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How quickly do you execute your financial close each month? Do you take 7 days? 10 days? Can you close in 5 days?
Recent research has confirmed an indication by many CFOs for closing more quickly, with a recognition that existing processes at most organizations already take too long. Demands are increasing for financial information more quickly, and a desire for more analysis of results, is close on its heels.
A variety of sources suggest that you should be able to close your accounting periods within 4-5 days of month, quarter, or year end. To start improving the time for your financial close, consider the following:
- Make sure your financial close is a well defined process, understood, and consistently applied.
- Understand the barriers of disparate systems and spreadsheets contributing to the delays.
- Move towards simplicity within people, process and technology that supports your close process.