Today’s finance and accounting teams have an opportunity to make a real impact on their business when they focus on strategic activities. Investing in powerful financial forecasting models – rather than spending time on the traditional day-to-day tasks typically related to the financial close process – can demonstrate tangible value added to a business. This only reasserts F&A teams as the backbone of a strong organization.
And yet, financial data integration remains shockingly manual.
According to our research, 88% of finance teams lack automated processes, preventing an efficient financial close. Even among those with finance automation software in any capacity, 45% report that their current capability is still very basic, enabling simple tasks like the exporting of spreadsheets from their ERP but not much else.
Utilizing a manual, decentralized tool like spreadsheets can actually create more problems than it solves. Pulling data from your ERP and entering it into spreadsheets leaves room for human error, and the review and approval process gets cluttered by numerous versions of the same documents.
If your team is currently handling the month end close process without a modern solution like finance automation software, you could be leaving the door open to serious issues like:
- High data security risk through limited visibility and lack of process standardization
- Scattered version control and potential for data duplication
- Low user participation and a lack of collaboration
- Reactive reporting and weak financial forecasting models
A manual close cycle isn’t sustainable, and CFOs know this. In fact, improving technology and innovation was identified as a top-five priority for CFOs in 2021.
Achieve financial data integration through true technology partnership.
Trintech’s recent joint webinar with Planful demonstrated the powerful integration available by combining the automation capability of Adra by Trintech with the strategic tools available through the Planful platform.
In an insightful conversation, Planful’s Director, Solutions Consulting and Trintech’s Vice President of Finance discussed several topics, including:
- How a smarter close brings increased collaboration, speed, and effectiveness
- Why a tight partnership between finance and accounting is critical to modernization
- How technology can enhance finance and accounting people and processes
When leveraging both products in tandem, companies can expect up to an 80% reduction in overall monthly close cycles and an average ROI of up to 393% over a 3-year period.
Adra and Planful can empower Finance and Accounting teams in different ways. Solutions offered by Adra, such as Matcher, take much of the pressure off the close by automating its more mundane elements, such as verifying zero-balance accounts. Utilizing the time saved, teams can turn to Planful for reporting, budgeting, and financial forecasting models.
“This is true technology partnership.” – Director, Solutions Consulting at Planful
Secure peace of mind with finance automation software.
No matter where an organization is at in their automation journey, leveraging new technology is always a smart investment. Taking measures to standardize processes and centralize information adds structure and predictability to the close process, which is especially important as market trends continue to prove unpredictable.
“Automation is about centralizing your data into an easily accessible tool. We don’t know what tomorrow holds. These types of tools are going to help you create an environment where you can be successful.” – Vice President of Finance at Trintech
In fact, with a faster and more accurate process, successful finance and accounting teams can pull forward activity, preparing for close sometimes days in advance and enjoying up to a 99% reduction in time spent reconciling accounts.
Organizations can keep their finance and accounting teams energized and excited about approaching the business strategically, without having to sacrifice their nights or weekends. Learn how to speed close cycles and uncover greater insights by investing in the right tools.
Watch the full webinar, including a demo of the integration offered by Adra by Trintech and Planful.
Written by: Nathan Stabenfeldt