In my last Financial Reporting Cycle Close - SAP's Product Suite, financial reporting cycle close overview, its three cycles and SAP's products for each cycle was discussed. This one is specific to Local close. Any organization planning to implement fast close project should have implemented ERP across countries. ERP in place is again not sufficient. Following set of business processes and technology relevant questions can be posed to understand where the current ERP stands.
Assuming all the above requirements are met in ERP, this provides opportunity for seamless data flow from ERP to Consolidation systems via ETL layer without need for manipulations. Another pertinent question during this evaluation process is whether master data for fields / objects other than accounting object master data are similar across countries / Globe?
There could be more to this list, in my opinion, these play critical role in assessing ERP for fast close project implementation.