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If you’re worried about your close, you have good reason. Not only does it consume critical resources, if your close is lengthy and laborious it also diverts these resources from other important, much-needed activities.
On the other hand, perhaps your company’s close is working. You have good people and good processes in place. Yet even if you think your close is “good enough,” consider this: are you closing in under ten days, each and every month?
You may have the right data and the right analysis, but if the close is taking you longer than ten days, you most certainly have an opportunity to do things better—by fixing your processes, leveraging systems, or simply training your people to perform their close tasks more accurately and efficiently.
If your close takes longer than 10 days, you’re not alone. In fact, less than 10% of the high growth companies that Connor Group advises are able to close in under 10 days—at first. So what are companies with a close that takes less than ten days doing differently?
1. They’ve defined what a quality, timely close means, down to the last detail.
2. They consistently practice the ART of the Close, each and every month.
This topic is top of mind for our clients. Here is what the VP/corporate controller of a recently public, high growth company said to me:
“The three things that worry me most about the close are the lack of visibility into the process (what is being done, by whom, and when); lack of transparency into the results of that work (where do we have exposure on the balance sheet and who is responsible for tracking and resolving it); and the lack of financial analytics depth.”
If this sounds like you, you are not alone. Join us over the next six weeks as we will explore how to create a successful close by improving accuracy, increasing reliability and achieving timeliness.
Deepika Sandhu, Partner, Financial Operations