Everybody in Finance has probably the same mixed feelings about Q4 and Year End.
On the one hand we love it: spending quality time with family & friends (Sinterklaas (BE/NL), Year End Dinners & Receptions, ...) , enjoying Christmas vibes, taking some well-deserved time off after a long and very intense year.
On the other hand we fear what is around the corner.
We know there will be very challenging times ahead at the office... Sooo many tasks to be performed to ensure a smooth Year End Closing – with, unfortunately, sooo limited time & resources to do so...
Today we could/should(are) already worry(ing?) on what is ahead of us.
- Receiving the correct info from our internal stakeholders in due time
- Preparing -and resource allocating the Closing Schedule
- Checking & validating current accruals/balances
- Ensuring compliant stating of the books
- Preparing for external audit
- Preparing for our TAX departments/declarations
- Forecasting on final results !
- Ensuring IT supports during Year End
- And more…
- And more…
Additionally we will probably be challenged with limited resources in our companies. Employees are taking their well-deserved vacations to enjoy the time with their families.
So what could help?
Being part of Yearly Closings for +20 years, we can strongly suggest good preparation and follow up.
1. Good preparation is half the work done
As from today you could start making a Checklist on the planned tasks to be finalized by Year End. Allocation of resources with proper owners & deadlines could be the following step. Finally, weekly meetings with the owners to follow-up on the progress. These meetings would allow you to assess, adjust and react if necessary.
2. Be good to yourself
There’s a nice article from Forbes that highlights 7 things that successful people do (before 7.30AM). Although I’m personally still working on some of these, most of them make sense and showed their benefits to me. Here’s the List
1. They drink lemon water.
2. They exercise.
3. They disconnect.
4. They eat a healthy breakfast.
5. They practice mindfulness.
6. They set goals for the day.
7. They say no.
However, even when you have have done the preparation and you treated yourself well , you could still be challenged with reduced resources/capacity during Year End and the deadlines don't wait.
Pulling in experienced, flexible and effective support might make the difference towards a successful Year End Close or not.
3. Specialized Interim Managers
What are the benefits using temporary Finance Interim Managers?
Apart from the above-mentioned plusses for bringing in temporary Finance expertise, following reasons create Value Add, especially during Year End Close.
- Increased Expertise, Productivity & Capacity
- Increased Flexibility
- Supplement to existing employees (on vacation)
- Specialized talents raise the bar
Surely most of senior Finance people are fully aware about the above, even then this might be a reminder that Year End is coming.
Wishing you a smooth Q4 and Year End Close, with a great personal/professional balance this year !
If you would be in need of temporary Finance support, do not hesitate to contact us – we’re only 1 phone call away.
FINANCEbuilders is a passionate, visionary Finance Interim Management company. We are committed to connecting great Finance people to the most challenging & fun assignments, whenever you need them! Our niche as a matchmaker is
1. FINANCE (only)
2. Temporary assignments (only) and
3. Freelancers (Entrepreneurs) (only)