Cycle time in days for finance shared services center to complete the monthly financial close

This measure calculates cycle time in days for finance shared services center to complete the monthly financial close. Shared services centers are the result of combining common or repetitive processes from multiple business units and centralizing them into one location. This is to the end of greater efficiencies and economies of scale, freeing up business units to focus on higher-value-added tasks. This Cycle Time measure is intended to help companies analyze this duration related to the process "Perform general accounting".

Benchmark Data

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Measure Category:
Cycle Time
Measure ID:
104615
Total Sample Size:
626 All Companies
Performers:
25th Median 75th
- - -
Key Performance Indicator:
No

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Compute this Measure

Units for this measure are days.

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Cycle time in days to complete monthly financial close

Key Terms

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Cycle time is the total time from the beginning of the process to the end. This includes both time spent actually performing the process and time spent waiting to move forward.

Measure Scope

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Cross Industry (7.3.1)

  • 9.3.2.1 - Maintain chart of accounts (10819)
  • 9.3.2.2 - Process journal entries (10820)
  • 9.3.2.3 - Process allocations (10821)
  • 9.3.2.4 - Process period end adjustments (10822)
  • 9.3.2.5 - Post and reconcile intercompany transactions (10823)
  • 9.3.2.6 - Reconcile general ledger accounts (10824)
  • 9.3.2.7 - Perform consolidations and process eliminations (10825)
  • 9.3.2.8 - Prepare trial balance (10826)
  • 9.3.2.9 - Prepare and post management adjustments (10827)