The closing process is a process by which temporary general ledger accounts (revenues, gains, expenses, losses) are zeroed out and transferred to retained earnings.
"It takes most companies four-and-half days to capture a quarterly snapshot of their financial position in 2017, down from six days in 2009, according to PricewaterhouseCoopers LLP benchmarking studies."
"Companies that have accelerated their quarterly close say having results in hand earlier makes decision-making easier and helps the organization become more nimble."