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Helping the C-Suite Sleep More Easily – Reducing Risks and Ensuring the Integrity of the Close

“It’s not what I know that keeps me up at night, it’s what I don’t know and the impact it could have on our business.”

As organizational environments increasingly become more complex, compliance-focused and technology-driven, the C-Suite has even greater pressure to ensure the integrity of the financial close. It’s easy to say that it won’t happen to us, but failures in the close process result in, at best, time consuming rework and at worst, materiality issues that can lead to misstatements, restatements, decreased valuations and maybe even personal liability.

Too often, CEOs struggle with the perceived lack of support they receive from the rest of the C-Suite in terms of visibility to core company risks and the lack of actionable intelligence to drive strategic decisions. The fact is that the majority of enterprise organizations simply aren’t in a position where they can assuredly state what lies in the various corners of the
business.

Growth through mergers/acquisitions and historic local purchasing decisions have meant that the technology landscape for most organizations have become a hotchpotch of ERPs and other point solutions. This leads to increased risks and sleepless nights for both the C-Suite and the employees tasked with delivering the numbers each period end.

What is required is akin to a torch, a solution that can shine through this confusion and illuminate all those previously unseen dark corners. A solution that can provide visibility and control from the time a transaction occurs through to the company’s
financial statements being issued, from the account reconciliation, through close management and financial reporting, to compliance and regulatory filings – all in a single view.

Since its inception, this vision has driven Trintech’s automation delivery, leading them to be the most trusted provider of financial software solutions to help customers optimize resources, reduce costs and improve governance and transparency across their financial close process.

A Single View across the Financial Close
Trintech’s enterprise-class cloud-based solution, Cadency®, is the world’s first and only financial governance software solution on the market that weaves all of the Record to Report (R2R) activities into a single, seamless process. From orchestrating all the close tasks and activities to automating journal entries, from high volume, intercompany and balance sheet reconciliations to ensuring compliance standards are met, Cadency manages the entire R2R cycle end to end.

With Cadency, finance executives can succeed in a changing environment by exhibiting controlled agility – “controlled”, to ensure the highest level of data accuracy and integrity in financial close data, and “agility”, to adapt to and meet organizational changes that mitigate risk. This single end-to-end solution delivers real-time visibility into the financial close for the C-Suite, producing data-driven insights to propel strategic growth.

With all this information in one place, an executive console delivers real-time transparency and instant visibility to senior executives, enabling them to oversee the current status, and make decisions and deliver actions before they impact the numbers. This also allows all financial close stakeholders across the organization (and around the globe) to easily communicate and collaborate, creating real-time communities across the Office of Finance.

 

Written by: Kelli Shoevlin