Trintech Deepens Record to Report Automation Capabilities for the Office of Finance
Trintech, a leading global provider of integrated Record to Report (R2R) software solutions for the office of finance, today announced the release of Cadency 5.0, an extensive update to its industry-leading approach to conducting the financial close process in the most efficient and effective manner possible. The company’s latest release of its comprehensive R2R solution includes enhancements to all key processes – reconciliation, close management, journal entry, compliance and reporting.
“Simply automating Record to Report, instead of relying on risky manual methods such as spreadsheets, greatly enhances the office of finance’s ability to produce reliable financial statements,” says Michael Ross, Chief Product Officer at Trintech. “With every release of Cadency, our primary goal is to deepen the impact the solution can have on our clients’ R2R process and their businesses overall.”
From reducing the number of clicks required to perform a task to language localization, Trintech has made usability a key area of investment across the entire platform. With 5.0, Spanish is now fully supported in all key R2R processes. Cadency currently offers English, French and Spanish versions, and will continue to expand its language localization with a focus to support German and Italian in upcoming releases. Additionally, 5.0 includes Cadency CloudSheet©, a spreadsheet-like capability that ensures all reconciliation work and related documentation is conducted within one system, allowing for readily available information for future reference, such as an audit.
Cadency now provides a preview of upcoming close tasks, empowering users to manage their current and upcoming workload to help reduce costly turnover and loss of human capital while shortening the period-close cycle. When creating journal entries in Cadency, users can also use a single file import to create one or more JE along with any necessary documentation. In addition, approvers can use the recently refreshed mobile application to finish this process even when away from their desktop, greatly reducing repetitive work and bottlenecks that often lengthen the close cycle.
When all transactions are reconciled, journal entries are posted, close tasks are complete, and audit-ready compliance is assured, Cadency can be used along with Trintech Disclosure Management’s© reporting capabilities, where users will now be able to submit XBRL data directly into HTML for SEC filings, as well as receive the latest updates on GAAP, FASB and IFRS pronouncements.
Finally, with 5.0, Trintech continues to use robotics to create time- and cost-saving ERP integrations with new and updated dedicated connectors for several applications, such as Oracle®, and officially certified connectors for SAP® and NetSuite®. The company’s dedicated connectors allow its clients to reliably connect and exchange their R2R solution and ERP’s data while reducing the time and expense often associated with third-party or internal integrations of these systems.
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™, Adra® 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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