Closing the Gap: Streamlining Accrued & Prepaid Expense Accounting for an Audit-Ready Close

Course Description

The disconnect between the source document for an accrued expense and the end-of-period exercise is worsened by adding manual entries into already complex spreadsheets, resulting in uncertain and longer close periods and exposing the business to audit risks.

Join this webinar and learn how you can empower your team to avoid blind spots into prepaid and accrued expenses throughout their lifecycle by addressing the manual burden, human error, and high audit risks.

Learning Objectives

• Master Prepaid Management: Define the standard treatment of prepaids and identify the functional requirements—such as automated amortization schedules and single-click journal entries—needed to avoid common errors and manual rollforward headaches.
• Formalize Accrual Processes: Establish a structured, document-driven approach to finding unbilled expenses, moving away from informal processes like flux analysis and “best guess” estimates to mitigate the high-risk judgment involved in accruals.
• Implement the Document-to-Close Strategy: Utilize invoices or contracts as the source of truth to connect procurement and other teams executing purchases for the business with accounts payable, ensuring expected schedules are established, and documentation is centralized to eliminate “blind approvals”.
• Transform Close with Automation: Apply the principles of a digital subledger to provide auditors with direct access to a clear audit trail, shifting time from preparation and manual reconciliation toward strategic financial analysis

Prerequisites

• None

Who Should Attend

Accounting and finance professionals with a medium-to-high volume of leases as well as accounting and consulting professionals who work with those clients.

Advanced Preparation

None

Presenters