Financial Close Cycle Time
This PDF report includes benchmarking data (in a visual, chart-based format), an comprehensive KPI definition, characteristics of high performers and technical details on measuring Financial Close Cycle Time. Purchase and download this easy-to-understand, presentation-ready report immediately to compare performance levels, set attainable performance targets, and push towards best-in-class performance for this KPI.
What is Financial Close Cycle Time?
The number of business days required to close the books and submit finalized financial reports to management and regulatory authorities at the end of the accounting period (monthly/quarterly/yearly), from the time that financial data gathering begins, until management and any regulatory authorities receive finalized financial reports.
Why should Financial Close Cycle Time be measured?
Financial Close Cycle Time, also sometimes referred to as Days to Close, measures the overall efficiency of a company's periodic financial close and reporting processes. A higher than average value for this metric may be attributed to several factors: highly manual report generation, overcomplicated accounting practices (e.g., non-standard chart of accounts, general ledger reconciliation issues, too many data sources, etc.), inexperienced finance staff members and/or changes to regulatory requirements can impact performance. Poor performance may diminish organizational capacity, report accuracy and timeliness, and, in severe cases, the company's standing with regulatory agencies.
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