Top-performing midsized company finance teams spend an average of 300 hours less per year on the accounting close than their peers. CEB Finance provides powerful benchmarking data and best practice solutions to help CFOs and their teams to identify inefficiencies in their accounting close processes and to prioritize improvement efforts. Learn the 5 best practices leading CFOs use to shorten the accounting close process. Contact us to receive detailed Accounting Close Process Benchmarks and Best Practices that will help guide your process improvement efforts. CEB Finance

1. 5. Trust the Value of Technology, but Verify the Claims of Technology Vendors
Automation can provide significant efficiency gains, yet only 25% of midsized companies are satisfied with the automation
capabilities of their finance IT systems. IT investments return less than expected because vendors overpromise business
value and finance executives underestimate the difficulty of system adoption.
3. Rely on the True Process Experts
Neither consultants nor corporate executives know all of the details of your close process; the accounting staff who close
the books have the best understanding of where and how the process is broken. Systematically tap into this knowledge to
determine exactly where and how to reengineer the close.
4. Don't Lose the Forest for the Trees
While the most knowledgeable staff provide invaluable detail, they can also become too focused on specific aspects of the
close, missing larger opportunities for improvement that span the whole process. It is important that accounting leaders take
a holistic approach to the close process to understand how the steps of the close fit together, where there are
interdependencies between steps, and what improvement opportunities impact multiple steps.
1. Start Small, then Build on Early Wins
Finance teams are already stretched thin; make the time you spend on improvements count. Start where you have the most
ground to gain against the average midsized organization and look for easy wins that build momentum for more robust
change.
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CEB Finance Leadership Council
For Midsized Organizations
With reporting activities consuming 20% of finance
budgets, a shorter close is crucial to accounting
efficiency—the most efficient (top quartile) finance teams
typically spend almost 300 fewer hours per year on the
close than groups in the bottom quartile. Despite the
significant potential savings, the scale and complexity of
the process makes it difficult to effectively allocate
limited staff time to the most impactful opportunities.
5 Keys to Drive Accounting Close Process Improvement
Most finance executives start close improvement projects by dictating change from the top, yet we find progressive
finance leaders take more of a bottom up approach, building support for change and engaging knowledgeable staff to
identify fruitful opportunities to add efficiency.
■ CEB Solution: AOL Line Level Improvement best practice and Process Reengineering Cohort
Contact CEB Finance to Learn More +1-866-913-8102 FinanceMidsized.Support
@executiveboard.com
Shorten the Accounting Close
Five Key Insights
■ CEB Solution: Process Map Creation Tool sand Process Mapping Workshops
■ CEB Solution: Finance IT Benchmarking Tool and IT Implementation best practices
2. Proactively Address Change Concerns & Motivate Change
61% percent of employees report high levels of change fatigue, making it unlikely that all accounting staff or partners will
immediately embrace a close process reengineering project. Get ahead of that by communicating the benefits upfront and
building support.
■ CEB Solution: Accounting Close Process Optimization Diagnostic to benchmark your current processes
11
6
Bottom Quartile Top Quartile
Days to Quarter Close
Midsize Public Companies
■ CEB Solution: Autodesk Activity Audit best practice and Process Activity Checklists
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