Siemens Uses Trintech’s Record to Report Solution to
Increase Control and Transparency Across its Financial Close
Siemens Corporation is a U.S. subsidiary of Siemens AG, a global powerhouse in electronics and electrical engineering, operating in the energy, healthcare, and infrastructure & cities sectors.
For more than 165 years, Siemens has built a reputation for leading-edge innovation and the quality of its products, services and solutions. With 362,000 employees in 190 countries, Siemens reported worldwide revenue of $24.3 billion, including $5.9 billion in exports, and employs approximately 52,000 people throughout the all 50 states and Puerto Rico.
Siemens account reconciliation process was very decentralized amongst each of the company’s business units. Many locations relied on Excel and multiple shared directories to perform general ledger account reconciliation. Siemens wanted an efficient, automated solution that could integrate with their complex ERP environment to deliver best-in-class account reconciliation services to their various business units.
Trintech’s Record to Report solution allows Siemens to manage reconciliations across 20 different SAP instances from one location. It has helped Siemens reduce overhead by bundling projects and processes, providing its global shared services center with a cloud-based close solution which generates reports for performers, reviewers, and managers from a dashboard interface and enables rules-based scoping and dynamic risk rating of accounts and reconciliations. The solution is flexible enough to integrate with the evolving processes and technology supporting its global shared services center and offers a mobile application for managing journal entry review and approval.