Siemens Achieves Standardization and Visibility in Their Financial Close

With over 360,000 employees in 190 countries, Siemens is a global powerhouse in electronics and electrical engineering. Siemens Corporation is a U.S. subsidiary of Siemens AG and operations in the energy, healthcare, and infrastructure and cities sectors.

Before implementing Trintech’s solution, Siemens launched a project to “bundle” its regional infrastructure functions. The goal of the project was to improve efficiency, compliance, and to standardize a common set of processes across multiple regions and ERPs. Throughout the organization, they had multiple differently configured ERP systems that led to many locations relying on excel and multiple shared directions to perform GL account reconciliations. Siemens wanted an efficient automated solution that could integrate with the complex ERP environment to deliver best-in-class account reconciliation services to its various business units.

Additionally, they wanted their Global Shared Services organization to play a key role in the success of their project.

Siemens Chose Trintech’s Cadency Certification

Siemens required a software solution that would increase both their control and transparency in their financial close. Siemens’ Corporate Controller, Rob Koca, understood that they needed a solution that could reconcile all of their GL accounts and sub-ledgers as well as provide detective and preventative controls while supporting account reconciliation staff with an automated workflow. The aim was to decrease the number of resources required to support their close functions through automation, including mobile and web-based analytics tools.

After researching several solutions, Koca decided on Trintech’s Cadency Certification solution. “When selecting vendors, Siemens is all about partnerships and taking the long-term approach,” said Koca. “Trintech has always stood behind its word. They haven’t let me down yet. I didn’t get the same sense from the other vendors we considered.”

Looking Forward

After the implementation of Cadency Certification, Siemens has been able to reduce its overall cost to deliver by some 20%, while also dramatically improving the quality and reliability of the output.  Additionally, they can now reconcile 100% of their GL accounts and sub-ledger, decrease the number of resources required to support the account reconciliation function, and have been able to automate the creation, review, and approval of journal entries.

To date, Siemens continues to have a close partnership with Trintech in order to discover further ways in which they can leverage the solution to continue improving the efficiency and effectiveness of their financial close.

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