual adjustments required167。 Clearly documented procedure for interpany journal entries (starting point: supplier of services books transaction into recipients books)167。 All journals raised online. No hard copies required167。 Monthly reconciliations performed an all accounts Adjustments167。 Policies and procedures not adhered to by reporting units167。 Key balance sheet accounts reconciled monthly. Others reconciled on a ‘rolling’ basis167。 Policy for approval levels to be at the lowest levels possible167。 No paper processing167。 Manual revaluation processPeople167。 Lack of control and frequent changes to the chart