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The Financial Controller and CFO's Toolkit, 3rd Edition by David Parmenter

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Chapter 12Quick Annual Reporting: Within 15 Working Days Post Year-End

The annual reporting activity is part of the three major lost opportunities for the finance team. Slow month-end reporting, long annual planning, and a never ending year-end suck the life out of far too many accounting teams.

While annual reporting is an important legal requirement, it does not create any value within your organization, and thus seldom is it a task where your team has received any form of gratitude. Accounting functions therefore need to find ways to extract value from the process, while, at the same time, bringing it into a tight time frame.

Before you can have a quick year-end, you need to speed up month-end reporting monthly so staff are disciplined to a tight month-end. Your goal should be reporting monthly numbers and comments by day 3 (see Chapter 3 on quick month-end reporting). ...

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