According to a recent survey from payments automation solutions provider Bill (formerly Bill.com), the majority of organizations now take less than a week to complete month-end close, with many saying it only takes 1-2 days. The survey found that 62% take less than one week to do the close, versus 30% who said it takes between one and three weeks. Other surveys from previous years show that the average time it takes to perform the monthly close has been decreasing gradually. The Bill survey suggested that this improvement could be linked to technology, specifically automation. The survey found that 77% said they would benefit from combining AP, AR, spend, and expense management automation. Many firms reported that they plan to further automate next year, with 58% saying they plan to increase their investment in automation over the next 12 months.+
