By Philip Boken, Protiviti
For many companies, the financial close process resides in the valley of “just getting the books closed.” Migration to the next plateau of maturity – “closing the books completely and efficiently” – is typically not an easy leap. While many companies continue to experience longer-than-necessary close cycles, inadequate analysis of results, duplication of efforts and overall process inefficiencies, few have the appetite to undertake a focused improvement effort, saying instead, “...we will focus on the close process next month…” As the economy continues to tighten, and more reporting requirements loom on the horizon, many organizations are now looking to drive greater efficiency and effectiveness into their close cycle.