What is an API?
Essentially, an Application Programming Interface (API) enables different applications to communicate with each other. APIs have proven to be immeasurably useful because they facilitate connections between the confidential and secure systems of global companies and their third-party partners.
As part of the Cadency’s System of Financial Intelligence (SFI), we’ve developed multiple APIs, such as the GL Balance Import API, Bi-directional Close Action Plan Router (APR) and API support for custom ERP connectors, all of which reduce the time and risk associated with manual data transfers.
Many Cadency users benefit from the Bi-directional Close APR which links your system(s) of record (ERP or non-ERP — Tax, Treasury, P-Card, etc.) to Cadency’s Close Action Plans. For example, if your intercompany and treasury controls are linked, once the intercompany controls in Cadency are completed, automation triggers a Treasury report to run on your Treasury system. Then, the status can be pulled back into Cadency (using the bi-directional workflow), enabling our bots to auto-close the associated close task/s with proper documentation and audit history, reducing human efforts and making the process smooth.
How APIs Improve the Financial Close Process
Improving the financial close process through technology implementation centers around a desire to increase efficiency and reduce risk. Bi-directional Close API enables data and status to easily flow between needed systems while maintaining set controls. The efficiency and effectiveness established help produce accurate financial statements, and ultimately more peace of mind every step of the way.
Financial Close Capabilities
- Links controls across systems for financial statement integrity
- Automates alerts and actions based on established processes
- Develops custom connections for integrated process visibility
- Produces timely updates across activities
About Cadency’s System of Financial Intelligence
Cadency’s System of Financial Intelligence (SFI) combines ground-breaking automation technologies, such as Artificial Intelligence (AI), Robotic Process Automation (RPA) and Bots, and cleverly applies them throughout Cadency’s System of Financial Controls (SFC) to support the often complex and complicated Record to Report process. These technologies offer unique, powerful solutions to some of the most complex R2R challenges and readily scale as the financial transformation journey evolves and businesses grow.