Studies Reinforce Growing Requirements for Automated Accounting and Finance Systems
Recent studies by the Controllers Council and Trintech, a leading global provider of financial close solutions, identified that changing business environments fueled by the pandemic, remote workforces and other factors have exposed weaknesses in finance and accounting operations, and are driving accelerated adoption of automated systems and processes.
A December 2020 study by the Controllers Council, Changing Roles of Controllers and CFOs, identified the adoption of technology and automation as key objectives for functions such as financial planning & analysis (FP&A), financial reporting, and the financial close.
A Q1 2021 Benchmark Report study by Trintech reinforced these findings and the impact that the pandemic and a remote workforce had on the corporate F&A organization. The Trintech 2021 Global Financial Close Benchmark Report highlighted that a lack of automation was identified as the largest contributing factor to an inefficient financial close and that process standardization and automation were key areas of improvement for F&A organizations in 2021.
These studies and others reinforce the evolution of accounting and corporate finance organizations worldwide and the need for integrated technologies that can support real-time data analysis. Addressing the “seismic change” is a new strategic partnership recently announced between Trintech and Planful Inc., a pioneer of financial planning & analysis (FP&A) and consolidations cloud software.
The global partnership, which features Adra® by Trintech and the Planful platform offers an integrated, end-to-end solution for the financial and accounting process. It will provide customers in mid-sized organizations with a best-in-class single source of truth of their financial data, accelerating the end-to-end FP&A, consolidation, and accounting close processes in a frictionless experience.
With this new partnership, users gain access to these essential functions:
- Financial Planning including budgeting, forecasting, including cash flow
- Operational Planning including revenue, inventory, demand, sales and operations planning
- Close Management including data validation, account mapping, workflows, account reconciliation, and accruals
- Financial Consolidation including Intercompany eliminations, foreign currency, and GAAP/IFRS regulations
- Reporting and Analysis including variance analysis, performance analytics, financial and management reporting
Planful and Trintech together serve over 4,500 customers across more than 100 countries and have many shared customers. To read the original news release about the partnership, click here. To learn more about Planful and Trintech, click here.
Read the original blog published by Controllers Council here.