Advanced Capabilities Can Provide a New Business Asset

"Most companies need to accelerate their close-to-report cycle – the periodic process of closing the ledgers, consolidating the financial data and then reporting results both internally and externally to third parties such as shareholders, lenders and regulatory entities. Our recent benchmark research found that, on average, companies take longer to complete their accounting close than they did five years earlier: 8.0 days vs. 7.5 days for the quarterly close and 7.2 days vs. 6.5 days for the monthly one. Only 38 percent of research participants reported they complete their quarterly close within five or six days, down from 47 percent previously."