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Accounting 101: Learn Closing Your Year End In Accounting

Name: Accounting 101: Learn Closing Your Year End In Accounting
Rating: 3.8 (28 reviews)

Learn about the financial closing process for year end, financial statement preparation, and year end best practices

Created byChris Benjamin, MBA & CFO

Last updated 10/2022

English

English [Auto],

What you'll learn

Learn From A Top Rated Instructor Who Has Been Teaching On Udemy Since 2013 and Taught Over 100,000 Students!
Closing Process
Skills Needed
Efficiencies
What Not To Do
Streamling Processes
Audits
Reconciliations
Staff Management
And Much More!

Course content

5 sections • 25 lectures • 1h 30m total length

Course Introduction1:46
Discover CFO best practices for closing your year-end financial statements. Apply a 10-point action plan, review case studies, and resolve timing questions to streamline an accurate, efficient year-end close.
Instructor Introduction2:30
Meet instructor Chris Benjamin, a CFO with 20+ years guiding startups and companies through year-end closes, financial statements, and forecasting across biotech, energy, quantum technology, online publishing, and ERP systems.
Course Reviews and Feedback System2:09
Use the course reviews and feedback system to rate the course with stars, leave comments now, later, or at the end, and help the instructor improve future courses.
Excel Basics - Formatting, Reports and Charts18:17
Master Excel basics for accounting with table creation, formatting tricks, auto sum, formulas, and charting to produce clean reports.

Overview and Introduction to What To Know3:39
Explore a practical roadmap for closing the year, prioritizing prep, proactive issue resolution, and pre-clearing complex items like options and derivatives before the close.
The Closing Process Is Time Consuming3:22
The closing process is time consuming, typically five to ten days after year end before final financials, with the audit review usually two weeks, so plan in advance.
Pre, During and After Close3:04
Prepare for close with roll-forward schedules and review of prior periods; align with auditors and set staff expectations; after close, complete SEC filings and present to the board.
Skills Involved In Closing3:01
Build the skill set to close your year end, from technical knowledge of closing the accounting system to stock option accounting, time and people management, and multitasking under audits.
Accuracy Is Paramount2:48
Maintain strict accuracy by requiring double-checks of journal entries, reviewing transactions, and validating supporting documents to ensure correct debits, credits, and accounts.
Experience and Reputation Result In a Smoother Close2:57
Experience and reputation drive a smoother year-end close by fostering teamwork, mentoring, and strategic task allocation that improves efficiency and supports employee retention of seasoned staff.

Introduction To Tips and Strategies0:50
Learn five tips and strategies for year-end closing, including preparing your staff, coordinating with external auditors, using a closing checklist, and handling the PVC list beyond the financial statements.
Prepare Your Staff2:54
Prepare your staff by clearly setting expectations for the year-end close, assigning tasks in fixed assets, revenue, and other areas, and outlining audit processes and checklists.
Do As Much Pre Year End As Possible3:17
Prepare as much pre year end as possible, about 30 percent, by setting up roll forward schedules for each line item on the income statement and balance sheet.
Coordinate With External Auditors2:03
Coordinate with external auditors by preparing the PBC list, bank reconciliations, and large journal entries before year-end. Set clear schedules and maintain regular communication to keep audits on track.
The Closing Checklist1:40
Create a closing checklist in Excel that assigns tasks, due dates, and daily sign-offs. Review progress, identify delays, and hold staff accountable to ensure a smooth year-end close.
Beyond The Financial Statements2:00
Explain how to supplement financial statements with footnotes and MD&A for 10-K/10-Q and manage the audit, board sign-off, and earnings release for a smooth year-end close.

Do's and Dont's4:03
Master year-end closing by preparing journal entries and depreciation in advance, building rolling schedules and a detailed closing checklist, and engaging staff and auditors through clear communication.
Case Study 1 - Public Utility Company2:11
Analyze a public utility company's year-end close, highlighting an 11-page checklist, multi-system integration challenges, and the benefits of single-system consolidation and daily controller oversight for an efficient close.
Case Study 2 - Public Software Company1:41
Explore how a public software company achieves a five-day year-end close through regimented checklists, cross-functional reviews, and a CFO-led audit package review.
Case Study 3 - Private Health Care Company2:02
Explore a private health care startup facing mergers, acquisitions, stock options, and inventory growth, driving a lean year-end close with a streamlined checklist and procedures.
10 Point Checklist3:27
Master a 10-point year-end closing checklist by planning ahead, coordinating with outside auditors, and keeping staff motivated and flexible to ensure a smooth, accurate close.
FAQs4:43
Learn practical year-end close essentials: prepare schedules and financials, involve key staff, and manage timelines with checklists; anticipate auditor inventory counts and common close issues.

