Financial Close Automation Research Report

This research report investigates the challenges and trends associated with the financial closing process, focusing on automation's role in enhancing efficiency. The report is based on a survey of over 1,000 finance professionals, including CFOs and other leaders, who provided insights into their experiences with month-end and year-end closing activities. The findings indicate that finance teams typically spend an average of 7 working days each month on closing tasks, which accumulates to nearly 3 months annually. The report highlights that automation can significantly reduce this time, with automated teams reportedly saving up to 24 working days per year. Additionally, it notes that companies utilizing cloud solutions experience higher levels of automation compared to those that do not. The report also discusses the common pain points in the closing process, such as manual journal entries and bank reconciliations, and emphasizes the importance of technology in overcoming these challenges to improve overall operational efficiency.