3 Unique Ways Cadency Solves Complex Record to Report Challenges
Did you know there are 43 quintillion potential ways to arrange the squares of a Rubik’s cube?
In 2019, a group of researchers took the Rubik’s cube challenge to the next level by creating an Artificial Intelligence (AI) named “DeepCubeA” to solve the Rubik’s cube without relying on human knowledge. The researchers found that no matter how many times they scrambled the cube— which could be up to 10,000 times— the AI solved the cube with a 100% success rate and with the least number of moves possible. Some of the best human Rubik’s cube solvers require around 50 moves to win the game, but DeepCubeA only needs 20.
Even with 43 quintillion potential arrangements of the squares on a Rubik’s cube, there is only one solution— much like your Record to Report process.
Up to now, you’ve been relying on a number of approaches to complete your Record to Report:
- Spreadsheets and manual processes
- Institutional wisdom passed down over time
- Trial and error methods
- Homegrown RPA and other point solutions
Unfortunately, none of these have been able to provide both an efficient and effective close process that allows your finance and accounting team to deliver business-critical data insights, minimize organizational risk and prioritize strategic initiatives to support long-term goals. Your accountants keep scrambling the squares of your “Rubik’s cube” financial processes, hoping one day to happen upon the right solution.
Instead of your previous disjointed manual approaches, allow Cadency by Trintech to step in and configure your “Rubik’s cube” financial processes for you. Trintech leverages several advanced automation technologies using Artificial Intelligence, Risk Intelligent Robotic Process Automation (RI RPA) and ERP Bots to strategically support your financial close process from end-to-end. Here three key features that only Cadency offers to help organizations streamline the Record to Report process while mitigating risk, saving time and reducing cost.
1. Pre-Built ERP Connectors and ERP Bots
Cadency helps reduce the cost, time and risk of data integration with pre-built ERP connectors for SAP® S/4HANA, NetSuite, and Oracle. These connectors eliminate the need to develop custom code and ensure that the integration between your ERP and Cadency is less expensive, and more dynamic and efficient. Cadency also offers ERP Bots that can streamline the workflow even further when they are enabled by your ERP connectors and sit within your organization’s ERP environment to receive data required for the reconciliation and close process, and directly validate and post journal entries.
2. Risk Intelligent Robotic Process Automation™ (RI RPA)
For the office of finance, risk should influence every factor and drive all processes in the Record to Report. RPA is software technology that allows for the removal of human intervention— which tends to be the source of increased risk— by automatically performing repeatable and often high-volume tasks. RI RPA configures automated workflows based on your company’s specific risk tolerance and compliance framework. This places focus back on high-risk items, instead of spreading attention evenly across all items. Accountants can then determine whether they should complete a task and, if so, how to do it.
3. Financial Controls™ AI
Financial Controls AI (FC AI) is Trintech’s breakthrough technology in financial close automation and leverages Artificial Intelligence developed specifically for the Office of Finance. FC AI examines trends in your data over time, identifies abnormalities, and automates workflows based on the associated risk.
Risk Ratings for JE
Gain preventative risk analysis with artificial intelligence for journal entry. Risk Ratings for JE is part of FC AI and analyzes an organization’s journal entries using proprietary machine learning models and AI to provide a numerical rating of risk that helps to quickly identify high-risk entries. This risk is quantified to expose potential material issues that could affect audit risk or financial health. The journal entry is analyzed in real-time as a user validates or submits a journal, and users are immediately alerted to the risk of the journal. Risk Ratings for JE helps improve journal entry governance by mitigating errors, reducing risk, deterring fraud, saving time and improving efficiency in the financial close process.
“Trintech’s Risk Ratings for JE will help HP continue to improve its quality of our JEs, which in turn improves our Balance Sheet and Income Statement. Also, this feature will prevent errors from happening and allow for additional explanation on why the JE was entered to be leveraged by internal and external auditors. We are excited that this functionality will continue to improve the efficiency in our Record to Report process.” –HP, Inc.
We understand that the financial transformation journey is complex and multi-faceted for your organization. Trintech’s Record to Report experts will be present to guide you through every part of that journey. When challenges arise, our experts will help your Office of Finance navigate the waters in order to achieve a world-class Record to Report process.
“Today, we have a complete and true picture of our constantly changing, complex accounting environment.” –Yum! Brands
Learn more about the unique benefits of Cadency, and how Trintech can help your Office of Finance.
Written by: Ashton Mathai