APQC’s benchmark puts the median monthly close at 6.4 calendar days and the top quarter at 4.8 days or less, across 2,300 organizations. Small finance teams commonly aim for ten business days, and fifteen is common. This guide is the plan to close in seven business days, written for a VP of Finance or controller to take to their CFO.
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Who it is for
VPs of Finance, controllers and founders at US consumer and direct-to-consumer brands who own the month-end close and want the numbers in leadership’s hands in the second week of the month.
What the guide covers
- What “seven days” should mean, and how to compare it honestly with the APQC and Ventana benchmarks
- How to log one close and find the critical path
- Written cut-off rules for revenue, refunds, payment platforms, vendor bills, inventory and card spend
- The eleven reconciliations and the order that avoids rework
- A day-by-day calendar from five days before month-end to sign-off on BD7, with owners and outputs
- What to automate and what to keep with a person
- A full close checklist and the eight metrics to report each month
- A 90-day plan from a 12 to 15 day close to seven
Three takeaways
1. Know which clock you are on. APQC’s 6.4 days runs from the trial balance to the final statements, not from month-end. Count business days from month-end to sign-off, and report both.
2. Most of the gain comes before month-end. Reconcile weekly, update schedules and request accruals in the last five days of the month, so BD1 starts with most of the month already reconciled.
3. Order matters. Cash, then platform clearing, then revenue, then working capital. Run the reconciliations out of order and you run them twice.
About Atidiv
Atidiv provides finance and accounting outsourcing for US SMBs, startups, DTC brands and accounting firms, including bookkeeping, reconciliation, month-end close and financial reporting, inside QuickBooks, Xero, NetSuite and other systems. Our clients’ books are typically closed by business day 6.
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Ben has a strong expertise in combining data and strategic thinking to help businesses that are in the process of growth, plan smarter, grow faster and make better business decisions. He has experience in economic research and managing operations, providing him with a broad & rounded analytical perspective from many angles. Curiosity is coupled with logical reasoning. Therefore he enjoys tackling complex issues and converting analysis/insights into action.