Intercompany

Create a reliable, predictable and efficient intercompany accounting process

Challenge

Intercompany accounting is one of the most complex processes a global office of finance undertakes, and it’s not often given the support it deserves. However, by automating the intercompany process through the usage of preventative and diagnostic controls, the collaboration and supporting documentation it requires can quickly be given the visibility and workflow it needs to become predictable, reliable, and hassle-free.

Capabilities

  • When invoices are created, there’s a set process for how invoices are generated, approved and processed between the two parties
  • Discrepancies between the JEs of both parties ERPs are detected and routed to appropriate parties
  • AP and AR accounts within each company’s ERP are automatically reconciled and net within their GLs to give visibility into the period-end reconciliation process

How It Works

By utilizing Cadency’s preventative and detective controls for trade and non-trade (also known as product and non-product), transactions are managed from the initial invoice all the way through discrepancy management. The enhanced controls drastically reduce the number of accounts and transactions that require an auditor’s attention and decrease the time needed to come to a complete and safe close.

Key Benefits

Invoice WorkflowInvoice Workflow

Invoices follow a set process for creation and processing

Simplified CommunicationSimplified Communication

JEs are automatically posted into all ERPs

Risk MitigationRisk Mitigation

Discrepancies between ERPs are automatically detected

Bottleneck RemovalBottleneck Removal

Discrepancy alerts are automatically routed to reviewers

Ease of AuditEase of Audit

Easy accessibility to supporting documentation for audits

Since automating our month-end intercompany close process with Trintech’s solution, Siemens has reduced the number of line items requiring manual analysis from over 15,000 to less than 200–a reduction of 99%.

-Wendy Zermeno, Accounting Manager at Siemens

Transformative System of Financial Controls

Cadency is the only System of Financial Controls that weaves all R2R activities into a single seamless process. By incorporating preventative and diagnostic controls into your intercompany reconciliation process, organizations gain unprecedented visibility and clarity into cross-company transactions and their discrepancies, and all of this information is accurately incorporated into the individual entities’ financial close process.

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Other Cadency Processes

Close Management

Take control of the time and energy required to complete the period-end close

Compliance

Reduce the time and risk associated with testing controls and supporting audits

Disclosure Management

Financial and regulatory reporting, seamlessly integrated with your financial close process

Journal Entry

Reduce risk and drive efficiency by automating your journal entry process

Reconciliation Certify

Take control of your error-prone and complex reconciliation process

Reconciliation Match

Reduce the time and risk associated with the transaction matching process