A fast, close-the-books process provides multiple benefits for the finance function and the company; creates more time for finance professionals to focus on strategic activities for the company, such as identifying warnings in financial data and providing the corporation's financial direction; reduces the cost of the finance function since fewer hours are needed to close the books; and demonstrates that the company's controls and systems are well-organized.
Organizations can use the leading practices included in this tool to measure and improve their close-the-books process.