Trintech Adds Over 20 Industry-Leading Capabilities to Cadency’s Transformative System of Controls for the Office of Finance
Dallas, TX – April 23rd, 2019 – Trintech, a pioneer and leading provider of Financial Corporate Performance Management (FCPM) software, today announced the release of Cadency 7.0. The latest update to its Cloud-based system of controls for the entire Record to Report (R2R) process now offers expanded capabilities in high-volume matching, intercompany collaboration, SAP integration and audit-preparedness, key focus areas for world-class offices of finance around the world.
“We know that financial professionals are constantly searching for ways to make their processes and overall ability to contribute to their organizations exemplary,” says Michael Ross, Trintech’s Chief Product Officer. “Through extensive collaboration with our customers and partners, we’ve identified the most common sources of both frustration and opportunity, and Cadency 7.0’s new capabilities continue to help our clients accomplish their most fundamental goals.”
With the addition of Cadency Reconciliation Match (Match), Cadency extends its comprehensive reconciliation functionality to include high-volume transaction matching capabilities. Match rapidly processes transaction data from multiple sources, quickly identifying matched and unmatched transactions well before period end to reduce the time required to close. By having this process embedded within Cadency’s existing General Ledger reconciliation, journal entry, close management, compliance, intercompany management and disclosure and fiduciary reporting capabilities, the risk of error is reduced, and the dependability of financial controls is strengthened from the very first record to the final report.
Additionally, Cadency 7.0 continues to build on the solution’s well-established intercompany accounting capabilities, an area that has come to the forefront for many global organizations as they increasingly recognize the financial costs and risks associated with any inefficiencies or weaknesses in this process. To further support collaboration between teams and entities this process now facilitates intercompany transactions by multiple preparers, quickly breaking down any communication barriers and appropriately supporting what is often a complicated, multi-faceted workflow.
With 7.0, Cadency offers a brand-new user interface, SAP Open Item Clearing, that allows users to directly clear transactions in real time inside SAP; this addition completely removes the need to manually identify and clear transactions as well as customer vendor invoices inside SAP. Understanding that ERPs form the core of the system of record for many companies, Trintech continues to make substantive investments in its pre-built Cadency ERP connectors for SAP® (including SAP S/4 HANA), NetSuite® and Oracle®. These industry-leading connectors are developed in the native ERP’s programming language to enable ease of adoption and long-term flexibility. Additionally, the company also offers its Universal Application Connector and UI Path Connector to allow Cadency’s platform to easily integrate with the office of finance’s larger technology ecosystem.
Even after period end, many F&A teams, especially those who are conducting the financial close process manually, still face an incredible burden in supporting their external auditors. According to a third-party research study, prior to implementing Cadency, users reported spending countless hours preparing documentation, answering questions and finding missing information. Post-Cadency implementation, users have seen up to a 99% reduction in time to support external audits1 due to the solution’s Risk Intelligent RPA capabilities and eBinders; these remotely-accessible archives contain comprehensive electronic documentation of a company’s financial close process for a specified period. Now, 7.0 expands this capability to provide audit-ready documentation of all general ledger reconciliations, including comments, supporting information and balances with company codes and locations, giving users the ability to provide additional transparency into their process without increasing their workload.
In total, Cadency 7.0 includes over 20 notable new capabilities covering all the platform’s processes, Reconciliation Match, Reconciliation Certify (formerly Certification), Close, Journal Entry, Compliance and Disclosure Management as Trintech continues to make investing in and innovating its uniquely risk-intelligent system of controls software a top priority for the company.
With Cadency from Trintech, financial executives have access to the world’s only system of controls that weaves all Record to Report (R2R) activities into a single, seamless process. The result – a comprehensive platform that reduces risk, shortens the length of the financial close and grows with business needs. From the time a transaction occurs through financial statement issuance, Cadency’s industry-leading Risk Intelligent RPA capabilities significantly improve visibility and empower continuous process improvements in transaction and general ledger reconciliation, journal entry, close management, compliance, intercompany management, and disclosure and fiduciary reporting.
Trintech Inc., a pioneer of Financial Corporate Performance Management (FCPM) software, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure and fiduciary reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency® Platform, Adra® Suite, and targeted tools, Trintech Disclosure Management®, ReconNET™, T-Recs®, and UPCS®, help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.
Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, 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.
1 2017 Cadency ROI Study, Hobson & Company
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