Closing accounts is often perceived as an unwelcome distraction that takes resources from ongoing public financial management and is more of a reporting chore. However, it is vital that accounts are closed on time and accurately, and that they fully comply with the latest Code of Practice.
CIPFA and EY's flexible solutions relieve you of the time-consuming burden of delivering accounts. So you can free up your indispensable finance resource to add value in business partnering and financial planning.
Our tailored support is scalable, ranging from technical expertise for a specific purpose to a larger and broader review or a full, managed closedown service. Whatever your needs we can help you.
For more help on closing your accounts, read our short piece from CIPFA's senior consultant specialising in accounts closedown, Victoria Barnard: Top Ten Tips on Closing Your Accounts Faster.
Why CIPFA and EY?
Our help begins with a process to identify improvements. A CIPFA expert-led diagnostic review of current processes, systems, structure, style or culture and skills. Once this is complete, we will provide a report with recommendations. This will highlight where to focus efforts to achieve mutually agreed objectives and how these will be achieved.
To achieve your objectives our three convenient solutions can be standalone, blended or tailored for you. Benefits of the flexible options that our accounts closedown solutions offer are as follows:
- a peace of mind solution
- removes significant cost
- better utilises skilled resource to add value elsewhere
- complies with Code of Practice legislation without concern
- saves huge amounts of time.
Our flexible solutions for accounts closedown
Whether you require an audit of your current accounts closedown process to highlight areas of improvement or wish to reap the rewards of potentially large time and cost savings, CIPFA has tailored solutions that will deliver results.
Consultancy support from our experts
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.
Software solution to close accounts at the press of a button
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 our 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.
Assured managed accounts closedown service for the public sector
CIPFA, together with our partners EY, has developed a fully managed solution that is fully staffed, secure, confidential, reliable and trustworthy. Each year, for typically three to six months, your finance team may be busy consolidating the data required to produce the end of year accounts. Our outsourced solution is available for any local government organisation or 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. Potentially large cost savings can be derived by implementing this totally outsourced solution. We can provide monthly consolidated accounts for review, as well as authority-specific requirements. Augmented aspects can be incorporated and tailored to meet the needs of each authority.