Posts Categorized: Month End Close

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April 17, 2019
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The Power of the Checklist: Gaining Control of the Financial Close

Ten years ago, the world was captivated by the scenes on TV of a plane in the Hudson River as passengers stood on the wings waiting to be rescued. Despite the loss of both engines shortly after takeoff, all the passengers and crew were saved because of the quick actions of Captain Chesley “Sully” Sullenberger...

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April 11, 2019
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Moving from Manual to Modern: The Benefits of Business Process Automation

When it comes to automation in the workplace, not a week goes by without the release of a new study on how machines will impact jobs. Some suggest that the transfer of repetitive tasks from the hands of workers to machines will elevate the type of work people do. On the other hand, there are...

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April 11, 2019
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R2R Automation Framework: 3rd Party RPA Connectors

Finance leaders across the world are trying to implement Robotic Process Automation (RPA) tools. RPA tools are software programs that automate repetitive tasks and workflows that require very low or no judgement to perform. As the Office of Finance makes the shift from tactical to strategic value creator and implementing more RPA agents to automate daily/monthly processes, one of the major challenges they face is driving consolidated automation across multiple systems to minimize human intervention in repetitive processes.

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April 9, 2019
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R2R Automation Framework: APIs

Trintech’s Record to Report solution, Cadency®, has APIs that allow customers to link their unique Payroll, Tax, Treasury, etc. systems of record to their financial system of controls.

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April 3, 2019
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How to Reduce the Stress of the Financial Close on Your Team

What do you call a financial controller who works nights and weekends, doesn’t go out for lunch and rarely takes a vacation? Lazy! It’s a classic accounting industry joke. Unfortunately, it still rings true today because many accounting departments in small- to medium-sized enterprises tend to be stuck in the past. For example, during the...

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March 21, 2019
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R2R Automation Framework: ERP Connectors

Organizations have naturally built up their internal financial application ecosystem through acquisition and sheer necessity. While well intentioned, this means we end up with a slew of disparate internal applications all leaning on the thin internal IT team with a 6-month lead time before they can even consider new requirements for integration with the system...

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March 19, 2019
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How to Improve Controls, Reduce Risk and Lower Costs with a Record to Report Automation Framework

Due to the lack of confidence around the accuracy of their financial reporting, finance organizations are undertaking Record to Report (R2R) transformations that target the goals of lowering cost, increasing operational support, reducing risk and improving controls. With the emergence of leading technologies such as Robotic Process Automation (RPA) in the office of finance, more...

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March 14, 2019
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How a Global System of Controls Can Move Your Financial Reporting from Flipping a Coin to a Sure Investment

A recent EY survey of over 1,000 CFOs found that half are not even “somewhat confident” in their degree of financial reporting. In order to solve this challenge for CFOs, investors, pensioners and more, we must move financial reporting accuracy from a coin flip to near certainty. To do this requires us to revolutionize our...

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February 21, 2019
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Content We Love — The Changing Role of the CFO

For the past ten years, the role of the CFO — in addition to their accounting team’s function — has rapidly evolved. The CFO is no longer regarded as simply a number cruncher but is now required to step into the role of financial strategist, and an interesting EY study, The Changing Role of the...

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February 19, 2019
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Content We Love — Why CFOs are Making the Financial Close a Non-Event

How productive is your R2A (Report-to-Analyze) process? As accountants, we talk about the Record-to-Report (R2R) process quite often. Less discussed is your R2A process – when important business decisions and financial close process improvements are formulated. However, because companies perform their R2R process with inefficient manual work, there is little time remaining for financial planning....

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