last mile of finance (LMOF) definition

Contributor(s): Emma Snider

The last mile of finance is composed of the management processes that finance executives perform after the monthly, quarterly or annual close to prepare for financial reporting and disclosure. 

According to research firm Deloitte, the last mile of finance "covers the processes and activities in between the trial balance and a company's 10-K." Its four main components are account reconciliation; internal management and financial reporting; financial controls and workflow; and disclosure management and regulatory reporting.

While many companies manage the last mile of finance manually, experts recommend automating the process to reduce cost, shorten cycle times and increase accuracy. IT research and consulting practice Gartner Inc. has noted that last mile of finance functions are increasingly being added to corporate performance management (CPM) products. 

This was first published in June 2013

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