Accelerating Your Financial Close Infographic

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If the speed and accuracy of an organization’s financial close say a lot about its efficiency, what is your company’s closing process saying about yours? What if you could shave days off your close? Today, people in companies just like yours are asking themselves these questions, improving their processes and technology, and running their businesses better.

To learn more about SAP’s end-to-end financial solutions, visit the SAP Finance Leadership Center. http://spr.ly/financialclose

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Accelerating Your Financial Close Infographic

  1. 1. Make Time for Analysis If the speed and accuracy of an organization’s financial close say a lot about its efficiency, what is your company’s closing process saying about yours?by Accelerating What if you could shave days off your close? What could you do instead?Your Close Could you focus on more strategic efforts? Could you help make better decisions? Today, people in companies just like yours are asking themselves these questions, improving their processes and technology, and running their businesses better. What are you doing?Is your company’s financial close faster Do you think you could close faster?or slower than it was five years ago? M T W TH F Preferred Close On average, companies 4.7 days2012 8 days today take a half-day longer to close than they Most companies2007 7.5 days did in 2007. believe they should be Current Close closing more quickly 7.2 days than they are now.Why is it so important to close faster? How much time do you spend on analysis now?Have more time for analysis Get management informationand auditing before publishing out as fast as possiblefinancial statements44% 13% 23% Less than a quarter of a financial analyst’s time is spent providingReduce the time and money Get financial information out value-added analysis tospent on the closing process as soon as possible the business31% 13% So, what’s the first step toWhat’s getting in your way? achieving a faster close? Make closing an explicit objective:Companies closing more slowly than five years ago cite: Companies that establish a clear program and get management commitment to shorten their closing process accomplish their goal 77% of the time.40% 35% 20% Companies that don’t have a program in place forMore internal The need to capture and The need to check for speeding up their close succeed in doing so onlylevels of review consolidate more detail errors more carefully 15% of the time.How can you close faster and increase satisfaction with the close?Among companies 43% use automatedthat complete their processes On average, companies Companies that use dedicatedmonthly close in less with a high degree of consolidation software applicationsthan 4 days: automation in their or ERP systems to manage their closing process can close are more than twice as likely complete their to be satisfied than those primarily 27% automated >3 use some quarterly close using desktop spreadsheets. processes more than three days days earlier than those with little or Consolidation ERP Desktop 16% use little or no Software Systems Spreadsheets automation no automation. or vs. 78% 71% 32%To learn more about SAP’s end-to-end financial Sourcessolutions, visit the SAP Finance Leadership Center. Ventana Research Trends in Fast Clean Close Benchmark Research, 2012http://www.sap.com/financialclose APQC, research presentation, Financial Management: The Quest for Excellence, 2012 ©2012 SAP AG. SAP and the SAP logo are trademarks and registered trademarks of SAP AG in Germany and several other countries.

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