Month-End Accounting Close Cycle Time
Every organization is looking for ways to get information faster. One of the challenges faced by Shared Services organizations is to coordinate month-end close and report quickly. Peeriosity Key Metric Benchmarking within the General Accounting Research Area provides members access to a wide range of KPIs to compare their results to as well as gain immediate access to the key practices used by other organizations (and the ability to identify and contact related peers).
Days to Close
One of the key metrics included in the Peeriosity General Ledger Benchmark is the number of days for the month-end closing process to be completed globally (not including the preparation of management reports). The results are mixed:
A few of the Key Practices that have been implemented by first quartile performers include:
- Automated Account Reconciliation
- Standardized Chart of Accounts
- Single Instance ERP
- Use of Workflow for Closing Process Activities
- Simplified Intercompany Accounting
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Peeriosity members have direct visibility of how other members address best practice opportunities, with the ability to connect directly with the leading peers who have relevant experience.
How is your Shared Services organization identifying Key Practices and collaborating with peers?