How to Safely Race to an Optimized Financial Close

 

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Can you easily define an optimal accounting close? Being able to do that—in the context of your organization’s particular reporting rhythms and needs—is the first step toward meaningful change. In this article, Gabe Zubizarreta, an expert on the close-to-disclose process and a regular source for APQC, clarifies an optimal process and what you must work through to reach that stage. He uses an engaging analogy: the successful racecar team. Winning requires the right systems and processes, quality control, practical analysis of unfolding events, precision teamwork, mid-course adjustments, and an ability to overcome adversity in a high-pressure, time-sensitive environment. The author also dissects what he says are six bad reasons for avoiding a close process improvement initiative.

This article is brought to you courtesy of Financial Executive magazine and was reprinted with permission.

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