Cycle time in days to perform annual close at the site level

This measure projects the number of days it takes to perform annual close at the site level. It is a Cycle Time measure that helps companies analyze the duration from beginning to end of the "perform general accounting and reporting" process, which consists of preparing financial statements (i.e., balance sheet, income statement, statement of cash flows, and statement of stockholders' equity) according to accounting concepts and principles.

Benchmark Data

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Measure Category:
Cycle Time
Measure ID:
100613
Total Sample Size:
2,213 All Companies
Performers:
25th Median 75th
- - -
Key Performance Indicator:
Yes
Sample image showing interactive filters for more detailed measure peer group data and an interactive graph.

Compute this Measure

Units for this measure are days.

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Cycle time in calendar days between running trial balance to completing the consolidated financial statements

Key Terms

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Cycle Time

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.

Median

The metric value which represents the 50th percentile of a peer group. This could also be communicated as the metric value where half of the peer group sample shows lower performance than the expressed metric value or half of the peer group sample shows higher performance than the expressed metric value.

Measure Scope

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Cross Industry (7.3.1)

  • 9.3.1 - Manage financial policies and procedures (10747)
    • 9.3.1.1 - Negotiate service-level agreements (10815)
    • 9.3.1.2 - Establish accounting policies (10816)
    • 9.3.1.3 - Publish accounting policies (20604)
    • 9.3.1.4 - Set and enforce approval limits (10817)
    • 9.3.1.5 - Establish common financial systems (10818)
  • 9.3.2 - Perform general accounting (10748)
    • 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)
  • 9.3.3 - Perform fixed-asset accounting (10749)
    • 9.3.3.1 - Establish fixed-asset policies and procedures (10828)
    • 9.3.3.2 - Maintain fixed-asset master data files (10829)
    • 9.3.3.3 - Process and record fixed-asset additions and retires (10830)
    • 9.3.3.4 - Process and record fixed-asset adjustments, enhancements, revaluations, and transfers (10831)
    • 9.3.3.5 - Process and record fixed-asset maintenance and repair expenses (10832)
    • 9.3.3.6 - Calculate and record depreciation expense (10833)
    • 9.3.3.7 - Reconcile fixed-asset ledger (10834)
    • 9.3.3.8 - Track fixed-assets including physical inventory (10835)
    • 9.3.3.9 - Provide fixed-asset data to support tax, statutory, and regulatory reporting (10836)
  • 9.3.4 - Perform financial reporting (10750)
    • 9.3.4.1 - Prepare business unit financial statements (10837)
    • 9.3.4.2 - Prepare consolidated financial statements (10838)
    • 9.3.4.3 - Perform business unit reporting/review management reports (10839)
    • 9.3.4.4 - Perform consolidated reporting/review of cost management reports (10840)
    • 9.3.4.5 - Prepare statements for board review (10841)
    • 9.3.4.6 - Produce quarterly/annual filings and shareholder reports (10842)
    • 9.3.4.7 - Produce regulatory reports (10843)
    • 9.3.4.8 - Perform legal and management consolidation (14074)