When it comes to selecting the right account reconciliation software tool for your organization, you have options. However, not all providers will be the right fit for your organization. To select the most effective provider, you need a solution that:
- Isn’t “one-size-fits-all”
- Takes into consideration how your finance and accounting team functions
- Has the ability to grow with the organization into the future
- Offers a long-standing partnership, not a one-time-only deal
Cadency by Trintech can meet all those needs, and more. Below are five features that Cadency can offer your office of finance, that other account reconciliation software vendors simply can’t match.
1. High-Volume Matching Capabilities
Cadency leads the account reconciliation software space with its robust matching engine. Complex matches and one-to-one match performance have continually been optimized over the years, using the input from hundreds of customers, to increase the efficiency and accuracy of your matching process. Cadency also offers extensive exception matching capabilities, both automated and manual.
2. Collaboration Between Multiple Preparers
Leverage the expertise of different users and departments to enhance the efficiency and effectiveness of recording transactional activity between group companies. For example, Cadency allows the initiators of an intercompany transaction to add multiple users on the preparation stage of the workflow. This reduces errors and increases the auditability of the transaction request by making all required information available to the right users before the approval and final invoicing stage of the reconciliation process.
3. Multi-Currency Capabilities
For a global organization needing to reconcile many accounts with different currencies, Cadency is the best account reconciliation software choice. Other providers in the market simply don’t offer the ability to reconcile in different currencies. This forces organizations to change their workflow. If their currencies don’t match one of the few that other providers offer, then they must convert to a supported currency. Cadency is far more flexible than other reconciliation software providers when multiple currencies are involved.
4. Bulk Reconciliation Tool
Cadency not only streamlines your reconciliation process but works to improve it. Often, approver, preparer and reviewer time are spent on accounts that don’t change from period-to-period. To eliminate this inefficiency, the Bulk Reconciliation tool can set parameters such as Zero Balance Accounts, Accounts with No Activity and GL to SL (sub-ledger) and automatically closes out those accounts without human intervention.
5. Preventative Controls: Multiple Posting Destinations
This feature benefits organizations with complex ERP landscapes that need to create a recharge across two or more ERPs from a single transaction. Organizations with multiple ERP instances can fully leverage this tool in conjunction with Cadency’s native ERP bots for tax calculations and invoice posting. This tool also provides evidence in the reconciliation systems that are able to be seen and understood by an auditor.
While these are only a few of the advantages that Cadency by Trintech offers, they can significantly transform your organization’s current reconciliation process to best-in-class. These, as well as other, features within Cadency simply can’t be offered by other account reconciliation software vendors in the market.
“We needed a solution that reconciled 100% of our GL accounts and sub-ledgers and provided detective and preventative controls while supporting account reconciliation staff with an automated workflow.” –Siemens Corporation
To learn more, discover how Siemens optimized their account reconciliation process across all their entities and ERP instances to take their Record to Report process to world-class.
Written by: Ashton Mathai