Cookies make our website better. By using our website, you agree to our use of cookies. Read our Privacy Policy for more info. GOT IT WHITE PAPER 2021 GLOBAL FINANCIAL CLOSE BENCHMARK REPORT COVID-19 EXPOSED WEAKNESSES IN ORGANIZATIONS’ FINANCIAL CLOSE PROCESS AND ACCELERATED THE PATH TOWARDS AUTOMATION Trintech conducted a global survey of 486 financial professionals across 430 organizations in Q1 of 2021 to evaluate which parts of the financial close process have been automated, which are in the process of being automated and where finance and accounting (F&A) teams are looking to adopt automation in the future. COVID-19 exposed weaknesses in organizations’ financial close process and accelerated the path towards automation. The Trintech 2021 Global Financial Close Benchmark Report provides an analysis of the research. Key findings from this survey include: The top 3 challenges the Office of Finance experienced within the financial close process in 2020 were all influenced or accelerated by the pandemic A lack of automation is identified as the largest contributing factor to an inefficient financial close Process standardization and automation are the key areas of improvement for 2021 Completing quality work on time, while simultaneously balancing workforce issues (i.e. attracting talent and managing employee burnout) will be the biggest challenges for finance professionals over the next five years 2020 was a defining year for the CFO as they broke out of the compliance box and returned to their role as an essential strategic leader of the organization – one relied upon to shape critical business decisions when COVID-19 impacted businesses of all sizes. As companies transitioned to remote operations, organizations that relied heavily on manual processes found it difficult to continue to do their jobs at the same level – let alone deliver on the new expectations required of them to provide timely, critical business insights. What is certain is that these expectations are now essential for businesses moving forward, however, the ad hoc processes many organizations were forced to adopt in the short-term to meet those expectations are not sustainable long-term. Now is the time for organizations to institutionalize technology to standardize and automate key financial processes to be able to continue to support these growing expectations. COMPLETE THIS FORM TO DOWNLOAD THE REPORT First Name: Last Name: Business Email: Company Name: Annual Revenue (in USD): Country: Country United States Canada United Kingdom Australia France Germany Norway Sweden Afghanistan Åland Islands Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia, Plurinational State of Bonaire, Sint Eustatius and Saba Bosnia and Herzegovina Botswana Bouvet Island Brazil British Indian Ocean Territory Brunei Darussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos (Keeling) Islands Colombia Comoros Congo, the Democratic Republic of the Congo Cook Islands Costa Rica Côte d'Ivoire Croatia Cuba Curaçao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands (Malvinas) Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Holy See (Vatican City State) Honduras Hong Kong Hungary Iceland India Indonesia Iran, Islamic Republic of Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea, Democratic People's Republic of Korea, Republic of Kuwait Kyrgyzstan Lao People's Democratic Republic Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macao Macedonia, the former Yugoslav Republic of Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia, Federated States of Moldova, Republic of Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Northern Mariana Islands Norway Oman Pakistan Palau Palestinian Territory, Occupied Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Puerto Rico Qatar Réunion Romania Russian Federation Rwanda Saint Barthélemy Saint Helena, Ascension and Tristan da Cunha Saint Kitts and Nevis Saint Lucia Saint Martin (French part) Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten (Dutch part) Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States United States Minor Outlying Islands Uruguay Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam Virgin Islands, British Virgin Islands, U.S. Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe DOWNLOAD THIS RESEARCH RELATED RESOURCES EBOOK The Evolving Role of the CFO – A Look at the Past, Present and Future Offices of Finance must move the focus from accounting spreadsheets to finance strategy. The Office of the CFO has become… Learn More CONTACT CAREERS PRIVACY POLICY TERMS AND CONDITIONS SOCIAL RESPONSIBILITY .st0{fill:none;stroke:#008578;} .st1{fill:#008578;} 043B3B6D-2E77-4BF8-B6BC-42D91500E319@2x Created with sketchtool. .st0{fill:none;stroke:#008578;} .st1{fill:#008578;} 7F869B92-9324-425C-B6DA-BE9261BA0D4B@2x Created with sketchtool. .st0{fill:none;stroke:#008578;} .st1{fill:#008578;} 101603DF-2981-4A86-AE6F-978CB71EA222@2x Created with sketchtool. .st0{fill:none;stroke:#008578;} .st1{fill:#008578;} BBAEC901-3778-4E96-9643-991157EA3269@2x Created with sketchtool.