FINANCIAL CLOSE DIAGNOSTIC QUESTIONNAIRE

FINANCIAL CLOSE DIAGNOSTIC QUESTIONNAIRE

1
Step 1

1- Which of the below range best depicts the number of Finance people in your organization

2- How many people from Finance function are involved in the financial closing and reporting process

3- For how many years the head of financial closing and reporting is performing in the current role

4- Qualification of the Head of Financial Closing and reporting

5- Years of experience of Head of Financial Closing and reporting

6- Which system/ERP the company is currently using

7- How many other systems through which financial information is fed into the system is being used by the company

8- Which of the following best describes the functioning Accounts Payable position in your organization:

9- Is a separate Accounts Payable Module in an ERP

10- Is ERP connected with the bank and the reconciliation is automatically performed

11- Apart from the obvious i.e. tax payment,utilities etc are all other expenditures managed through Purchase Order ?

12- Are you currently using any contract management solution through which performance obligations and accruals are managed: (choose N/A only if there are no contracts/projects)?

13- Is IFRS 16- Accounting for leases applicable for your organization. If yes, are you managing it in Excel?

14- How would you rate the dependency on the information being provided by third parties for closing the books

15- How would you rate the dependency on the information being provided by other departments of the organization for closing the books :

16- Do you have separate modules integrated with main Accounting system for:

a. Accounts Payable

b. Accounts Receivable

c. Inventory

d. Fixed Assets

e. Project Management

f. Payroll

17- Does system restrict posting of manual journals in the GL Accounts associated with these modules

18- Is the system through which sale is recorded/invoice created integrated with the Accounting Module:

19- Is the recording of Capital Work in Progress managed through the project module:

20- Is the Financial Close calender prepared and communicated to each relevant department every month

21- How much time is spent in preparing Management Accounts once the books are closed

22- Are you using any tool other than Microsoft Excel for preparing Management Accounts

23- Do you receive any input/information from departments other than Finance in preparing Management Accounts/Report


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