Intercompany Accounting
Cadency Intercompany streamlines complex intercompany and consolidation processes by automating time-consuming activities such as transaction recording, reconciliation, and elimination—all within a single solution. This reduces close time and improves accuracy of financial statement preparation.
Streamline Intercompany Postings, Reconciliations and Settlements
The intercompany process can create complexity in a global organization resulting in challenges when posting transactions, reconciliations for the period close and settlement of transactions.
Fragmented Systems
The lack of integration among fragmented systems often leads to manual data entry, errors, and delays in decision-making. Streamlined data aggregation can solve this by seamlessly connecting systems, enabling real-time data synchronization, improving accuracy, and freeing up accounting teams to focus on higher-value tasks.
Timing Discrepancies
Timing discrepancies between entries can cause mismatches that lead to payment disputes, strained vendor relationships, delayed financial closings, among other issues. These often stem from manual processes and inconsistent data updates. Trintech’s native capabilities can address this by ensuring real-time, automated data entry, reducing errors, improving transparency, and accelerating the resolution of discrepancies.
Currency Exchange Risks
Currency exchange risks from fluctuating rates can complicate global accounting operations, leading to inaccurate financial reporting, unexpected losses, and challenges in cash flow management. Manual tracking of exchange rates increases the chance of errors and delays. A robust, integrated Intercompany management solution can mitigate this by integrating real-time exchange rate data, automating currency conversions, and providing up-to-date insights for more accurate and timely financial decisions.
Compliance Complexity
Compliance with diverse and constantly changing tax laws across jurisdictions is resource-intensive and prone to error, especially when managed manually. This complexity can lead to missed deadlines, penalties, and audit risks. A connected compliance platform simplifies compliance standardizing processes and generating accurate reports—reducing the burden on accounting teams and ensuring regulatory adherence.
The effectiveness of a company’s intercompany accounting process has an impact on its speed to close, the complexity of its accounting practices, and its exposure to regulatory risk; it can create an administrative burden for accounting staff for what is essentially an internal, non-value-creating process from the shareholder perspective. Getting it wrong can have serious financial implications.”
Key Benefits of Cadency Intercompany
Best-in-Class Transactional Data Reconciliation
Cadency Match offers advanced transaction-level matching capabilities, allowing for detailed reconciliation at the individual transaction level rather than just summary balances. Thanks to purpose-built integrations, it can bring in very detailed transactional data from any source – and can perform matching on more fields than any other solution on the market. Cadency Match can also perform complex, multi-way matching and automate exception handling in a way that simply doesn’t exist elsewhere. This precision helps in quickly identifying discrepancies and reduces financial exposure.
Daily Reconciliation Capabilities
Daily reconciliation capabilities enable organizations to reconcile intercompany transactions more frequently, providing real-time visibility. This streamlines the intercompany accounting process by reducing period-end pressure and supporting faster, more accurate compliance. Implement daily reconciliations to ensure compliance and enable continuous, proactive decision-making.
Platform Nativity
Cadency’s Intercompany package natively automates the recording, reconciliation, and elimination of transactions, ensuring accuracy and efficiency. The solution leverages existing tax, treasury, reporting sources. There are no new compliance or reconciliation systems to audit, and financial reporting is still produced from current systems, which allows your organization to work more efficiently without the classic period-end stress.
Compliance Assurance
Ensure compliance with global accounting standards such as IFRS and US GAAP through built-in validations and reports.
Scalability
Cadency Intercompany is designed to handle transactions of all volumes across multiple entities and geographies.
Enhanced Collaboration
Rather than expecting your various teams to rely on email, messaging platforms, and phone calls to gain critical insight into the status of required items, our centralized platform allows all entities to collaborate and resolve disputes faster.
Reduced Risk
Cadency Intercompany reduces risk by standardizing and centralizing intercompany transactions, minimizing discrepancies and manual errors. It ensures compliance with accounting standards and regulatory requirements across entities, reducing the likelihood of audit issues or financial restatements.
Streamlined and Reliable Aggregation
Eliminating the manual nature of pulling transactions, balances, and any other required data is crucial for customers committed to automating their accounting processes because it ensures accurate, real-time financial insights without grueling and mundane intervention. This reduces errors, saves time, and supports smarter, faster decision making.
Cadency Platform
Discover a Comprehensive Solution
Cadency Intercompany is part of the Cadency platform, a leading enterprise solution for Record to Report (R2R) processes. The platform provides controls that enhance efficiency and effectiveness for the Office of Finance while reducing risk and costs. Cadency unifies all R2R activities into a seamless, ERP-agnostic platform.
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