CFOKnowledge has performed a survey to acquire information about the status of the closing process. These are some of their published results:
- On the question whether organizations could speed up their reporting process most of the responding organizations said that they would be capable of speeding up the process by 40%.
- On the question “why is it important to close faster?” 44% responded that there is more time for in depth analysis, 31% said that a lot of money was released from the reporting process, and 25% was very pleased with faster information.
- Slow closing was in 40% of the respondents caused by the many review layers, 35% by the level of requested details in the consolidation and there was a lot of time lost by analysis and error corrections.
The secret of organizations that have reduced the number of reporting days and increased their (internal) customer satisfaction: 86% used an automated process. See this presentation.
We hope that this post will motivate you to put Fast Close on the agenda for 2014, in case you can’t close in 5 days yet. If you are a controller or responsible for monthly and annual reporting and won’t put Fast Close on your agenda or consider to implement Fast Close, I would like to meet you!!