6 Benefits Financial Automation Brings to the Office of Finance
When considering automating your organization’s financial processes, it’s important to know what aspect of the processes you are trying to improve. While this can seem like a daunting task, learning from the ROI that other companies have achieved can help guide this decision for your organization.
Here are six benefits that Adra by Trintech customers have gained after implementing the Adra Suite within their office of finance.
1. Reduction of Manual Efforts
McCarter Theatre Center was using spreadsheets to do the bulk of their financial processes, such as transaction matching and bank reconciliations. However, their reconciliation process was challenging due to unnecessary complexity created by spreadsheets. After switching to Adra, their time spent on manual efforts was reduced significantly.
“Adra has the capacity to do far more than an Excel macro. Adra does what I need it to do. Also, the setup that is done by Adra is way more intelligent than me adding random macros into a spreadsheet. They really helped me look more into my processes. And Adra can do more of the thinking than a spreadsheet can do.” -Natalia Armoza, Director of Finance
Read more about the challenges McCarter Theatre Center faced before choosing the Adra Suite.
2. Saved Time
Before implementing automation for their financial close process, Ouachita Baptist University was utilizing manual pen and paper process methods. They only had five staff members in the accounting department to handle many tasks, such as bank reconciliations, cash management and loan collections, which caused significant delays and frustration for the entire department—until they switched to Adra.
“Just one account took me about a week and a half, pulling all the reports and reports from the bank and matching them up manually. I now use [Adra] Matcher. And through that process—from pulling the files, uploading and all of that—it now takes me about two days.” -Kristi Clay, Director of Business Services
3. Audit Ease
Genesis Systems consistent use of spreadsheets led to a lack of standardization and they needed a solution to effectively manage their entire close process. In addition to helping solve these problems, the Adra Suite simplifies their ability to track everything for audit purposes.
“[Adra] Task Manager and [Adra] Balancer allow us to easily track our journal entries, our reconciliations, who’s responsible for what, and then who reviews and approves it along with comments. So, when we go through our audit, it is super easy to track everything.” -Diane Foss, Director of Finance
Learn more about Genesis Systems’ increased efficiency and improved ROI by reading the case study.
4. Seamless Implementation Process
Crown Holdings, Inc. struggled with a very manual and inconsistent approach to their balance sheet reconciliations. Their goals in implementing Adra were to reconcile with more efficiency and accuracy, while also gaining visibility and control. They were able to achieve these goals quickly due to a quick and effective implementation process.
“The implementation of the Adra solution was quick and seamless, and with no involvement by our IT department. We knew what we wanted to do and where we wanted to be but weren’t sure how to achieve it. The Adra consultants were there to provide on-site training and steer us in the right direction.” -Dawn Hill, Accountant
Read the Crown Holdings, Inc. case study for more information about their financial automation experience.
5. Increased Visibility
Protector Insurance experienced rapid growth in recent years, resulting in an increase of manual tasks that needed to be completed at month end. Protector used the Adra Suite to improve and eliminate their manual processes and leveraged automation to increase time for more value-added activities.
“We have a large volume of transactions and Adra ensures we have a straightforward overview of these transactions and saves us time at period end. As part of internal checks, Adra Task Manager is worth its weight in gold.” – Mikael Aanes Warholm, Group Controller
Read the Protector Insurance case study to learn more about their rapid growth-related challenges and how Adra helped solve them.
6. Virtual Work Capabilities
Queensland Airports Limited struggled with a manual reconciliation process that couldn’t handle their month end close in a timely and efficient manner. When Queensland partnered with Adra, they were looking for an automated reconciliation tool to fix this issue. However, they gained much more, including the ability to continue effectively executing their financial close processes from dispersed locations with a virtual workforce.
“With the majority of our workforce working remotely, Adra has been essential to our organization. I now have the ability to review and approve all tasks from my home.” – Kishan Ramjeet, Accounting and Reporting Manager
Learn more about why Queensland Airport Limited chose Adra to help automate their financial close process from their case study.
The Adra Suite
The Adra Suite of solutions works together to automate and streamline work, improve accuracy and reduce risk, and better manage the detailed process of the financial close. The suite seamlessly integrates with many financial systems, such as ERPs, and its benefits are proven.
“Adra is our saving grace, our life-line. Our Accounting Department would be sunk without it.” -Christine Formicola, Credit Manager, Heartland Payroll Solutions
Find out what benefits your organization could see with the Adra Suite by visiting the ROI calculator.
Written by: Ashton Mathai