Financial Close Automation Research Report

This research report investigates the challenges and solutions associated with the financial closing process, focusing on the impact of automation. It outlines the findings from a survey conducted with over 1,000 finance professionals, including CFOs and VPs, to understand their experiences and insights regarding month-end and year-end closing activities. The report details the average time spent on closing the books, which is approximately 7 working days each month, translating to nearly 3 months annually. Key findings indicate that automation can significantly reduce this time, allowing finance teams to allocate more resources to strategic activities. The report highlights that 82% of finance leaders are considering automation to improve efficiency, with a notable percentage planning to transition to cloud solutions. It also addresses common pain points in the closing process and the role of technology in enhancing operational efficiency. The report concludes with recommendations for finance leaders to embrace automation for a more effective closing process.