Three Benefits of a Universal Application Connector for F&A

Managing the Record to Report (R2R) process with manual methods can often open the door to financial risk, inefficiency and bottlenecks. While many companies have begun automating their R2R process, they still cling to silos of information without a way to connect the overarching IT environment. Manual challenges can compound and lead to greater issues beyond efficiency when auditors begin their review. Instead, enterprise offices of finance need to understand the opportunities afforded with an ERP agnostic approach to utilizing an automated R2R solution. To that end, this blog will detail three benefits to the office of finance from utilizing a Universal Application Connector (UAC).

Reduce Risk of Errors

Before implementing any innovation, such as a UAC, organizations must consider its impact on their current operations and security safeguards. Regarding ERP Connectors, the alternative is to spend time and effort on writing custom code. Code that must then be maintained and updated as needed. As well, the organization must contend with the high turnover rate within the IT sector, and possibly losing access to their code.1 Beyond losing institutional knowledge, any custom code comes with a host of possible errors and security risks.

Conversely, one of the most prominent goals of the office of finance is to become an equal contributor to the broader organization. So why spend valuable FTE skill and time on creating and updating custom code? A pre-built or UAC connector immediately reduces the cost, time and risk associated with data integration by eliminating the core challenge of constructing a bridge.

Promote Internal Collaboration

Throughout their growth phase, almost all enterprise organizations have confronted communication issues. Often, these issues have compounded to impact collaboration, even in completing vital tasks. When it comes to the office of finance, the R2R process is one of the most critical processes. When the R2R process is completed manually, disconnection from the ERP slows down an already disjointed process. Without an easy connection from their central source of truth to an automated solution, the office of finance cannot fully realize the benefits of automation.

A UAC enables the office of finance not only to complete their tasks more easily but also to finish them in a timely fashion and contribute to the broader organization. In fact, a UAC enables the office of finance to collaborate across other departments more easily. Additionally, many organizations have multiple ERP systems and a vast IT environment that is built up over time and typically isn’t connected.

Merge More Efficiently

The multiple ERP systems at enterprise organizations often arise because of M&A activity. As well, almost a third of companies reported that the integration of financial processes is their greatest challenge during their acquisitions.2 Therefore, no matter the original origin of data, the newly formed (or acquiring) organization will need to complete the R2R process for all information. And auditors will need to have easy access to the complete financial history for their review.

By deploying a UAC, the office of finance can help ensure that multiple ERP systems and their data are easily accessed and connected to the needed departments. Trintech offers an ERP agnostic UAC which allows customers to validate, transform and load data into an R2R platform, such as Cadency. Yet another instance of the office of finance contributing to the broader organization.

As the world’s only financial governance solution to weave all R2R activities into a single, seamless process, connecting to Cadency is vital to reaping its benefits. To learn more about the benefits of Universal Application Connectors, visit our ERP Connectors page.

[1] Petrone, P. (March 19, 2018). See the Industries With the Highest Turnover (And Why It’s So High). Retrieved January 10, 2019, LinkedIn.

[2] The Role of Finance in Successful Serial M&A. (2016, November 12). Retrieved March 30, 2019, IMAA.