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How long does it take you to close your books? 

According to the summary statistics gathered through the SAP Value Engineering / ASUG benchmarking surveys, the average time for companies to close their monthly books is 6.8 days. The top quartile of companies surveyed can do it in an average of 3.3 days. Yet the bottom quartile takes an average of 11.4 days – that’s almost 3.5 times as long as the top quartile performers!

Why does it take so long? Which tool in the SAP Financials helps you do it faster – and how? 
Watch the video to find out!

 

Closing Cockpit for Accelerated Close from Todd Wilms on Vimeo.

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  1. Thanks for the presentation Birgit, good example of small projects customers can execute that can deliver BIG impact to accelerate the financial reporting and close cycles of their business.
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  2. Gregory Misiorek
    if only it was dependent on sap software only and not on:

    feeder and downstream systems
    other vendor solutions
    inadequate hardware
    network bottlenecks
    changing legal requirements
    changing enterprise structure
    political battles around systems

    we would have a real-time close.

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    1. Birgit Starmanns Post author
      Hi Greg,

      Of course, software is only one part of the equasion.

      Still, having one platform for an Accelerated Close will help with even some of the items you mention:
      – one platform to manage and implement changing legal requirements and reorganizations, instead of re-implementing in many siloed systems, potentially with timing differences in the implementations
      – system-to-system integration with other systems, even external systems of partners such as vendors, customers and channel partners, as those transactions are reflected in the G/L; this can be done with SRM, CRM, eSOA…

      There will always be human factors, as you mention, but focusing on the benefits that can be achieved in an Accelerated Close initiative will hopefully begin the conversation between different lines of business!

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      1. Former Member
        Hi Ms Starmanns

        Indeed, the closing cockpit provides a single platform on which all closing steps could be triggered.

        However, it is highly likely that a different closing list has to be maintained for each individual company code on the cockpit due to the following:

        1. Closing steps may not be the same for all companies (e.g. different legal requirements)

        2. Responsible person for each step is different from company to company.

        As the tasklist are different from company to company, the task list has also to be defined and maintained for each company.

        So I am just curious, how is this different from maintaining the closing steps in different siloed systems?

        Appreciate your kind advice.

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        1. Birgit Starmanns Post author
          Thank you for your feedback!

          The benefit of the Financial Closing Cockpit is that it provides one place to go to see an overview of all close activities, without the need to log into multiple systems. It does support the capability of creating different lists for different entities, or parts of the organization; company code and plant are two common examples for which companies create differentiated lists of closing steps.

          Of course, it is not feasible to cover all possible scenarios within one blog post. There are many different ways that financial systems have been implemented. In your exmaple, you mention different companies. Those companies could all be run on the same system or instance, or on separate systems or instances. Those all need to be considered in how the close is designed.

          Best regards,
          *Birgit

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  3. Former Member
    Dear Ms Starmanns

    According to the competitor “Runbook”, it mentions on its web-site, inter-alia, “SAP recognizes Runbook Company as an SAP software partner since Runbook fills in a white spot in the SAP landscape.”

    http://www.runbook.com/en/solutions/si/45/faq/

    Could you kindly let us know, which “white spot” does Runbook fulfil which Closing Cockpit is not able to filfill.

    Thank you.

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  4. Former Member

    Dear All,

    Since there are some reference to Runbook here, you can see the solution in action on the link here http://runbook.com/webinars . There is one live webinar  with a customer World Bank today  but you might miss that, you can download the slides there and the recording will be posted there in a week or so….

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