How CFOs can build a better financial consolidation process

Closing the books and consolidating financial reports is challenging, even with automation in place. However, many companies still rely on time-consuming and inefficient spreadsheet-based processes for budgeting, planning, and consolidation. 

APQC, a nonprofit benchmarking organization, found that the top 25% of more than 500 companies completed the close-to-disclose process in 12 days or less, while the median cycle time was 15 days. The bottom 25% took 18 days or more, with the worst performers taking up to 25 days, highlighting the inefficiency and potential competitive disadvantage of poor consolidation practices. 

The bottom line: Companies need to automate financial consolidation in order to perform it swiftly and error-free. Without automation, delays and inaccuracies in closing and reconciliation are common, even in larger organizations. 

This eBook explores key considerations for CFOs looking to upgrade their consolidation and close processes. You will learn how to streamline these tasks to improve efficiency and accuracy.