Velosio Reduces Days to Close by 2 Business Days with Adra® by Trintech
Case Study
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Trintech’s Adra solution revolutionized Velosio’s reconciliation and financial close process, resulting in tremendous time savings and increased efficiency. Adra’s intuitive interface, flexibility, and seamless integration with their ERP system, Microsoft Dynamics 365, made it the perfect solution for Velosio.
The Motivation for Automation
Prior to implementing Adra, Velosio was conducting a highly manual month-end close process within Excel. “We had multiple people working in a shared excel file. There were a lot of sync issues and people making updates that weren’t reflected, so it became difficult to trust the overall accuracy of our data,” said Bryan Redic, Accounting Controller at Velosio. Because of these challenges, Velosio decided it was time to look for a solution that could bring visibility and standardization back to their reconciliation and financial close processes.
Why Velosio Chose Adra® by Trintech
Velosio was looking for a solution that would save them time each month as their existing manual close process became increasingly more burdensome and inefficient. “After evaluating multiple solutions, Adra was our top choice based on ease of use, flexibility, and the robust feature set. Not to mention the integration capabilities with our ERP system, Microsoft Dynamics 365,” said Redic.
In 2022, Velosio implemented both Adra Balancer and Task Manager to help automate their reconciliations and close tasks each month. “The Trintech team was a significant help in jumpstarting the implementation of Adra. From there, we could customize the
solution to use it exactly how we wanted to,” said Redic.
The integration of our ERP, Microsoft Dynamics 365, in Adra Balancer has helped us significantly because if we make an adjusted journal entry, it automatically takes a reconciliation that has been completed and moves it back to the preparer. This automatically reminds our team to update the balance sheet reconciliation.”
Streamlining Reconciliations and Close
In 2022, Velosio implemented both Adra Balancer and Task Manager to help automate their reconciliations and close tasks each month. “The Trintech team was a significant help in jumpstarting the implementation of Adra. From there, we could customize the
solution to use it exactly how we wanted to,” said Redic.
The transition from a manual process to Adra was seamless for the Velosio team. “Because the Adra Suite is so easy to use, I quickly learned the solution which made training and using it very easy for my staff. Due to the challenges everyone experienced using Excel, the team saw value in Adra almost immediately,” continued Redic.
Today, Velosio has 4 different teams within their finance and accounting organization that are utilizing Adra Task Manager. “The General Ledger Accounting team, the Accounts Payable team, the Cash and Collections team, and the FP&A team all have access to and use Adra each month,”
said Redic. “More recently, we’ve been using Adra Task Manager outside the month-end close. We do commission statements for our sales team, and we also have monthly tax deliverables, so we track the completion of those tasks in Adra Task Manager, as well.” In addition to implementing Adra Task Manager, Velosio also implemented Adra Balancer to standardize and automate their balance sheet reconciliations. “Adra Balancer has been extremely beneficial in streamlining our balance sheet reconciliation process,” explained Redic. With the Microsoft Dynamics 365 integration, Velosio’s trial balance automatically flows into Balancer and helps them with adjusted journal entries.
Delivering Value
Trintech’s Adra Suite has helped reduce Velosio’s month-end close from 7-8 days down to 5 days. Along with reducing the number of days to close, Adra has also provided their team visibility into who is completing certain tasks, so all work is divided accordingly and creates a more efficient process. “Since implementing Adra, I think just the sheer benefit of
our team feeling better and not stressing from the manual
Excel files has added value and made us more productive,”
continued Redic.
The standardization within Adra has also created a clear audit trail for Velosio that reduces the back-and-forth with auditors. “Many of the questions that the auditors would normally ask are already answered, and they are able to go into the solution themselves and pull the information they need,” explained Redic.
Looking ahead, Velosio is looking forward to further optimizing their usage of Trintech’s Adra Suite and leveraging the solution to increase visibility in other areas of the business.
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