Data-driven insights revealing why the financial close remains one of the most challenging processes for finance teams, and how the right talent strategy changes the outcome
The month-end close sits at the center of every finance function, yet APQC benchmarking shows a median monthly close cycle of eight days. For many finance teams, the close process consumes significant time, creates stress, and exposes gaps in talent and technology. The data paints a clear picture: organizations struggling with slow closes aren't just dealing with process inefficiencies. They're also facing talent and coordination challenges that automation alone can't solve.
Finance leaders who need to strengthen their month-end close can benefit from high-skilled professionals who can own reconciliations, apply judgment to exceptions, and deliver accurate financials on time.
The financial close process remains one of the most resource-intensive activities for accounting teams. Despite advances in technology, many organizations haven't achieved the efficiency gains they expected.
APQC benchmarking data, covering 3,389 companies, shows a median cycle time of eight days to complete the monthly financial close. Reducing that timeline requires coordinated processes, reliable systems, and experienced talent who can execute without constant oversight.
There's room for improvement in financial reporting timelines. Separate APQC benchmarking data, covering 10,201 companies, shows a median of six calendar days to complete monthly consolidated financial statements. This measure specifically tracks the period from the initial monthly trial balance to completed consolidated statements.
Organizations at the slower end of APQC's benchmarking data take 10 calendar days to complete monthly consolidated financial statements, compared with five days for top performers. This extended timeline limits the value of financial data for decision-making and creates ongoing pressure on accounting staff.
The APQC benchmarks show that top-performing organizations complete monthly consolidated financial statements in five calendar days. These faster-reporting teams demonstrate what's possible when processes, systems, and experienced professionals work together to support timely reporting.
The Hackett Group reports that 75% of finance managers believe their financial close processes are ineffective. This highlights the need for stronger process governance, account reconciliation practices, and experienced accountants who understand the business context behind discrepancies.
The Hackett Group's 2025 research found that Digital World Class finance organizations have 35% to 57% shorter close cycles than peers. These improvements highlight the value of coordinated processes, automation, and skilled finance professionals.
The month-end close isn't a task that can be reduced to rote execution. It requires professionals who understand accounting principles, know how to investigate variances, and can make judgment calls on complex transactions.
Despite the availability of specialized finance technologies, only 52% of finance functions had adopted smart automation solutions, compared with 78% of top performers. This gap creates complexity that requires experienced professionals who can manage existing processes, validate data, and identify opportunities for improvement.
Just 26% of finance functions had staff with the skills required to work in a digital environment, compared with 78% of top performers. The solution isn't simply implementing new technology. It's having accountants skilled enough to work efficiently within existing systems while driving process improvements.
The Hackett Group's research found that 78% of top-performing finance organizations had staff equipped with the skills needed to work in a digital environment. This advantage highlights the importance of finance professionals with strong technical capabilities and the ability to coordinate workflows across organizational boundaries.
Top-performing finance organizations deliver executive insights 74% faster than their peers. This enables finance teams to focus on strategic responsibilities that require experienced professionals and informed judgment.
Among Digital World Class finance organizations, 87% have centralized data repositories for reporting, compared with 54% of peers. Navigating complex financial data requires Senior Accountants who understand how data flows between platforms and can identify discrepancies across systems.
Automation is transforming the close process, but the data shows that technology creates new demands for skilled professionals rather than eliminating the need for human judgment.
The IFOL 2025 study found that AI adoption in accounts payable increased from 7% in 2024 to 29% in 2025. This acceleration means finance teams increasingly need professionals who understand how to work alongside AI rather than simply execute manual tasks.
More than half of finance functions, 58%, were using AI in 2024, up from 37% in 2023. As AI handles more transactional work, the value shifts to professionals who can review outputs, catch errors, and apply contextual judgment.
According to the IFOL 2025 research, 51% of surveyed AP professionals were actively considering AI adoption within the following year. This interest creates demand for accountants who are fluent in working with automated systems.
Account reconciliation represents one of the most time-intensive and error-prone elements of the close process. The right talent can improve both speed and accuracy.
The Hackett Group's research highlights the potential to save 20% more time by implementing an integrated financial close. Reducing manual effort can limit routine mistakes, while experienced finance professionals remain essential for identifying complex discrepancies.
