CadencyDirect^® by Trintech Simplifies Intercompany Reconciliation Processes

For growing multinational and enterprise companies, managing the intercompany reconciliation process flow is no easy feat. Organizations often deal with complex entity structures, multinational tax and transaction regulations, local laws and standards among other complexities, filling the process with the potential for human error that can impact a company’s financial statements.

Without proper processes and controls in place, mistakes are bound to occur — it is only human. Those mistakes, however, can have serious consequences — at best, it results in delays to closing the books. At worst, a restatement must be issued. An inefficient intercompany process flow can dramatically slow down a team and disrupt workflows inside and outside of the Office of Finance.

How to Solve Intercompany Process Flow Issues

So how can organizations ensure their intercompany reconciliation processes run smoother and with lower risk?

CadencyDirect, a cloud-based, end-to-end Record to Report solution, with built-in Robotic Process Automation (RPA) and audit-friendly workflow management, simplifies intercompany management while shortening a company’s time to close.

Solutions like CadencyDirect can help organizations standardize, track and even automate much of the intercompany process, with functionality like Multiple Posting Destinations for journals that need to be posted to different ERPs, and Multiple Preparer Journals which allow multiple users to prepare a single journal.

When exceptions occur, it’s also important to have a way to keep track of them. CadencyDirect’s transaction matching and close tools have built-in, intuitive exception tracking functionality designed to help companies monitor exceptions — from time of identification to resolution.

But what about those intercompany transactions that need input from outside the Record to Report process?

That’s where CadencyDirect on the Now Platform^® can help.

CadencyDirect is the only native built application for the ServiceNow^® Platform that is designed specifically for the unique needs of the Office of Finance.

Provide visibility into the Record to Report process for stakeholder groups outside the Office of Finance to gain data insight and relevant information that impacts their operations, without disrupting the process. Triggered workflows to allow access into information regarding the status and certain details of key account reconciliations, critical close tasks and more, company-wide alignment on key data is easily achieved.

Beyond visibility, CadencyDirect features several triggers which will notify configured users when certain activities occur throughout the financial close — for instance, when a specific account has been certified and is ready for the intercompany tax group to review. To ensure alignment with global rules and regulations, the tax team doesn’t need to wait to hear from the accountant who certified the account. Instead, ServiceNow automatically notifies them and kicks off a workflow to track the completion of this important business function.

When an exception occurs that impacts the legal team, for example, an Issue Action Plan can be logged in CadencyDirect and this activity will be picked up to trigger a workflow for the legal team to get involved or be aware of the exception which may impact their work.

This cross-team collaboration and visibility was something that previously could only be achieved through manual, intentional efforts, but now can occur instantly and without manual intervention.

It’s in the name — intercompany. Intercompany process flow requires and relies on synergy across the organization. CadencyDirect by Trintech and ServiceNow enables and simplifies this unification, reducing risk and increasing organizational efficiency.

Trintech is ready to partner with your organization, no matter where you are in your digitalization journey. Whether you’re an existing ServiceNow customer, new to the world of automation or somewhere in between, find out how CadencyDirect by Trintech and ServiceNow can help simplify your company’s intercompany processes.

Learn more about this journey here.

Written by:

Sam King
Senior Product Owner