For too many finance teams, the month-end close is a recurring nightmare: spreadsheets sprawled across desktops, manual reconciliations bogging down progress, and outdated numbers stalling executive decisions. Sound familiar?
You’re not alone. According to PwC’s 2023 Finance Benchmarking Report, the average finance team still takes 6.4 business days to close the books—and for many mid-market and high-growth organizations, it’s much longer.
In this article, we’ll explore:
- Why the month-end close drags on
- The strategic cost of delay
- How platforms like OneStream can help finance teams close faster—with less chaos and more confidence
Why Does Closing the Books Still Take So Long?
As Nova Advisory’s CPM Customer Success podcast (Episode 48) outlines, slow financial closes are often the product of three systemic issues:
1. Disconnected Systems
Finance data lives across ERPs, CRMs, HR systems, and spreadsheets. Without integration, teams waste hours reconciling discrepancies.
2. Manual Reconciliations
Matching journal entries and handling intercompany eliminations by hand creates bottlenecks, errors, and audit headaches.
3. Overreliance on Spreadsheets
Spreadsheets remain a default tool for many teams, but they’re fragile, hard to audit, and riddled with human error. A study from Ventana Research found that 88% of spreadsheets contain errors, which directly impacts financial integrity.
“If your entire close process depends on fragile, error-prone spreadsheets, it’s a disaster waiting to happen.” — Andy Smetana, Host, CPM Customer Success
Why a Faster Close Isn’t Just Operational—It’s Strategic
A delayed close doesn’t just frustrate your team. It impacts decision-making and slows down the business.
Faster closes enable real-time insights
If leadership is making decisions on data that’s two weeks old, they’re not making decisions based on reality. A fast close gives you a competitive edge through timely, relevant data.
It fuels better forecasting
Late actuals mean outdated forecasts. An accelerated close delivers fresher data into planning models, improving forecast accuracy and agility.
It builds agility across the business
In a volatile market, the companies that adapt quickly are the ones that win. And agility starts with visibility.
How OneStream Transforms the Financial Close
Platforms like OneStream are built specifically to address these bottlenecks—helping finance leaders shift from firefighting to forward-thinking.
Here’s how OneStream accelerates the month-end close:
Unified Data Platform
OneStream consolidates financial and operational data across ERPs and business units—eliminating spreadsheet sprawl and data silos.
Automated Journal Entries and Reconciliations
Automating repeatable tasks dramatically reduces close time and errors.
Real-Time Dashboards and Reports
With data updated in real time, decision-makers have access to live variances, drill-down capabilities, and one version of the truth.
Real-World Results from OneStream Implementations
Professional Services Firm:
- 100+ legal entities across multiple ERPs
- Close reduced from 14 days → 7 days
- Manual reconciliations cut by 80%
Global Consumer Food Producer:
- Operating in 92 markets
- Close cycle shortened by 36%
- 30+ spreadsheets eliminated from consolidation process
In both cases, finance teams reclaimed time to focus on strategy—not reconciliation.
Next Steps: How to Accelerate Your Close
If you’re stuck in month-end chaos, here’s what to evaluate:
- How long does your close currently take?
- Where are the bottlenecks—data, people, tools, or processes?
- What’s still manual that could be automated?
- Are your insights timely enough to drive proactive decisions?
Nova Advisory has helped dozens of organizations implement OneStream to automate close cycles, streamline reconciliations, and build finance functions that support growth.
Final Word: Speed Isn’t Just About Time—It’s About Control
Faster closes mean:
- Less time scrambling, more time strategizing
- Higher data integrity and audit readiness
- A finance function that enables—not delays—performance
With OneStream and the right partner, you don’t have to choose between speed and accuracy. You can have both.
