Journal Entry

Reduce risk and drive efficiency by automating your journal entry process

Challenge

When you’re looking to create audit-ready documentation of your Record to Report (R2R) process, Journal Entries (JEs) are often the missing piece of that very important puzzle. Journal entry is a key control in the financial close that validates the accuracy of standard and non-standard entries to systems like your ERP, centralizing all comments, workflows and support in one place.

Capabilities

  • Automate the scheduled posting of journal entries, such as recurring journals, to greatly reduce the effort and opportunity for error
  • Create two-way communication between Cadency and any third-party system, strengthening governance and removing ambiguity that lengthens the close process
  • Configure workflows to allow for the delivery of real-time transparency into the status of journal entries

How It Works

By supporting a fully configurable end-to-end workflow, Cadency Journal Entry bypasses common issues found in manual approaches to deliver real-time visibility, control and validation of the status of all journal entries. As a result, the JE process gains both a stronger governance in the R2R process and the centralization of information required for audit-ready documentation.

Key Benefits

Less PreparationLess Preparation

Reduce your preparation time on reconciliations

Ease of Audit Ease of Audit

Reduce the time needed to support external auditors

Diminished Review Time Diminished Review Time

Reduce the time needed to prepare and review JEs

Key ControlsKey Controls

Improve governance throughout the JE process

Automatic Routing Automatic Routing

Automatically forward journals to the correct approvers

The journal entry approval process reduces the potential for misstatements since it eliminates anything that could lead to a misstatement. We can fix issues before they are posted.

-Regional Controller, Building Material Distributor

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 Cadency Journal Entry’s workflow capabilities into your office of finance, both your ERP and the overall Cadency system are provided with accurate, up-to-date information that supports a compliant R2R process.

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