The financial close is an essential process for any organization, and is a key indicator of the efficiency of your finance function.
So how do you compare with your peers in the R2R process? And what can you do to improve?
sharedserviceslink and Adra recently conducted a financial close survey with over 100 finance professionals.
The survey sought to better understand your financial close process and to help you map your process maturity and drive improvements.
Key findings of the http://www2.sharedserviceslink.com/l/21322/2017-04-26/54xwmjhttp://www2.sharedserviceslink.com/l/21322/2017-04-26/54xwmj include:
- SPEED: 71% close the book in 6 days or less
- WORKLOAD: 80% rated the level of stress level of the close process for their team as a 7 out of 10!
- AUTOMATION: 73% struggle with spreadsheet-intensive processes.
- ANALYSIS: Given the time it takes respondents to manage the close process, 66% say they have no time left for analysis.
- QUALITY: Only about half, 55%, trust their numbers in their financial close process.
Want to know more about how to improve the quality of your close?
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