Gartner recently published the latest IT Market Clock for Financial Management Applications 2014 and highlighted a new category of software entitled “Enhanced Finance Controls and Automation.” Briefly, they define this category as being focused on improving financial processes and controls across all aspects of finance. It includes financial close and disclosure management software, as well as automating and managing process controls and analytics for all finance processes, enabling finance to increase efficiency and effectiveness.
Not surprisingly, Trintech is noted as a vendor in this new category, since for more than 20 years we have provided software to 800+ companies to automate the processes that make up their record-to-report.
It is quite gratifying to be mentioned in the report, particularly since Trintech was the first vendor to announce and deliver a single solution that holistically addresses all of the processes that make up the record-to-report cycle. We do this with Cadency, our cloud-based R2R software solution. For those of you unfamiliar, the R2R cycle covers all aspects of the financial close process – including operational reconciliation, balance sheet reconciliation, journal entry, financial controls/compliance, close task management and workflow, as well as financial reporting and disclosures.
To be candid, we are STILL the only vendor to offer a single solution for the entire R2R process and not just a part of the process, which is the limitation of a point solution. Though you can definitely see point solution vendors scrambling with faux marketing messages trying to catch up to this all-important area of finance.
One of the reasons for this is that the operational and GL reconciliations market has become somewhat commoditized. Yes, each of us who offer solutions in the reconciliation space have certain features and functions that the others may or may not have. But that is no longer the end game. Rather, organizations have now begun to realize that point solutions for reconciliations do not scale globally, they create white space inefficiencies, and are very difficult to administer and integrate into their overall R2R process. This leads to rework, decreased visibility and added risk across the entire R2R cycle.
That is one of many the reasons that global organizations are choosing to partner with Trintech to manage the entire R2R process from a single source, and why we continue to grow 100% year over year.