Course Conclusion1:37
Prepare early for year-end close by setting clear expectations with your accounting team and deliverables, and manage the closing process daily to ensure financials stay on time.
2023 Entrepreneur Trends To Watch13:59
Explore the 2023 entrepreneurship trends, from accelerated digital transformation with AI, IoT, VR, and AR to inflation, supply chain security, and immersive customer experiences.
Recommended Next Steps0:16
Closing Your Year End Financials Quiz
Planning Your Audit

Requirements

Knowledge of financial statements
No other knowledge or tools required!
Commitment to learning

Description

Are You An Accounting Manager, Controller or CFO?

Ever Feel Over Whelmed By The Accounting Year End Close Process?

Do You Want To Improve Your Practical Accounting Knowledge?

Do You Want To Know How To Easily Streamline Your Closing Process?

If You Answered "Yes" To Any Of The Above, Look No Further. This Is The Course For You!

*** Updated with new content! ***

Enroll today and join the 100,000+ successful students I have taught as a Top Rated Udemy instructor!

Three reasons to TAKE THIS COURSE right now:

You get lifetime access to lectures, including all new lectures, assignments, quizzes and downloads
You can ask me questions and see me respond to every single one of them thoroughly!
You will are being taught by a professional with a proven track record of success!
Bonus reason: I am an accountant by trade! With over 20+ years experience, I have been involved in financial closes for many companies.
Bonus Reason: Udemy has a 30 day 100% refund policy - no questions asked and no risk for you if for some reason you don't learn from the course!!

Recent Review:

Charles N. says: "Great course. I've gone through many accounting year end closes, but it never seems to get easier. It's always hectic, and I always feel like there has to be a better way. Chris in this course showed me those better ways, there's so many ways to improve my process for year end that I never thought of. Will make my life so much better this year end and going forward!!"

Why This Is The Course For You:

Year end is busy in any company, and as your company grows the accounting close only becomes more complicated and time consuming. In this course we will learn the best practices you can use to make sure your year end financial accounting close goes smoothly and accurately. After taking this course you will feel empowered to tackle yet another year end

Become a year end financial statement pro with this course!

In this courses we will start with going over several skill sets needed to be successful at year end closing. As well we will discuss the closing process, what you can do in advance to prepare, and other best business practices. We will then go over several tips and strategies to help you close your financials successfully. After that we will look at a 10 point checklist to help you prepare for year end, as well as 3 case studies of companies and their best practices them help them run their accounting financial close successfully and accurately. Lastly we'll go over some FAQs related to closes that apply to any company.

What We Do In The Course:

Learn what can be done in advance to help make your financial accounting close smooth and accurate
Learn the best tips, techniques and strategies you can use
Review 3 case studies of larger companies and how they manage their financial accounting close and reporting
Review a 10 point checklist of actionable steps you can take
Answer a set of FAQs, questions most companies and executives have about financial reporting and accounting
And Much More!!!

At any point if you have a question, please feel free to ask through the course forum, I'd be happy to answer any and all questions.

***CLICK "BUY NOW" AND LEARN HOW TO EFFECTIVELY CLOSE YOUR YEAR END! ***

About The Instructor

Chris Benjamin, MBA & CFO is a seasoned professional with over 25 years experience in accounting, finance, accounting and financial reporting. Having spent the first 10 years of my career in corporate settings with both large and small companies, I learned a lot about the accounting process, managing accounting departments, financial reporting, external reporting to board of directors and the Securities and Exchange Commission, and working with external auditors.

The following 10+ years I decided to go into CFO Consulting, working with growing companies and bringing CFO level experience to companies. I help implement proper best business practices in accounting and finance, consult on implementation of accounting systems, implementing accounting procedures, while also still fulfilling the CFO roll for many of my clients which includes financial reporting, auditing, working with investors, financial analysis and much more.

Thank you for signing up for this course on Udemy. I look forward to being your instructor for this course and many more!

Chris Benjamin, Instructor, CFO & MBA

Who this course is for:

CFO
Bookkeepers
Accountants
Business owners
Accounting Managers
Anyone who wants to learn year end financial statement best practices

Accounting 101: Learn Closing Your Year End In Accounting

What you'll learn

Explore related topics

Course content

Introduction4 lectures • 25min

What To Know6 lectures • 19min

Tips and Strategies6 lectures • 13min

Other Information6 lectures • 18min

Course Conclusion3 lectures • 16min

Requirements

Description

Who this course is for: