Let's Talk

Let's Talk.

Looking for our offices? View locations.

Financial Statement Close Process

Close…But No Cigar

Being close to a best-in-class close process isn’t quite the same as being there. Being far away? Now that means leaving even more money (and critical resources) on the proverbial table. And as you know – there is no greater sin to a fund sponsor than inefficiency. Then again, there are few better opportunities for efficiency improvement (or financial insight) than an enhanced financial statement close process.  Accordion diagnoses and improves upon the fault lines present in the Financial Statement Close Process (FSCP). The enhanced FSCP that results feeds both sponsors and management with the timely, accurate financial insight they need to make informed decisions about business strategy and value creation.

The Accordion Approach to Financial Statement Close Process

The FSCP Lifecycle

Financial fault lines lay dormant underneath the entire FSCP lifecycle. From pre-close to post-close, Accordion assesses the state of key finance sub-processes to identify the areas that slow or otherwise create inaccuracies and inefficiencies during close. From there, Accordion creates recommendations for and executes against, process changes designed to improve close velocity, reliability and, importantly, accuracy.

The Gemini Assessment

Examining the current state of the FSCP independently can drive value creation. Examining the current state of FSCP while simultaneously assessing FSCP internal controls and documentation can drive meaningful value creation. The Accordion Gemini Assessment will not only shorten the monthly close, better utilize staff and systems, and provide clearer visibility around (and accuracy within) financial statements, but can also identify future state automation opportunities.

Cost Control and Value Creation

An enhanced FSCP can contain costs by streamlining processes, but it can also drive performance by providing fund sponsor and management stakeholders with the forward-looking insights that allow them to look through the windshield – not in the rearview mirror. At Accordion, we know it can also provide ‘hidden’ value: increased cycle time frees the finance team to focus on functional responsibilities beyond the close.

Experience Across Industries

Accordion is unique in having a nuanced understanding of the audit process while being independent of an audit firm. And our people are unique in their experiences on both sides of the audit table (as auditor and auditee), making our understanding of both constituent needs unmatched. That combination of technical expertise, operational understanding of the business context and experience across a wide cross-section of private equity backed companies is the Accordion FSCP secret sauce.

Pamela Stern

A critical path to informing decision making is reporting results before they go stale. Putting the proper process and tools in place can be the difference between a 45 day close and a 5-15 day close.

Pamela SternManaging Director, Head of Financial Accounting Advisory Services , Accordion
Read bio

Get in touch.