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:
3,123 All Companies
Performers:
25th Median 75th
- 8.0 -
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 (8.0)

  • 9.3.2.1 - Maintain chart of accounts (10819) - Preparing trial balance account from general ledgers. List all accounts used in the general ledger. Alter accounts according to business requirements.
  • 9.3.2.2 - Process journal entries (10820) - Making ledger and trial balance accounts from journal entries. This process requires the organization to record every transaction into accounts done by business. It is a base documents for preparing final accounts of company.
  • 9.3.2.3 - Process allocations (10821) - Allocating funds across functions. Apportion funds in line with the budgets created. Formalize allocations in centralized internal records.
  • 9.3.2.4 - Process period end adjustments (10822) - Updating journal entries to adjust the balance of income and expenses at the end of an accounting period.
  • 9.3.2.5 - Post and reconcile intercompany transactions (10823) - Checking accounts separately for a parent and subsidiary company. Manage relationship between a parent company and subsidiaries. Document intercompany transactions in separate financial statements.
  • 9.3.2.6 - Reconcile general ledger accounts (10824) - Reviewing general ledger accounts for a parent and subsidiaries companies. Validate the integrity of account balances on the company's general ledger of accounts. Review and compare general ledger accounts balances with source documents to ensure that balances match.
  • 9.3.2.7 - Perform consolidations and process eliminations (10825) - Aggregating different processes in the business. Eliminate discontinued processes.
  • 9.3.2.8 - Prepare trial balance (10826) - Balancing debit and credit balances of trial balance to preparing final accounts. Calculate the total debits and credits in company's accounts. Correspond the sum of all debits with the sum of all credits. Adjust entries as appropriate.
  • 9.3.2.9 - Prepare and post management adjustments (10827) - Accounting for changes due to country-level policy changes. Record adjustments made by management in the accounts.