Trintech, a leading global provider of integrated, cloud-based Record to Report (R2R) software solutions for the office of finance, today announced that 20+ global finance organizations have deployed Trintech’s portfolio of financial solutions to automate and manage intercompany.
“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%,” said Wendy Zermeno, Accounting Manager at Siemens Corporation.
Due to manual processes, disparate third-party systems, multiple currencies, and country-specific regulations and tax policies, performing effective and efficient intercompany accounting continues to be a leading challenge for Finance and Accounting (F&A) departments across the world.
“Traditionally an overlooked process, intercompany has quickly moved to the forefront as organizations expand their global footprint and recognize the financial costs and growing risk exposure they are faced with an inefficient intercompany accounting process,” said Teresa Mackintosh, Chief Executive Officer at Trintech. “This is why we are seeing more and more organizations partnering with Trintech to automate this highly manual, risk-prone process to allow for more time spent on strategic initiatives.”
Siemens, HP Inc., Topgolf, and GSK, are just a sample of the 20+ global finance organizations that have partnered with Trintech to automate and manage their intercompany process – eliminating manual activities, increasing visibility, reducing costs, and improving governance.
Trintech is extending its intercompany capabilities further in 2018 by enhancing detective and preventative controls to help solve more of the intercompany challenges organizations are facing. This includes visibility and insights into netted bilateral positions, automated invoice creation, enhanced usability on input screens and additional integrations leveraging Risk Intelligent Robotic Process Automation™.
Trintech, Inc. pioneered the development of Financial Corporate Performance Management (FCPM) software to optimize the Record to Report process. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, journal entries, bank fee analysis, reporting, governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency®, Trintech Disclosure Management®, ReconNET™ and T-Recs®, help manage all aspects of the financial close process. Over 3,100 clients worldwide – including the majority of the Fortune 100 – rely on our cloud-based software to increase efficiency, reduce costs, and improve governance and transparency across global financial organizations.
Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, France, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.
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