The Fast Close, Part 10 (#25)

In this episode, we cover improvements to the billing process, and make final comments about the fast close. Key points discussed concerning billing are:

  • Issue invoices as early as possible, so there is no backlog going into the closing period.

  • Stay late on the last day of the month to process billings, and start again early the next day, to stay ahead of the billing rush.

  • Assign extra staff to the processing of invoices during closing day, to ensure that they are completed on time.

  • Minimize the verbiage entered on invoices, so that they can be processed quicker.

  • Use special invoice templates for special-request customers, to enhance processing speed.

  • Delay the issuance of month-end statements to customers until after the close.

General comments concerning the fast close are:

  • The key issue is to shift closing work forward into the month, to reduce the work load on closing day.

  • Fast close processes are inexpensive.

  • Fast close concepts are all about process improvements.

Related Courses

Closing the Books
The Soft Close
The Year-end Close