How long does it take your team to close the books each month? If the answer is more than 10 business days, you’re leaving value on the table.
Why Close Speed Matters
Better Decision Making
The faster you have accurate financials, the faster you can act on them. A close that takes 3 weeks means you’re making decisions based on data that’s nearly two months old by the time you see it.
Investor Confidence
Investors and board members notice when financials arrive late or require frequent revisions. A tight close process signals operational excellence.
Team Capacity
A drawn-out close process consumes your finance team’s bandwidth, leaving less time for analysis and strategic work.
Common Bottlenecks
1. Manual Processes
Are you still exporting data to spreadsheets for reconciliation? Manual processes are slow and error-prone.
2. Waiting on Others
Expense reports, vendor invoices, revenue recognition decisions—the close often depends on inputs from across the organization.
3. Lack of Clear Ownership
When everyone is responsible for the close, no one is. Clear ownership and deadlines are essential.
4. Inconsistent Processes
If your close process is different every month, you’re reinventing the wheel. Documented, repeatable processes are key.
How to Get Faster
Implement a Close Calendar
Work backwards from your target close date and assign specific tasks to specific days. Share this calendar with everyone who has dependencies.
Automate Where Possible
Modern accounting software can automate bank reconciliations, recurring journal entries, and report generation. Invest in your tech stack.
Create Cutoff Policies
Set clear deadlines for expense submissions, vendor invoices, and other inputs. Enforce them.
Review and Iterate
After each close, do a brief retrospective. What caused delays? What can be improved? Continuous improvement compounds over time.
The Goal: 5 Business Days or Less
World-class finance teams close within 5 business days—sometimes faster. This isn’t just about speed for its own sake; it’s about having the information you need to run your business effectively.
If your close is taking too long, our free financial audit can help identify the bottlenecks and create a plan to get faster.