Finance close automation: Save 24 days per year – Research Data
The hidden cost of manual close: Why 90 days per year is too much
Finance teams across the globe are spending nearly three months every year—90 working days—just closing their books. That’s 720 hours of valuable time that could be redirected toward strategic initiatives that drive real business impact.
A recent research report from Sage involving over 1,000 finance professionals reveals a striking reality: while most teams still take 7 working days to close their books each month, those embracing automation are cutting this time by 29%. This translates to reclaiming 24 days annually—time that can transform how finance leaders contribute to their organizations.
This report explores the data behind these findings, examining how automation is reshaping the financial close process and what it means for finance leaders ready to amplify their strategic impact.
Unlocking efficiency with automation
Here’s a quick look at what the numbers reveal and how automation can radically simplify your close time while boosting your strategic value.
1. Automating your financial close frees up time for value-added activities
Finance leaders with high levels of automation report spending 58% of their time on strategic tasks, compared to just 18% for those using manual processes. By reducing busywork, automation allows teams to invest their time in areas like forecasting, data analysis, and team-building efforts.
Key insight: Companies that fully automate their close process reclaim 24 working days each year.
2. Time spent on month-end close is holding teams back
The research shows that the average month-end close takes 7 working days, which amounts to three months every year. Larger organizations report even longer close times due to added complexity.
Imagine what could be accomplished if this time was instead directed toward innovation and proactive decision-making. With the right tools, leaders have demonstrated a 29% reduction in close time, equating to two full days saved every month.
3. Most finance teams are not fully leveraging automation
While automation offers clear benefits, over 50% of finance leaders still rely on manual processes for critical tasks like journal entries and transaction reviews. The result? Bottlenecks that slow down efficiency and prevent teams from reaching their full potential.
Automation fact: With cloud accounting, companies achieve 25% more automation than their counterparts using on-premise solutions.
4. Cloud adoption is accelerating the future of finance
A notable finding is that 73% of finance professionals not fully on the cloud, plan to migrate within two years. Why? Cloud technology optimizes automation capabilities, reduces IT overhead, and enables real-time insights.
Organizations that move away from legacy systems report faster decision-making and enhanced scalability, keeping them ahead in today’s competitive landscape.
How automation leaves an impact beyond the numbers
Adopting automation is about more than reducing error-prone processes. It creates ripple effects across the organization:
· Liberating resources: Teams get ample time to focus on strategic priorities, professional growth, and well-being.
· Delivering real-time insights: Ensures finance professionals act on accurate, up-to-the-minute data.
· Breaking free of bottlenecks: Identification, forecasting, and decision-making become proactive rather than reactive.
According to Sandi Main, Senior Director of Product Marketing at Sage, “The potential to reclaim two full days each month through automation is a remarkable opportunity for CFOs and their finance teams.”
Transforming finance from cost center to strategic partner
Sage Intacct proves it’s possible to simplify processes while amplifying impact. Imagine cutting your month-end close time by up to 24 working days annually, enabling you to focus on what really matters for your business.
Download the full report
If you’d like to explore these insights in greater, download the full “Fast Close. Faster Insights.” research report. Learn what steps industry leaders are taking to streamline their operations and unlock a more impactful future.
