A Thanksgiving Menu for the Office of Finance
The end of the year is coming to a close, but there are still a few holidays on the calendar before the new year. To celebrate this, we put together a blog post highlighting the key resources the Office of Finance needs to make a Thanksgiving menu that will kick off the season and start preparing everyone for the new year ahead.
This Year’s Thanksgiving Dinner With Trintech
The Turkey: The Ultimate Guide to Account Reconciliations
This Ultimate Guide dives into the reconciliation process and its importance as the critical first step in the financial close. While reconciliations set the foundation for period-end success, many find it to be a stressful, time-consuming process (much like cooking a turkey) due to its impact on all subsequent close activities. Despite this, every accounting organization strives to consistently complete its reconciliation process efficiently and without errors. Organizations that establish a strong system of financial controls with automation are achieving both efficiency and effectiveness throughout their close processes.
The top 5 benefits of automation from global enterprise companies include efficiency, effectiveness, visibility and controls, risk reduction and cost savings. With the reconciliation process being the foundation for period-end success, it’s fair to make this the turkey in your Office of Finance dinner. Without automated reconciliations your financial close will not be complete– just as dinner wouldn’t be complete without the main entrée.
“With the Trintech solution, we now have the ability to automatically set the frequency of reconciliations based on risk profile of a particular account based on certain criteria set-up in Cadency. In the past, we couldn’t quickly identify potential risk but now with the Trintech solution, we can.” – Serco
Download this white paper to explore common challenges of account reconciliations, best practices for achieving a world-class reconciliation process and how to reduce reconciliation risk.
Green Bean Casserole: 5 Best Practices for Modernizing Your Month-End Close
By investing in digital transformation, the Office of Finance can move away from manual processes and shift efforts toward strategy and optimization for the future. This eBook dives into 5 best practices that are critical building blocks for modernizing the financial close process.
Similar to green bean casserole – tried and true, but most people have a spin to make it just right for their friends and family. The close process is no different — it must reliable but also customized to fit your organization’s unique needs.
“With Trintech, we are able to categorize reconciliations by risk through ‘critical risk-rating’. So, for some of the accounts that don’t need to be looked at as frequently, we have taken those out of the high-volume periods such as quarter-end. We have even moved some accounts to be semi-annual.” –LKQ Corporation
Download this eBook to explore how these best practices can help modernize your month-end close.
Mac and Cheese: The Accountants Guide: Achieve a Successful Financial Transformation
This guide discusses common challenges in using spreadsheets and manual processes to conduct the financial close, steps to take to move from a manual process to an automated solution and more. Think of this resource as the mac and cheese. It’s dense with layers of great information. One layer talks about a study done by Forrester where out of 336 finance and IT leaders, 90% said they experience challenges with the financial close process and 44% cited errors due to manual processes as one of the biggest challenges during the financial close.
Download this white paper to explore how standardizing and automating the financial close process can free up time for finance and accounting teams to focus on providing higher-value work.
Cranberry Sauce: Control the Chaos – 5 Tips for a Successful Year-End Close
Year-end close can prove to be an intimidating task for businesses, especially when coupled with month-end and quarter-end reporting. Manual and inconsistent processes often lead to overwhelmed accountants and increased stress. However, planning ahead and establishing a consistent approach can ensure a smooth and successful year-end close. Much like people’s preferences on cranberry sauce, every business has a preference when it comes to automation and standardizing their year-end close processes. You can get it in a can or you can make it homemade — it all depends on the individual’s preference, but in the end, if it’s the right recipe you can find great success in making your team (or everyone at your dinner) happy. The same is true for your year-end close— when it’s built to meet the needs of your organization it will create significant ROI.
Watch the webinar now to learn about top challenges, 5 tips to prepare for year-end close, and how to simplify accounting workflows to meet deadlines with confidence.
Mashed Potatoes: ABB Case Study
In order to improve its financial close process, ABB partnered with Trintech and Capgemini to implement our solution in support of new processes, a drive for automation and significant change management. Much like mashed potatoes, this case study brings everything together and shows how putting all the pieces together makes the perfect bite. This company is a leading global engineering company that energizes the transformation of society and industry to achieve a more productive, sustainable future.
“The speed and success of the project came from being able to design new processes and policies, and then work jointly with Capgemini and Trintech to deploy and manage the new approach in Trintech’s platform, benefiting from this new, risk-enabled approach.” – Group Finance Process Owner R2R, ABB
Download this case study to explore the benefits ABB gained by automating the close process, including:
- Enhanced efficiency through targeted automation
- Fewer reconciliations through risk-based account focus
- Enhanced visibility into balance sheet management
- Greater compliance with reduced cost
A Thanksgiving dinner isn’t complete without these items, just as our year wouldn’t have been complete without these resources. As F&A teams are reflecting on the year they are also beginning to plan ahead for this next year and these resources will help them achieve more in 2023.
Written by: Isabella Delgado