Shortening the Financial Close

"Closing the books and reporting financial results are core functions of the finance department. Not only is the close essential for fiscal governance, executives and managers use these quantitative business results to assess performance and identify issues and opportunities that require attention. Since agility is a key competitive capability, there’s value in completing the close and generating performance reports as quickly as possible to shorten reaction times.

"Our benchmark research finds that the two most important elements of achieving a fast, clean (error-free) close are a focus on process management and use of the right technology. The two are interdependent: Applying capable information technology tools can improve process execution. As with many business processes, achieving the best performance of the financial close requires continuous improvement. Corporations must focus both on how well they execute their close and the design of the process down to its smallest elements, and here also appropriate software can help."