Streamlining month-end is the Holy Grail!â€ I heard a management accountant, let's call her Emma, say at a networking lunch I attended as part of the CPA Newcastle Convention. Emma works for a $100M+ company and month-end currently takes 5 days and is really tough. Month-end has to be completed in that time so she can send the results to HQ.
5 days seems reasonable but Emma's problems are:
Interestingly, Baileyâ€, who worked for a $500M company, could close month-end in 1 day with no overtime. That left 4 days to analyze - wow! How does he do it?
This wasn't easy to achieve. It took time but the results are excellent. Apparently, it was a management accountant who had the idea and suggested it (think Dale Carnegie). I think she's CFO at another company now.