The end of the year is coming to a close, but there are still a few holidays on the calendar before the new year. To celebrate this, we put together a blog post highlighting the key resources the Office of Finance needs to make a Thanksgiving menu that will kick off the season and start preparing everyone for the new year ahead.
This Year’s Thanksgiving Dinner With Trintech
The Turkey: The Ultimate Guide to Account Reconciliations
This Ultimate Guide dives into the reconciliation process and its importance as the critical first step in the financial close. While reconciliations set the foundation for period-end success, many find it to be a stressful, time-consuming process (much like cooking a turkey) due to its impact on all subsequent close activities. Despite this, every accounting organization strives to consistently complete its reconciliation process efficiently and without errors. Organizations that establish a strong system of financial controls with automation are achieving both efficiency and effectiveness throughout their close processes.
The top 5 benefits of automation from global enterprise companies include efficiency, effectiveness, visibility and controls, risk reduction and cost savings. With the reconciliation process being the foundation for period end success, it’s fair to make this the turkey in your Office of Finance dinner. Without automated reconciliations your financial close will not be complete– just as dinner wouldn’t be complete without the main entrée.
“Cadency® by Trintech solution ensures compliance with common governance processes as every entry is documented with an explanation. The automation allows employees to invest more time in value-added analysis activities rather than on repetitive manual tasks.” –Sanofi
Download this white paper to explore common challenges of account reconciliations, best practices for achieving a world-class reconciliation process and how to reduce reconciliation risk.
Green Bean Casserole: Key Financial Controls: Increasing the Effectiveness of the Record to Report Cycle
Explore what is likely the most critical part of any company’s close cycle — how your financial controls are managed within the overall compliance framework. Every organization’s controls and compliance framework will fall into one of these 3 categories:
Similar to green bean casserole – tried and true, but most people have a spin to make it just right for their friends and family. Financial controls are no different — they must be tested and reliable but also customized to fit your organization’s unique needs.
“With Cadency, we are able to categorize reconciliations by risk through ‘critical risk-rating’. So, for some of the accounts that don’t need to be looked at as frequently, we have taken those out of the high-volume periods such as quarter-end. We have even moved some accounts to be semi-annual.” –LKQ Corporation
Download this eBook to explore how finance controls and automation impact all levels of finance and accounting teams.
Mac and Cheese: The Accountants Guide: Achieve a Successful Financial Transformation by Standardizing and Automating Your Financial Close Process
This guide discusses common challenges in using spreadsheets and manual processes to conduct the financial close, steps to take to move from a manual process to an automated solution and more. Think of this resource as the mac and cheese. It’s dense with layers of great information. One layer talks about a study done by Forrester where out of 336 finance and IT leaders, 90% said they experience challenges with the financial close process and 44% cited errors due to manual processes as one of the biggest challenges during financial closes.
Download this white paper to explore how standardizing and automating the financial close process can free up time for finance and accounting teams to focus on providing higher-value work.
Cranberry Sauce: On-Demand Webinar: Unlocking Human Capital for Change and Transformation Finance
For too long, finance professionals have been tasked with ensuring the integrity of multi-billion-dollar balance sheets with little more than a shared drive and some Excel sheets. This has caused a great challenge with recruitment and retention and increased risks to the business of material errors.
This webinar dives into how organizations can unlock their human capacity and build the business case for finance automation. Much like people’s preferences on cranberry sauce, every business has a preference when it comes to automation and standardizing their processes. You can get it in a can or you can make it homemade — it all depends on the individual’s preference, but in the end, if it’s the right recipe you can find great success in making your team (or everyone at your dinner) happy. The same is true for automation — when it’s built to meet the needs of your organization it will create significant ROI.
Watch the webinar now to learn how organizations can build the business case for finance automation and drive transparency and control over the most critical of financial processes.
Mashed Potatoes: ABB Case Study
In order to improve its Record to Report (R2R) processes, ABB partnered with Trintech and Capgemini to implement Cadency in support of new processes, a drive for automation and significant change management. Much like mashed potatoes, this case study brings everything together and shows how putting all the pieces together makes the perfect bite. This company is a leading global engineering company that energizes the transformation of society and industry to achieve a more productive, sustainable future.
“The speed and success of the project came from being able to design new processes and policies, and then work jointly with Capgemini and Trintech to deploy and manage the new approach in Trintech’s Cadency platform, benefiting from this new, risk-enabled approach.” – Group Finance Process Owner R2R, ABB
Download this case study to explore the benefits ABB gained by automating the Record to Report, including:
- Enhanced efficiency through targeted automation
- Fewer reconciliations through risk-based account focus
- Enhanced visibility into balance sheet management
- Greater compliance with reduced cost
A Thanksgiving dinner isn’t complete without these items, just as our year wouldn’t have been complete without these resources. As F&A teams are reflecting on the year they are also beginning to plan ahead for this next year and these resources will help them achieve more in 2022.
Written by: Isabella Delgado