What does a good finance function actually look like — and where do you sit against it? These are the benchmarks we use inside the Finance Value Score, drawn from the recognised sources (PwC, APQC, The Hackett Group) with every figure attributed and its unit of measure stated. Measured percentile bands are kept strictly separate from relative "world-class vs peer" deltas, because conflating the two is how misleading benchmarks are born.
The core benchmarks — top quartile, median and bottom
Each row is a measured population distribution. "Top quartile" is the best-performing 25%; "bottom" is the laggard end. Lower is better on every metric here.
| Metric | Top quartile | Median | Bottom | Source |
|---|---|---|---|---|
| Cost of finance (% of revenue) Whole finance function · annual · % of company revenue | 0.55% | 0.76% | 1.6% | PwC 2024 · APQC 2019 (bottom) |
| Monthly close cycle time (days) Per organisation · per monthly close · calendar days | 4.8 days | 6.4 days | 10 days | APQC 2018 |
| Period-end report cycle time (days) Per organisation · per period-end · calendar days | 6 days | 10 days | 15 days | APQC via CFO.com 2026 |
| Finance FTEs per $1bn revenue Whole finance function · headcount (FTE) per $1bn revenue | 45.5 / $1bn rev | 78.6 / $1bn rev | 102.1 / $1bn rev | APQC 2024 |
| Annual budget cycle time (days) Per organisation · per annual budget · calendar days Median interpolated as the midpoint of the measured 25th and 75th percentiles — a linear assumption, shown for shape, not a measured value. | 25 days | 37.5 days | 50 days | APQC 2021 · interpolated (midpoint of 25th & 75th) |
| Budget iterations before approval Per organisation · per annual budget · count of versions | 4 | 5 | 8 | APQC 2018 · APQC 2018 (bottom) |
| GL reconciliation cycle time (hours) Per entity/GL · per reconciliation cycle · accounting-staff hours | 5 hrs | 6 hrs | 10 hrs | APQC 2024 |
Where digital leaders pull ahead
These are relative improvements the Hackett Group reports for its "Digital World Class" cohort versus typical peers — a percentage gain, not a population quartile. Treat them as the size of the prize, not a league position.
| Where digital leaders pull ahead | Improvement vs peers | Source |
|---|---|---|
| Finance cost vs peers (world-class) | 45 | The Hackett Group Digital World Class 2025 (relative vs peers) |
| Close/consolidation speed vs peers | 35 | The Hackett Group Digital World Class 2023 (relative vs peers) |
| Close-to-report speed vs peers | 41 | The Hackett Group Digital World Class 2023 (relative vs peers) |
| Budget cycle speed vs peers | 29 | The Hackett Group Digital World Class 2023 (relative vs peers) |
| Forecast speed vs peers | 57 | The Hackett Group Digital World Class 2025 (relative vs peers) |
Directional survey figures
Useful for shape, but from practitioner surveys rather than measured percentile distributions — read them as directional.
| Directional survey figures | Value | Source |
|---|---|---|
| Annual budget cycle time (weeks) | 8.7 wks | AFP FP&A Benchmarking Survey 2026 (n=332) |
| Orgs taking >10 days to forecast | 29 | FP&A Trends Survey 2025 (vendor-sponsored, n=459) |
| Orgs forecasting in <2 days | 15 | FP&A Trends Survey 2025 (vendor-sponsored, n=459) |
| FP&A time on data collection | 46 | FP&A Trends Survey 2025 (vendor-sponsored, n=459) |
How to use these benchmarks
A benchmark tells you the gap; it does not tell you what closing it is worth to you. The value of moving from median to top quartile depends on your size, structure and where the time actually goes. That is what the Finance Value Score estimates: score your finance function against these bands in two minutes, and see the costed case to close the gap. The score is the headline; the pounds are the point.
See where you sit against these benchmarks
The 2-Minute Snapshot scores your whole finance function across six areas, free and with no login.
Open the Snapshot →See the Full ReportSources & method. AFP FP&A Benchmarking Survey 2026; APQC 2018; APQC 2019; APQC 2021; APQC 2024; APQC via CFO.com 2026; FP&A Trends Survey 2025; PwC 2024; The Hackett Group Digital World Class 2023; The Hackett Group Digital World Class 2025; interpolated. Figures are reproduced with their published percentile tier and unit of analysis. Where a median is interpolated it is flagged as such. Relative (Hackett) and survey figures are labelled and never presented as measured quartiles.
Common questions
What is a good number of days to close?
A top-quartile organisation completes its monthly consolidated close in about 4.8 calendar days and the median in 6.4 days, per APQC Open Standards Benchmarking; beyond roughly ten days you are in the bottom tier. Group complexity — multiple entities, currencies and intercompany — pushes the number up, so judge it against your structure.
What should the cost of finance be as a percentage of revenue?
Top-quartile finance functions run at around 0.55% of revenue and the median near 0.76% (PwC Finance Benchmarking 2024), while the laggard end reaches about 1.6% (APQC). Lower is better, but the right target depends on sector and scale.
Where does this benchmark data come from?
From recognised, attributed sources — principally PwC Finance Benchmarking, APQC Open Standards Benchmarking (often via CFO.com's Metric of the Month) and The Hackett Group. Every figure on this page carries its source, year and unit of measure.
Are the Hackett 'world-class' figures the same as top quartile?
No. The Hackett 'Digital World Class' numbers are relative improvements versus typical peers, not a measured population quartile. We keep them in a separate table so they are never mistaken for a percentile band.