Streamline closing processes

A cost-effective financial closing process that is efficient to manage, produces on-time accurate results, and complies with legislation is a constant struggle.

Many firms struggle with the closing cycles.

• Email-driven communication of guidelines and deadlines.
• Lack of status overview of closing process.
• Error detection late in the process.
• Ineffective coordination.

This calls for a review of the business process and tools that are used. An iterative process is proposed to plan, execute, monitor and analyse the closing processes and to improve the process with each execution.

Some examples of possible closing process improvements:

• In case of many intercompany postings automated intercompany billing & invoicing via EDI and intercompany reconciliation functionality results in the needed increase in efficiency and speed.
• Overcome the limitations of excel and to improve the closing process by standardising the closing cycle into a series of repeatable process steps and managing those steps in accordance with best practices within the organization and a tightly controlled schedule across the entire organization.
• Decrease manual postings at period-end by automation of accrual and deferral postings at period end with support of parallel accounting (via accounts or ledgers) and reference to the contract number of the tenancy agreement in the accrual object allowing comprehensive control of all accrual activities including simulation of future accrual postings.

JE Consulting can assist your company to identify and mplement the necessary business process and tools to realise these improvements.

• SAP Closing Cockpit manages and monitors closing processes from the sub ledgers and the general ledger through financial reporting to increase speed, transparency, control and reliability. For elaborate automation Central Scheduling Processing can be used.



• Automated intercompany ordering and invoicing via EDI automates intercompany documents with the group.


• Intercompany reconciliation functionality in SAP ECC allows to have a structured approach for intercompany reconciliation and real-time intercompany reconciliation during the closings.



• Manage your accruals and deferrals using the accrual engine in SAP ECC.

If you want to learn more, don't hesitate to contact me.