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Increasing the Efficiency and Effectiveness of the Reconciliation Workflow with Cadency’s Newest Risk Intelligent RPA™ Capabilities

To help companies navigate the often challenging and stressful month-end close process, Trintech’s Cadency® solution provides a highly configurable System of Controls for customers to standardize their Record to Report (R2R) process and streamline their month-end close activities. Most recently, Trintech released Cadency 9.1 with a large focus on Cadency Match (transaction matching) and Reconciliation Certify (balance sheet reconciliations) which work seamlessly together through a variety of built-in automation features to significantly reduce manual effort leading to lower cost and risk and a shorter time to close.

Reconciliations Working Seamlessly Together

Managing and performing transaction matching and account reconciliations are a cornerstone of the month-end close, and when done manually can be a very time-consuming and risk prone process. With Cadency 9.1, Cadency Match (transaction matching) and Reconciliation Certify (balance sheet reconciliations) further extend automation capabilities by leveraging leading technologies, such as Risk Intelligent RPA (RI RPA), to allow customers to reduce the number of accounts needing manual reconciliation, reduce the manual workload for end users and administrators and allow for a faster and more efficient month-end close.

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Cadency 9.1 Reconciliation Features

Dynamic Account Maintenance: Auto-Reconcile Match Accounts

With Cadency 9.1, bulk reconciliation is now available for Cadency Match accounts through Cadency Reconciliation Certify’s Dynamic Account Maintenance. This new capability is controlled by Cadency’s RI RPA technology, within its System of Automation, to understand and control which accounts are eligible for auto-reconciliation. This capability allows you to configure accounts, based on configurable thresholds, to be auto-reconciled, which reduces the amount of accounts needing manual reconciliation.

Dynamic Account Maintenance: Start Reconciliation and Update Items

Previously, when items were loaded into Cadency, a user would manually have to start the reconciliation and update the items, wasting a significant amount of time on a repetitive process. With Cadency 9.1, a new step type has been added in Dynamic Account Maintenance that will automatically start a reconciliation and bring in all items associated with those reconciliations, which includes items and transactions.

Dynamic Account Maintenance: Two New Bulk Reconciliation Thresholds

Dynamic Account Maintenance allows for configurability to auto-reconcile specific accounts based on certain configurable thresholds. With the addition of two new auto-reconciliation thresholds: Net Unexplained Difference and Items Less than # Days, in addition to the existing thresholds, allows for even more configurability for auto-reconciling accounts, while RI RPA is still controlling which accounts are eligible for auto-reconciliation.

Grouped Reconciliations for Cadency Match Accounts

A hallmark feature of Cadency Reconciliation Certify (is being able to group similar accounts together, which greatly reduces the amount of accounts needing a reconciliation. Users can group reconciliations within Cadency Reconciliation Certify for Cadency Match-specific accounts which includes a new mapping configuration. This allows a user to easily map correct accounts to the corresponding source accounts with proper controls in place to ensure that accounts are mapped correctly.

XML Import and Update of Match Accounts

Touchless administrative capabilities are critical to the efficiency gains available in Cadency and now those capabilities are available for Cadency Match (high-volume transactions) accounts. Administrators are now able to automate the importing or updating of Match accounts through a new XML load. This greatly reduces the administrative burden of having to manage each Cadency Match account individually, saving up to one hour per 100 accounts.

Match Flag UDF

Researching unmatched transactions, especially when there is no visibility into which transactions are already matched, can significantly increase your time to close. The Cadency 9.1 release creates a new match flag, so a user is easily able to see if a transaction is matched or unmatched on the face of the reconciliation, which allows for more visibility and quicker resolution of unmatched items.

Written by: Ryan Atkin