Challenge

  • Close workflow processes entailed piecing together SharePoint calendars, emails, and user-maintained task lists
  • Understanding the status of the close process was manual and labor intensive
  • The Excel models used for SOX control and sign-off were different for each group within the Financial Accounting Department
  • Once printed, and email sign-offs were obtained, files were saved to SharePoint for archive purposes

picture24

Solution

  • The Financial Close Calendar was built in FCM to handle the scheduling and reporting of tasks throughout the Monthly, Quarterly and Yearly close cycles
  • The close schedules, which were previously maintained on SharePoint, were combined into one, comprehensive calendar with owners and assignees of specific tasks who were sent automated notifications and alerts which helped to create a more efficient close process
  • The Close Calendar was created in FCM to provide centralized monitoring of all close process tasks and to provide a visible, automated, repeatable system of record for running close processes

The solution has been running in production since 2014

Benefits

  • The introduction of the Close Calendar within FCM enabled the Controller to tie individual SOX controls to tasks within the Close Calendar, which now contains the audit trail and sign-off of task completions
  • Task dependencies and schedule delays within the close process were easily viewed via FCM reports, providing visibility into the close processes at any given point in time
  • The Close Calendar was no longer a collage of partial lists maintained in multiple systems, spreadsheets, and post-it notes

Return to Client List