Close Process Self-Assessment for Finance Teams

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Your finance function

Set context before comparing workflows. These answers are not scored.

Which description is closest to your organization?

1Private-equity portfolio company2Privately held or founder-owned3Public company4Other / prefer not to say

How is the finance and accounting team structured?

1A small team covers most finance work2Specialists own some processes; responsibilities overlap3Dedicated owners for accounting, FP&A, and tax4Several entities or business units share a central finance function

What best describes the systems used for the close?

1Mostly spreadsheets, email, and file transfers2An accounting system plus several separate tools3A connected ERP and a few defined integrations4Several systems with maintained interfaces and clear data owners

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Accounting operations

Choose the description that most often fits your recurring process today.

How do supplier invoices move from receipt to posting?

1People re-key details and route approvals through email2Templates or OCR capture some data; staff recheck and route most items3A workflow handles routine invoices and sends exceptions for review4Defined approval rules, matching, and exception ownership are maintained together

How are customer invoices and collections prepared?

1Invoices and follow-ups are assembled or tracked manually2ERP templates help, while adjustments and follow-ups sit in separate files3Billing runs on defined schedules with a queue for exceptions4Billing, collections ownership, disputes, and review evidence follow a maintained process

How are bank and credit-card accounts reconciled?

1Statements are downloaded and matched in spreadsheets2Bank feeds or rules help, but most lines still need manual checking3Routine matches are suggested and unmatched items are assigned4Matching rules, exceptions, aged items, and reviewer disposition are traceable

How does the team coordinate the monthly close?

1Owners and status live mostly in email, chat, or memory2A shared checklist exists but updates and dependencies are inconsistent3A close calendar tracks owners, due dates, and recurring tasks4Task dependencies, exceptions, changes, and sign-off evidence are reviewed together

How are journal entries prepared and reviewed?

1Support and approval are gathered informally or after preparation2Templates are reused; evidence quality and reviewer notes vary3A workflow records support, review status, and requested changes4The rationale, source support, preparer, reviewer, and disposition are consistently retained

How is the monthly management reporting pack assembled?

1People pull data and rebuild reports manually2Templates are refreshed with manual checking across files3ERP or BI outputs feed a recurring pack with named reviewers4Definitions, data sources, variance owners, and commentary review are maintained

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Planning and cash visibility

Answer for the normal operating rhythm—not only budget season.

How are budget-versus-actuals reviewed?

1Actuals are combined with budget manually when requested2A spreadsheet template is refreshed and reviewed periodically3A planning or BI tool produces recurring variance views4Drivers, commentary owners, thresholds, and review follow-up are defined

How does the team forecast cash?

1We mainly check current balances and upcoming payments2A short-term spreadsheet forecast is updated as needed3A recurring forecast includes expected inflows and outflows4Assumptions, scenarios, owners, and forecast-to-actual follow-up are visible

How are working-capital issues identified and followed up?

1Issues are handled when someone notices them2A few metrics are checked in spreadsheets or monthly reports3Owners review receivables, payables, and inventory on a regular cadence4Actions, owners, assumptions, and outcomes are reviewed across relevant teams

How are material variances investigated and explained?

1Explanations are assembled ad hoc near reporting deadlines2Thresholds exist, but follow-up depends on individual owners3A regular review assigns explanations to account or business owners4The comparison basis, driver evidence, review questions, and commentary stay linked

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Tax workflow

If an adviser manages the process, consider the handoff and oversight your team owns.

How are tax-provision inputs coordinated with accounting close?

1Requests are sent individually and files are assembled near the deadline2A spreadsheet or shared folder is reused, with manual completeness checks3A recurring schedule assigns required inputs and reviewers4Inputs are reconciled to source records and review questions are tracked

How are sales, use, VAT, or similar obligations coordinated?

1Obligations are handled case by case or by outside reminders2A calendar or spreadsheet lists filings, with manual status checks3A tool or adviser workflow tracks jurisdictions, owners, and filing status4Exposure changes, source data, filing decisions, and approvals have defined owners

How does the team manage tax deadlines and data requests?

1Dates rely on individual calendars or memory2A shared calendar tracks major deadlines3Recurring tasks have owners, due dates, and reminders4Dependencies, requests, extensions, completion evidence, and sign-off are visible

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Data, controls, and handoffs

Consider how information moves between systems and people and what can be reconstructed later.

How are recurring data transfers between systems handled?

1People export, rename, and re-upload files by hand2Some transfers are automated, but failures are found by checking reports3Interfaces have owners and basic failure notifications4Input scope, totals, failures, changes, and reprocessing are recorded

How consistently are account, entity, and reporting definitions used?

1Teams maintain separate mappings or resolve differences manually2Core definitions exist, with recurring reconciliation between versions3Shared mappings cover most recurring reports and interfaces4Definitions have owners, change history, and known downstream dependencies

Could a reviewer reconstruct why a material number changed?

1They would need to ask the preparer or search multiple locations2Some sources are retained, but the decision path may be incomplete3Key support and approvals are linked in the main workflow4Source, transformation, exception, approval, and final result are traceable together

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Automation and AI experience

Answer for finance workflows, not personal productivity tools.

What best describes automation in finance today?

1Little beyond spreadsheets and basic system rules2OCR, macros, or point tools assist a few steps3Several defined workflows run with people handling exceptions4Automation is embedded across workflows and actively governed

What would help your team evaluate a new automated or AI-assisted workflow?

1Clear data-handling and access details2Evidence that outputs can be checked and corrected3A low-risk pilot with a clear human review step4A defined owner, control plan, and way to monitor changes

A finance operations readiness review.

Use it as a working session, not a grade.