Does your company fall into any of these categories?
- It is a struggle to get the data you need out of your ERP/System of Record
- It is a challenge to configure that extracted data for upload into your financial close process
- You invest valuable time on manual tasks rather than using that time on higher-value projects
- Your IT team loses valuable time with the upkeep and maintenance of the data movement process and tools
- Your company currently use SAP® ECC and plan to transition to SAP® S/4HANA
If yes, you know that extracting data from your System of Record such as your ERP is a very tedious and time-consuming process when conducted manually. Once you finally have that data out of your ERP, there is still the follow-up exercise of making sure that your file is in the correct configuration to upload into your System of Controls, such as Cadency. This workflow can take a significant amount of time when you add it all up throughout the course of a year. Imagine all the strategic planning and projects you could be doing instead of having to retrieve your data and then manually formatting it before you can start working on it.
If you are using a custom in-house solution, thankfully you don’t have to worry about the time-consuming process we outlined above. But is there a different area of your company that must struggle to keep up with your in-house solution? While most would think that creating an in-house solution would end up saving a company money, when it comes down to the details of keeping that tool up to date, you can be losing many precious hours that could be used for other high-value tasks. In this specific case, your IT department would have to leverage significant time and resources, whenever there are changes or updates made to either the System of Record or System of Controls. If you are currently using SAP® ECC and planning to transition to SAP® S/4HANA, many of the customizations that you have running in SAP® ECC will have to be redone for SAP® S/4HANA. This will put more stress on your IT department to recreate all the custom scripts for extracting financial data to integrate with Cadency (System of Controls). This would ultimately be an expensive project due to the sheer amount of time that will need to be leveraged for rewriting those scripts. As we all know, “time is money”. So, how can we save you money by getting you time back?
Cadency’s SAP®-certified Connector for SAP® S/4HANA recently developed a new enhancement that supports Cadency Match. This new enhancement allows the extraction of your GL Transactions and GL Balances from SAP® S/4HANA, which, after configuring, can be set on a schedule to repeat and upload directly into Cadency Match. This takes the previously manual processes and reduces it to just setting up your configurations and mapping once. If you were using a custom inhouse extractor, you will no longer need to leverage your IT team’s resources for upkeeping and maintaining the solution since all maintenance for Cadency’s connectors are handled by Trintech.
To showcase how quick and easy it is to configure this extractor, we have created the video below showcasing the process of creating a configuration.
As you can see, this process is easy to use, secure and is SAP®-certified. It also integrates into Cadency’s System of Accounting Intelligence so you can utilize it for end-to-end transformation of your financial close that drives efficiency and effectiveness while reducing risk and cost.