• All
  • Cloud
    • Solutions
    • Virtualization
  • Data
    • Analytics
    • Big Data
    • Customer Data Platform
  • Digital
    • Digital Marketing
    • Social Media Marketing
  • Finance
    • Cost Management
    • Risk & Compliance
  • Human Resources
    • HR Solutions
    • Talent Management
  • IT Infra
    • App Management Solutions
    • Best Practices
    • Datacenter Solutions
    • Infra Solutions
    • Networking
    • Storage
    • Unified Communication
  • Mobility
  • Sales & Marketing
    • Customer Relationship Management
    • Sales Enablement
  • Security
  • Tech
    • Artificial Intelligence
    • Augmented Reality
    • Blockchain
    • Chatbots
    • Internet of Things
    • Machine Learning
    • Virtual Reality
Best Practices for a More Effective Close: Identifying Common Gaps in the Process

Best Practices for a More Effective Close: Identifying Common Gaps in the Process

Published by: Research Desk Released: Apr 23, 2020

Our recent benchmark research into the practices of the Office of Finance and the challenges it faces finds that only a few more than half (53%) of companies complete their monthly close within six business days and even fewer – just 40 percent – do so for their quarterly close. However, these numbers may overstate the percentage of companies that really close within a business week. Originally the stated objective was a fast, clean (error-free) close. Now, in order to achieve a one-week benchmark, some departments may “close” within a week but then routinely take additional days to address material issues that often involve time-consuming accounting adjustments. These departments are fooling themselves. They need to address the same issues as the departments that take longer than a week to close.

We use the term “continuous accounting” to encompass three management approaches that enable finance organizations to achieve steady gains in effectiveness: managing workloads continuously across periods, using software to manage finance department processes in a continuous, end-to-end fashion, and continuous improvement. Continuous accounting underlies these five key requirements for accelerating a company’s close.