As the time frame for completing the last mile is condensed, the staff should be instructed to place a priority on the activities that go into it, Fetterman says. When the work is spread over ten to 15 days, finance employees often continue to handle their other responsibilities; the overall process simply takes too long to make it a priority.

As more companies focus on automating the last mile, they can choose from an expanding array of technology offerings. What's more, many of the system have been commercially available for several years, and thus can be considered stable, Colbert says.

The approaches being offered tend to be software-based, and can reside in the realm of cloud computing, says Beth Kaplan, Deloitte's director for finance transformation services. Many solutions bolt on to a company's ERP or other enterprise systems. As a result, while some investment typically is required, it tends not to be on the order of an ERP implementation.

The benefits of automating this function can include the cost savings resulting from greater efficiency, while also lowering the risk of reporting mistakes. But successful automation also gains management more timely insight into the company's market and performance. Reducing cycle time, Fetterman says, also "is one of the most important ways to get the finance team to the next level."