Users of Adra’s Task Manager and Balancer will no doubt appreciate the visibility these solutions provide into a company’s close process. Both of these solutions provide essential information to finance and accounting (F&A) departments in helping them to understand their position at any given point in time. Understanding position is key for a company in determining whether or not it is on track to complete its close in a timely manner. Attempting the month-end process without that information would be similar to taking a road trip on a highway with no mile markers. How do you track your progress? Both Adra Task Manager and Balancer work to ensure that finance and accounting teams have complete transparency into the progress of the close process, and know exactly what needs to be done to proceed efficiently.
Tracking current progress is essential for a company, but it’s not enough for an organization that’s trying to grow. Adra Analytics, the newest Adra by Trintech solution, is designed to assist you in using the data that you’ve been collecting period over period, and help unravel what it means for your team and overall organization. In other words, Task Manager and Balancer provide the mile markers to help you track pace along your journey, and Adra Analytics provides the map to show you where you’re headed.
Adra Analytics enables users to access all of their data from Task Manager and Balancer, meaning users can create custom reports and visuals. Adra now offers a specific dashboard view that helps your team dig into your month-end details, view information on a period over period basis to help track trends and identify bottlenecks, and displays your month-end close information with the rest of your financial reporting.
As companies mature and automation takes over many of the mundane tasks for accountants, information becomes key in benefitting from the time saved. Thus, the data that you’ve collected during your close process is essential in providing an environment of growth for your company, so that you can capitalize on potential. Companies that remain stagnant can quickly slide backwards on the maturity scale, which means efficiency is key. Growth is all about maintaining productivity while giving more attention to the areas that need it. A lack of information can tank a business because temporary errors become permanent ones. So how would a CFO get their hands on this reliable data to ensure their company grows?
Adra Analytics offers companies full range of motion concerning their financial close data. By integrating data from Task Manager and Balancer, users can narrow in on necessary details, as well as zoom out and see the bigger picture. With access to the accurate information required, your organization can confidently make decisions and increase productivity across teams.
Action is key, but action shouldn’t occur after a significant event. The common scenario where event A occurs and response B is taken is neither sustainable nor an effective business model for a growing company. Adra Analytics allows finance and accounting teams to proactively make decisions before an event even occurs. The past is full of information— to ignore it would be reckless, which is why Adra Analytics allows use of your financial history as the frame through which you can see the future. Instead of combing through previous periods to correct mistakes, you can now use that information in a positive way to affect your future closes, meaning you’re finally benefitting from those long nights and weekends your team works through.
Adra Analytics is compatible with reporting tools like Power BI, Excel and Tableau. These tools make looking to the future even easier. Harnessing the predictive analytics offered with some of these tools, you can finally move from reviewing low risk parts of your financial close and get in front of potential undesired events. Do you want to know in advance which accounts in Balancer will most likely have a significant balance change? Would you like to know which tasks in Task Manager will probably be overdue? Adra Analytics makes these insights available to your team. By having complete visibility into the current state of your close, a full overview of the past trends and even a look into the future, your organization will be able to achieve a state-of-the-art financial close process.
Written by: Peter Whisenant