Consolidation and reporting – SmartClose and SmartForecast
SmartClose is our proven methodology for optimisation of book closing and reporting. It rationalises and optimises processes, systems and organisational structures, which leads to providing faster and more reliable information about business activities. In our SmartClose engagements, we were able to reduce the time needed for closing books and reporting by as much as 50%.
SmartForecast is our proven methodology for optimisation of financial planning and forecast preparation. It is designed to provide financial forecast results shortly after the results of the previous period are available. Our experience with SmartForecast shows that we are able to reduce the time required for forecast preparation by 35% on average.
These issues can indicate a need for SmartClose:
- Cooperation among company departments is not efficient.
- The materiality concept is not applied.
- A large number of additional manual corrections are needed.
- Management of relations among companies in a group is ineffective.
- Complex structure of IT systems exists as does problematic data interconnection and data quality.
These issues can indicate a need for SmartForecast:
- Preparation of budgets and forecasts is slow.
- Budgets and forecasts are not accurate.
- Budgets and forecasts are not consolidated.
- Use is formal rather than practical.
- Relation to the strategy is weak.
How PwC can help you
- Reducing time needed for closing of books and preparing of financial statements and reports.
- Preserving or improving data quality.
- Standardising of financial processes and reporting.
With respect to the budgeting and forecasting, we can focus on:
- maintaining the high quality of input data
- achieving high precision of forecasts
- understanding financial plan preparation as a continuous process.