CFOs and controllers have been looking for ways to close their monthly, quarterly and annual books faster and more accurately so they can produce financial and management reports promptly while using the fewest resources. A fast, clean close is a good indicator of a finance organization’s management effectiveness and the efficiency with which it operates.

Your score is [[QuizScore]] out of a possible 100.

Your answers place you in the middle of the pack of finance organizations. They indicate there are shortcomings in your accounting and accounting close processes that your company must initiate a process to address. Your assessment should consider how and in which order to address the issues in the structure and execution of your close processes, the software that your company uses (especially the degree to which it uses spreadsheets) as well as the availability of timely, accurate and consistent data needed for the close. The people aspects of managing the close are also important. The senior finance executives must be committed to a fast close, and any training or communications issues must be fixed. To the extent that other departments are responsible in part for holding up the close, the CFO must make the case that a fast close is everyone’s job.

Here is our analysis of your responses based on our research and expertise. Although your performance is above average, please review the recommendations that identify where improvement is possible. This will help guide you in designing a plan to address the opportunity to improve.

The Financial Close -- Old