Financial Close

(redirected from Financial Closes)

Financial Close

The time when the documentation has been executed and conditions precedent have been satisfied or waived. Drawdowns are now permissible.

Financial Close

The period of time after an agreement has been entered when all conditions have been fulfilled (or waived) and all documents have been properly filed and executed. After the financial close, drawdowns are allowed.
References in periodicals archive ?
Successful month-end financial closes should not be just a sigh of relief but a celebration that rewards the sharing of best practices.
Financial close systems, processes, people and their interconnectivity can be complex, but successful improvements to the process can be achieved by introducing some simple building blocks that are inexpensive to implement.
Regardless of company size or complexity, all successful financial close processes require continuous communication, comprehensive documentation and a flexible, responsive organization.
It is natural to assume that the intended audience of your financial close communication plan includes only the financial types: accountants, bookkeepers, treasurers, business unit heads, financial analysts, CFOs, controllers and others closely associated with the close process.
Include all participants in the month-end financial close process.
It should include a discussion that helps the organization learn from its financial close practices.
All communication, methods of delivery and feedback mechanisms may be in place but will be ineffective without the knowledge and experience of the workers executing the financial close.
When practiced and integrated into the financial close processes, a strong internal control environment will improve month-end accuracy and remove barriers to timely completion.
Keller is recognized for his innovative efforts helping companies to better manage their internal controls process and for "bringing speed and efficiency to traditionally messy financial closes.
As CEO, Keller's vision of modernizing the office of finance in public companies is helping finance teams automate and unify their financial close, Sarbanes-Oxley compliance, and financial reporting processes.
We are pleased to include Eric in our list of the 100 Most Influential People in Finance as he is a leading voice concerning the financial close process," stated Pat Wechsler, editorial director.
Movaris helps finance organizations transform their 'last mile' -- the series of activities performed during the financial close and reporting process -- into repeatable, auditable and efficient processes.
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