The Hackett Group's 2025 research found that Digital World Class finance organizations automate approximately 99% of journal entries, compared with 85% among peers. This reflects the substantial opportunity to reduce manual transaction processing and allow finance teams to focus on investigating discrepancies during the financial close.
Despite ongoing automation challenges, Digital World Class finance organizations have fully automated approximately 80% of accounts payable workflows. This highlights the opportunity to reduce manual processing while allowing experienced accountants to focus on exceptions, financial accuracy, and judgment-intensive responsibilities.
Research from Stanford found that AI-enabled accounting was associated with a 12% increase in general ledger granularity, indicating more detailed financial records. These reporting improvements still depend on skilled professionals who configure, monitor, and validate automated workflows.
The business case for improving the close process is compelling. Organizations that invest in the right talent and technology can achieve measurable efficiency gains.
A Stanford study examining AI-enabled accounting across 79 small and midsize businesses found that AI adoption was associated with monthly close times that were 7.5 days shorter. Achieving improvements requires professionals who can configure, manage, and continuously improve accounting workflows.
The Hackett Group's 2025 study found that Digital World Class finance organizations deliver forecasts 57% faster than their peers. This difference highlights the value of coordinated investment in technology, governance, and skilled finance professionals.
The Hackett Group's research found that Digital World Class finance organizations spend 57% less on planning and forecasting while investing 24% more in business analysis. This demonstrates how more efficient finance operations can free skilled professionals to focus on higher-value work.
The statistics paint a clear picture: many finance teams struggle with the close because of disconnected systems, manual workflows, coordination problems, and limited access to high-skilled talent. Technology helps, but automation creates new demands for professionals who can apply judgment, manage exceptions, and own results.
MAVI's precision talent matching helps finance leaders build their in-house teams with experienced professionals who become embedded members of the organization. These aren't external service providers handling accounting work separately. They're dedicated team members who learn the company's systems, understand its business, and take ownership of critical functions like the month-end close.
The data shows that only 26% of finance functions had staff with the skills required to work in a digital environment, compared with 78% of top performers. Traditional hiring can take months and may struggle to surface candidates with the specific skills needed for complex accounting work. MAVI's rigorous vetting process evaluates candidates on work experience, technical capabilities, systems knowledge, and communication skills, admitting only the top 2% to its network.
For finance leaders facing tight close timelines and limited bandwidth, the ability to surface qualified talent in days rather than months changes what's possible. Teams can address critical gaps before another close cycle instead of repeatedly managing understaffed workloads.
By matching companies with high-skilled, AI-proficient global finance professionals and supporting onboarding within a week, MAVI helps organizations strengthen their in-house finance capabilities while maintaining continuity as their needs evolve.
Looking to improve close performance? Book a call with MAVI and hire rigorously vetted Accounting Managers, Senior Accountants, and other finance professionals.
The top challenges include manual processes, disconnected systems, and insufficient digital skills. Research shows that only 52% of finance functions had adopted smart automation solutions, while just 26% had staff with the skills required to work in a digital environment. These gaps create significant friction in accounting operations and financial reporting.
Automation can shorten close cycles, reduce reconciliation workloads, and improve financial reporting efficiency. Research has associated AI adoption with monthly close times that are 7.5 days shorter, while Digital World Class finance organizations have 35% to 57% shorter close cycles than their peers. However, automation still requires skilled professionals to review outputs, handle exceptions, and make accounting judgments.
Account reconciliation is foundational to reporting accuracy. Digital World Class finance organizations automate approximately 99% of journal entries, demonstrating the potential to reduce manual accounting workloads. Automated tools can significantly reduce reconciliation workloads and improve transaction matching, but the remaining exceptions require experienced accountants who understand the business context.
Yes. Experienced finance professionals can work within US GAAP frameworks, US-based systems like NetSuite and QuickBooks, and US time zones regardless of their physical location. The key is matching candidates whose skills, experience, and communication capabilities align with the specific requirements of the role.
MAVI's matching intelligence evaluates candidates across multiple dimensions, including work samples, credentials, systems experience, and rigorous interviews, admitting only the top 2% to its network. Matched professionals work as embedded members of the customer's finance team rather than through an external accounting service, and MAVI remains a continuous partner supporting the relationship long after the initial match.
