Fast Close

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For over 15 years, FBK has been executing fast close projects, developing a wide-ranging set of methodological, administrative, and IT solutions aimed at creating an efficient reporting system and significantly reducing reporting preparation timelines.

While tackling fast close projects, we implement tools that enable real-time tracking of the overall reporting period closing status, as well as the status of preparation for the most labor-intensive accounting and reporting segments. All solutions are adapted to changes in business and legislation.

Within this service, we also develop accruals that allow the prompt reflection in reports of indicators requiring lengthy processing times.

The fast close project encompasses three key areas – methodological, organisational, and IT – which work together to achieve the goal of reducing reporting preparation timelines while maintaining its quality.

The fast close project includes the following stages:

Diagnostics of current processes:

Assessing closing timelines and bottlenecks in accounting
Analysing data quality and completeness
Identifying duplicate and inefficient operations

Development of methodological framework:

Developing new accrual standards
Creating procedures for early recognition of revenues and expenses

Business process optimisation:

Defining new terms for working with counterparties
Redistributing roles in the reporting preparation process
Implementing electronic document management system (EDMS) and centralised accounting

Automation of accounting operations:
Configuring algorithms for automatic accruals and calculations
Implementing RPA for routine operations
Testing and pilot implementation:

Verifying the correctness of methodologies and IT solutions using pilot data
Assessing the impact of changes on closing timelines
Adjusting processes before full-scale implementation

Launch and support:

Training employees on new processes and IT solutions
Monitoring fast close effectiveness

Upon completion of the fast close project, the client achieves:

Reduced reporting deadlines through process automation and optimisation.
Minimised errors and adjustments thanks to a unified accrual methodology.
Reduced manual labor via automatic calculations and reconciliations.
Accelerated interaction with counterparties through new contractual terms and EDMSs.
Centralised and transparent accounting across the group of companies.
More accurate and timely analytics for management decision-making.

Our advantages

Expertise

FBK experts possess deep knowledge of industry specifics (extractive industry, engineering, energy, construction, and services) and extensive experience working with SAP, 1C, Oracle, Microsoft Dynamics, and other accounting systems.

Expert Team

Our project teams include professionals certified in IFRS Accounting Standards, Russian accounting standards, tax, and management accounting, with years of working experience in advisory and major real-sector companies.

Project Approach

Every stage of the fast close project implementation is result-focused: from defining system KPIs to measuring implementation effectiveness and assessing its impact on business outcomes.

Key Persons

Elena Tyutyunnikova

Senior Partner, Accounting Advisory Services, FCCA

With this service, you can also order

Methodological support for automation projects

Accounting and reporting methodology advisory

Optimisation of business processes and internal regulations