Elements of the Business Case
There is longstanding agreement on the importance of a company closing its books as quickly as possible. A short close becomes all the more important during periods of business disruption and uncertainty because it allows an organization to accelerate financial and management reporting and frees up resources to prepare more extensive and impactful analyses. Companies that close faster have timelier financial and managerial information. Our Office of Finance Benchmark Research found that 62% of companies that close their books within six business days have timely information, compared to 39% that take seven or more business days.