Close Process Coordination & Optimization

VIP SOLUTIONS CASE STUDY

BACKGROUND

Our client acquired 11 business units over a 24 month period. These business units operate on 7 different general ledger systems. The accounting and finance workforce responsible for these business units was actively being consolidated with evolving duties and responsibilities.

OBJECTIVES

VIP Solutions Case Study

Prepare a global close calendar across all business units.

VIP Solutions Case Study

Measure the balance by tasks by employee and day to identify burdens, roadblocks and improvement opportunities.

VIP Solutions Case Study

Design pre-close process to relieve burdens and accelerate timelines.

VIP Solutions Case Study

Proctor the close process to enhance review process and coordination with finance functions.

SOLUTIONS

VIP Solutions Case Study

Interviewed 15 accounting and 3 finance employees to document close process duties.

VIP Solutions Case Study

Accumulated close process tasks identifying 225 close process tasks.

VIP Solutions Case Study

Reviewed and monitored general ledger transactions for undocumented close tasks.

VIP Solutions Case Study

Proctored 2 monthly closes processes.

VIP Solutions Case Study

Evaluated tasks by employee, functional process, and timeline to identify close cycle improvements of accuracy, timeliness and control.

VIP Solutions Case Study

Trained leaders to manage close cycle process to maintain improvements.

5 day close process improvement
Enhanced accuracy through improved review oversight of controllers and finance functions
Reduced close cycle burdens across accounting and finance functions