Ventana Research, an authoritative and respected market research and advisory services firm, recently looked at Revelwood’s partner Fluence Technologies and how the company helps organizations automate tasks for faster monthly, quarterly and annual closing.
According to Ventana, by 2025 two-thirds of midsized organizations will have applied continuous accounting principles to close their monthly books within one business week. A key objective of continuous accounting is achieving a fast, clean close.
This is part of a larger digital transformation of accounting departments, which aims to eliminate manual tasks such as consolidations and reconciliations by using software automation.
The firm’s Smart Close Dynamic Insights report shows:
- 56% of organizations close their month within six business days
- 40% of organizations complete their quarterly close in six business days
- 69% of those that automate all most of the close process complete the quarterly close within six days
- Only 29% of companies that only use some or no software automation close within that six-day window
Ventana states, “Financial executives who are committed to enabling their finance organization to play a more strategic role in their company should focus on ways to streamline their close process.”