Record-to-Report Software Solutions (R2R)
There is a kind of nirvana for closing your financials – dubbed the “virtual close” – where the books can be closed within a few hours on any given day of the period. Few companies achieve it, and those who do invest a significant amount of time, energy and capital into the process.
A more practical approach leverages your existing investments in legacy systems, with enabling technology such as Trintech’s Unity Financial GRC software suite to consolidate financial data from disparate systems. The focus is on incremental process improvement and a “test and learn” approach, using a final system of record to optimize financial close and financial reporting processes to ensure compliance, reduce costs and improve the quality of critical decision-support data needed to keep your business competitive.
Trintech’s Unity Financial GRC suite offers a modular suite of applications which can add value to your Record-to-Report processes, providing software to manage balance sheet reconciliations, workflow and process management modules for the financial close process, and financial reporting software with embedded support for emerging filing standards, including XBRL.
Businesses who consolidate Record-to-Report processes with enabling technology such as Trintech’s Unity Financial GRC suite can expect to realize significant business benefits, including:
- Improved cycle times, with fewer days spent on the financial close
- Fewer resources required to support the financial close and financial reporting
- A 25% or more reduction in audit fees
- The elimination of “workload spikes” during the financial close
- Standardization of processes, reference data and compliance activities across the enterprise
- Issue isolation and resolution
- Fewer reporting errors and penalties
- More time to analyze financial data in order to make your business more competitive
» Learn more about where our solutions add value in Record-to-Report Processing
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