Even though the ideal of a one-hour close remains "aspirational," for most companies, many are focusing more attention on what's often called "the last mile of finance," Kaplan says. This refers to the final steps involved in preparing a company's financial results, or any regulatory filings, for release. And it generally refers to the period from the close of the sub-ledger to the filing.

At that point, judgments concerning the appropriate accounting for inventory, expense and revenue allocations, along with other matters, often arise, Kaplan says. Hardware and software --- along with process engineering -- help companies achieve the goals of improving these components of the last mile, increasing both control and efficiency. While the approach contains similarities to the virtual-close concept, the last-mile approach is somewhat less concerned with speed.

"The virtual close isn't necessarily about risk reduction and efficiency, although to achieve it you normally need to have integrated systems (and) streamlined processes," Kaplan says. The virtual close "is really about having the ability to close at any time and have that top line and bottom line information."