CIPFA can give you the assurance that you are preparing your statement of accounts in line with the Code of Practice to save time and reduce costs of the process.
All authorities must transform financial management functions to achieve excellence and streamline processes; then by closing your accounts sooner you can dramatically reduce costs.
For an added incentive, the amendments to the Accounts and Audit Regulations 2015 that came into force on 1 April 2015 require local authorities in England and Wales to close their accounts by 31 July each year, starting with 2017/18.
So now is the best time to start looking at your closedown processes.
CIPFA has created a package of support to help you close your accounts more rapidly, comply with legislation, reduce costs and focus your resources where they can provide better value.
We offer a comprehensive accounts closedown solution that incorporates compliance with regulations, CIPFA standards and codes of practice.
The beginning of each process to identify improvements begins with a CIPFA expert-led diagnostic or review of current processes, systems, structure, style or culture and skills. Once the review is complete CIPFA will provide a report with recommendations that will highlight where to focus efforts to achieve mutually agreed objectives and how these will be achieved.
We have expert consultancy and advisory support that can be provided at each stage of the process towards achieving the previously agreed objectives. Whether these objectives reflect technical compliance with the Code of Practice and/or dramatically cutting costs associated with the closedown process, our team can guide you and in a lot of instances roll up their sleeves alongside you to deliver the changes.
Depending on the outcomes of the initial review process, one recommendation could be to implement our specifically designed and code-compliant accounts software solution known as CIPFA Closedown.
This licensed software application has been designed and built by CIPFA’s local authority experts and our global accountancy software specialist partner. CIPFA Closedown consolidates all ledger entries, other data and required commentary that form the basis for a local authority’s complete statement of accounts at the ‘press of a button’.
The implementation will follow a user requirements definition developed as part of the consultancy support detailed above.
CIPFA, together with partners Ernst and Young (EY), has developed an outsourced solution that is fully staffed, secure, confidential, reliable and trustworthy.
Each year, for typically three to six months, your whole finance team may be tied up consolidating the data required to produce the end of year accounts. Now, an outsourced solution is available for any authority deciding to free up this high level of resource required from its finance team. Harnessing the power of standard setters and financial management experts CIPFA with the expertise and scale of resource available from EY will guarantee a fully compliant set of accounts, delivered when required.
There are potentially large cost savings that can be derived by implementing this totally outsourced solution. We can provide monthly consolidated accounts for review as well as authority-specific requirements. While we have a core solution, augmented aspects can be incorporated and tailored to meet the needs of each authority.
Whether you simply require an audit of your current accounts closedown process to highlight areas of improvement or wish to reap the rewards of potentially large cost savings, CIPFA has a tailored solution that will deliver results.
Call our customer services team today on T: 020 7543 5600 or email us at E: firstname.lastname@example.org.
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