Year-end can bring stress, time pressure, and an overall whirlwind for controllers and accounting teams. With ZRG Interim Solutions’ proactive process, your team can confidently power through the close and prepare for audits. Our expert-crafted checklist is designed to help you stay organized and calm in a sometimes-chaotic season.

Alleviate the Madness with a Proactive Process

1. Plan it out

• Gather the Team: Assemble both internal and external stakeholders, including legal counsel, to ensure everyone is aligned.
• Factor in Flexibility: Plan for the unexpected—late adjustments, last-minute audit requests, and other surprises.
• Build a Calendar: Outline deliverables, deadlines, and other critical dates (e.g., company meetings, holidays) to avoid bottlenecks and keep the team on track.
• Look Over Last Year’s Audit: Review what went well and what didn’t, consulting last year’s team for insights to improve your process.
• Address the Auditors: Minimize surprises by discussing significant changes and areas of concern with your audit partner early on.

2. Define roles & responsibilities

• Break It Out: List every deliverable, key schedules, and PBCs (Prepared By Client) required for the close and assign them to specific team members with clear deadlines.
• Add Key Items to Close Checklist: Ensure that essential items for December and January are included to streamline the process and ensure nothing falls through the cracks.
• Review Team Capacity: Assess workloads and, if necessary, consider temporary support to ensure that deadlines are met without overburdening your team.

3. Keep communication flowing

• Track Progress: Conduct regular status meetings to ensure everyone is up-to-date and deliverables are on track.
• Prepare for Problems: Identify stakeholders to notify if issues arise and define what would qualify as a significant problem.
• Be Creative: Combat stress and potential burnout with a few morale-boosting ideas. Hold a lighthearted contest, send notes of appreciation, or celebrate after the audit with a team outing.

4. Special areas for consideration

Given regulatory changes and economic pressures, keep a close eye on these areas:

• Cybersecurity: The SEC’s new rules require detailed disclosures around cybersecurity risks. Start cross-functional communication early to meet these requirements.
• Impairment Testing: Use flexible modeling to test your assumptions against potential market changes.
• Reduction in Force (RIF): If you've had a RIF, reassess overhead allocations and ensure equity awards are properly adjusted.
• Accounting Estimates: Update assumptions for revenue reserves, inventory considerations, impairment of assets, and more.
• Contract Modifications: Review treatments for contract modifications like lease concessions, payment terms, and equity adjustments.
• Update Disclosures: Ensure your disclosures are up to date, reflecting current economic conditions, supply chain challenges, and recent SEC guidelines on share repurchases and pay vs. performance.

Need to calm the chaos for your year-end close?

ZRG Interim Solutions is here to help. With expert guidance and a tailored approach, we can support your team through a seamless close. Reach out to our team to learn how we can make your year-end process less stressful and more efficient.

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