Financial Reporting: Go Faster and Spend Less

 

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Finance organizations that commit to continuous improvement of the close-to-disclose process find themselves pursuing milestones that promise benefits for business decision makers, CFOs and board audit committees, external auditors, and capital providers.

Speed in financial reporting is particularly beneficial for several reasons, but many controllers and accounting group leaders worry about the potential trade-offs. Go too fast and make mistakes? Fail to move quickly enough and incur complaints from operating leaders? There is also concern about whether faster cycle times—brought about by IT investments—do, in fact, pay off. APQC’s Open Standards Benchmarking database sheds light on these questions. This article offers some of the more interesting metrics around the close process and examines some of the best practices used by top performers.

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