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KPMG Webinar: Completing an effective virtual financial close

Facing new challenges imposed by the COVID-19 pandemic

Facing new challenges imposed by a pandemic

coins, finance

​Originally aired on April 29, 2020

CFOs are facing yet a new challenge imposed by the COVID-19 pandemic – closing the corporate books with nobody in the office. For many finance leaders, driving a virtual close with a remote finance workforce hasn’t been easy, but it can be achieved with smart planning and a shared commitment.

The need for accurate financial reporting and forecasting has rarely been more critical than it is today. The financial close is a highly orchestrated process in which team members depend upon each other to produce deliverables on a tight schedule in a precise sequence. This symphony of moving parts may feel out of sync as well-practiced routines move to an unfamiliar virtual environment.

In this webinar, subject matter specialists from KPMG in Canada and other organizations reveal a virtual approach aimed at getting the next close out the door responsibly, with forecasts and scenarios updated, and a refined process to make it robust and sustainable for as long as required post COVID-19.

Discussion topics included:

  • Lessons learned from our forced virtual close including the training and preparation of a virtual work workforce, new demands on rapid forecasting and technical accounting implications
  • Potential challenges posed across several dimensions of the financial close and reporting process, and how leaders are addressing them
  • How process standardization and automation can help drive benefits in the near term and long after COVID-19.
  • Significant financial reporting issues which will need to be addressed.

Speaker:

Todd Mooney, Vice President, Finance and Administration at Algonquin Power & Utilities Corporation

Read our guide: COVID-19 and the CFO - Enabling a virtual close

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