FINANCIAL CLOSE DIAGNOSTIC QUESTIONNAIRE 1 Step 1 1- Which of the below range best depicts the number of Finance people in your organization 1-56-15Above 15 2- How many people from Finance function are involved in the financial closing and reporting process 11-3More than 3 3- For how many years the head of financial closing and reporting is performing in the current role Less than 1 year1-3 YearsMore than 3 years 4- Qualification of the Head of Financial Closing and reporting Professionally qualified AccountantPart qualified AccountantDegree other than Professional Accounting qualification 5- Years of experience of Head of Financial Closing and reporting Upto 5 Years5-10 YearsMore than 10 years 6- Which system/ERP the company is currently using SAPOracleMicrosoft DynamicsOther 7- How many other systems through which financial information is fed into the system is being used by the company Less than 33-77 plus 8- Which of the following best describes the functioning Accounts Payable position in your organization: System is integrated whereby invoices by the vendor are raised in the same systemInvoices are sent to centralized Accounts Payable department and processed for payment if the GRN is already recorded against the goods/services received.Invoices are sent to centralized Accounts Payable department from where they are forwarded to relevant departments through email for approval 9- Is a separate Accounts Payable Module in an ERP YesNo 10- Is ERP connected with the bank and the reconciliation is automatically performed YesNo 11- Apart from the obvious i.e. tax payment,utilities etc are all other expenditures managed through Purchase Order ? YesNoAlmost 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)? YesNoNA 13- Is IFRS 16- Accounting for leases applicable for your organization. If yes, are you managing it in Excel? YesNo 14- How would you rate the dependency on the information being provided by third parties for closing the books LowMediumHigh 15- How would you rate the dependency on the information being provided by other departments of the organization for closing the books : LowMediumHigh 16- Do you have separate modules integrated with main Accounting system for: a. Accounts Payable YesNo b. Accounts Receivable YesNo c. Inventory YesNo d. Fixed Assets YesNo e. Project Management YesNo f. Payroll YesNo 17- Does system restrict posting of manual journals in the GL Accounts associated with these modules YesNo 18- Is the system through which sale is recorded/invoice created integrated with the Accounting Module: YesNo 19- Is the recording of Capital Work in Progress managed through the project module: YesNoN/A 20- Is the Financial Close calender prepared and communicated to each relevant department every month YesNo 21- How much time is spent in preparing Management Accounts once the books are closed Real timeLess than a day1-3 daysMore than 3 days 22- Are you using any tool other than Microsoft Excel for preparing Management Accounts YesNo 23- Do you receive any input/information from departments other than Finance in preparing Management Accounts/Report YesNo Submit keyboard_arrow_leftPrevious Nextkeyboard_arrow_right
