Trintech Delivers Strong ROI for the Office of Finance by Automating the Record to Report Process
Trintech, a leading global provider of integrated, cloud-based Record to Report (R2R) software solutions for the office of finance, today announced the results of a third-party study on the Return on Investment (ROI) its customers experience with Cadency®, the company’s comprehensive R2R solution. The research revealed that along with a six to nine month in-year payback period, companies experienced a notable three-year ROI amounting to multi-millions in cost savings. Cadency’s Risk Intelligent RPA™ (RI RPA)-driven capabilities for reconciliation, close management, journal entry, and compliance create remarkable value through the transformation of the financial close.
“We have heard time and time again that Cadency has helped our customers transform their processes, but as financial professionals it is important for us to understand the quantifiable ROI they see after its implementation versus the hype some solution providers portray,” says Teresa Mackintosh, Trintech Chief Executive Officer. “We now have direct customer benchmark data that confirms Cadency is a proven solution for R2R transformation and an implementation roadmap our customers can follow to maximize that return for their organization.”
Trintech partnered with an independent third-party research group of experienced ROI-analysts who engaged financial professionals from enterprise and mid-size companies around the world. All study participants are actively using Cadency in a wide variety of industries, such as retail, financial services, healthcare, insurance, manufacturing, and more. The research evaluated the solution’s effectiveness based on the actual time and cost savings the users experienced following its implementation.
The analysts determined that Cadency addresses over 15 quantifiable R2R challenges, creates multi-millions in cost savings for its users, and offers an average payback period of six to nine months. Because of the solution’s Risk Intelligent RPA capabilities, users saw up to a 90% percent reduction in the number of accounts to be reconciled. Additional key findings include up to a 75% decrease in the time required to prepare, review, rework, and approve manual journal entries and it can virtually eliminate the internal time needed to support external auditors. The research also concluded that Cadency mitigates the following common R2R challenges: operational inefficiencies, lack of visibility, and financial statement risk.
Trintech will use this information to help financial professionals evaluate their office of finance’s unique challenges and determine their ROI by transforming their financial processes. Leveraging the benchmarks from the study, a participant remarked, “I have seen many solutions that tell me they’ll improve how my team handles our monthly close, but now I can see exactly how to do that with Cadency.”
To request a custom evaluation of the benefits of automation for your financial close process, contact Trintech through the company’s website or local office.
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, intercompany workflow and transactions, journal entries, disclosure and fiduciary reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency®, ReconNET™ , T-Recs®, and UPCS® help manage all aspects of the financial close process. Over 1,700 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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