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We know from experience that for many organizations the month-end close is a chaotic process. Long email chains, constant update meetings and late nights in the office are all too common. In order to get a better idea of what accounting teams go through during the month-end close, we recently sponsored a survey conducted by Dimensional Research that surveyed accounting professionals regarding their month-end close experiences. We weren’t really expecting pretty results, but we weren’t quite ready for ugly. And ugly is what we got. For many organizations, the month-end close process is chaotic, unorganized and robs employees of a work-life balance. Here’s a sampling of the results:
All would not be such a bleak picture if organizations felt good about their month-end close and that such are accurate, but nor was that the case. In fact,
We also took the opportunity to survey organizations who are using close management software to assist with their month-end close. Yes, it might be self-serving, but you cannot dispute the facts. Individuals at organizations where close management software is deployed, reported distinct benefits for their close processes, based on the incorporation of technology, including
Other benefits were also reported, including 4 out of 5 were able to reduce their time to close; more than half gained at least a full day of staff time during each working week of the close. And almost three quarters reported that it helped improve the audit process by helping streamline PBC requests and addressing SOX requirements.Want to learn more about the survey findings?Download your own complimentary copy to see all the results.