Driving Efficiency: Shorter Close, Stronger Controls

September 30, 2021
< 1 Minute Read

A publicly traded global internet company was experiencing a lengthy record to report (R2R) process, and in the previous year needed to restate their financial statements. As a result, the company was in a perpetual close process during 10 months of the year, and their external auditors had cited the R2R process as a material weakness.

Our client needed to shorten the overall financial close process while maintaining and enhancing internal controls. RGP assessed the R2R process and provided them with the knowledge and tools to optimize the accounting close.

What We Did

  • Assessed the R2R process and all elements of the R2R workstream, including organization, process and technology.
  • Reviewed all SOX control documentation, observing two live R2R month-end processes.
  • Performed a gap analysis and identified 81 opportunities for improvement, 16 of which were quick hits.
  • Established formal governance and improved communications during the close process with updates to accounting policy and procedures.
  • Provided knowledge and tools to optimize the accounting close process.
  • Extended use of the ERP system’s automation functionality and revised internal controls to improve efficiencies.

Our Impact

  • Enabled our client to reduce their non-quarter, quarter and year-end close processes by 10 business days.
  • Won approval from the audit committee to implement RGP’s recommended improvements, reducing staff effort.
  • Fostered collaboration to streamline and shorten the close process.
  • Enabled efficiencies that allowed for staffing reductions.
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