Trintech Leads Market with Enterprise Grade Reconciliation Services for Fortune 100 Companies
Dallas, TX – September 10th, 2020 – Trintech, a leading global provider of integrated Record to Report software solutions for the office of finance, continues to meet the global needs and requirements of large enterprises. A growing number of large enterprises — including several household names providing essential services during the pandemic including Albertsons, Kroger, Target and Walgreens — have partnered with Trintech to ensure billions of monthly transactions are recorded accurately and efficiently. While BlackLine recently published their base of 3,000+ customers aggregately import 10 billion transactions a year (February 2020), the top 5 of Trintech’s reconciliation customers single-handedly look to Trintech to annually import over 10 billion transactions into its cloud solutions. Handling this kind of volume illustrates Trintech’s clear leadership in matching capabilities for the office of finance and is a reason why organizations with the complexities of high volumes of transactions continue to partner with Trintech.
“We have seen a significant amount of our new enterprise clients who have left competitors to streamline the financial close activities into a single, seamless process. We understand that not all businesses look the same, and these large enterprises need a solution that scales differently than that of a mid-size company,” said Teresa Mackintosh, CEO at Trintech. “When you partner with Trintech, you are not getting a ‘one-size-fits-all’ product. You are getting a complete solution that is designed for your unique needs and a team of experienced financial professionals who will support you from technical set-up to full deployment, and beyond.”
In order to improve its R2R process, ABB partnered with Trintech and Capgemini to implement Trintech’s Cadency solution in support of new processes, a drive for automation and significant change management. ABB has achieved a single, standardized approach to balance sheet management on a global scale. Reconciliations have required less manual effort due to increased automation and the application of a risk-based strategy. ABB is now able to focus on the risk rating of their balance sheet, with high-risk accounts, such as bank accounts, being reconciled each month with low risk accounts on a less frequent reconciliation cycle.
LKQ Corporation, a leading global distributor of vehicle parts and accessories, implemented Trintech’s Cadency and ReconNET solutions and successfully conducted 130 acquisitions from 2003 – 2019, growing 38 times with no headcount increase. “When you look at our return on investment, we reduced our close to six and a half business days, reduced our cash specialist headcount by nearly 50%, and achieved about a 90% auto-reconciliation,” said Janice Dailey, Accounting Senior II – Financial System Support at LKQ Corporation. “In addition, we are continuing to expand our usage of the solution with the addition of intercompany accounts. We have now auto-matched 90% of our intercompany accounts which has been a significant benefit for us.”
In addition, Ingram Micro has seen significant benefits from implementing Cadency. “We operate in 40 countries, have 225 entities, and buy 6-12 companies a year,” said Jim Agnew, SVP Corporate Controller at Ingram Micro, Inc. “With Cadency Close, we have visibility into the financial close process daily, as well as harmonization and standardization across all our countries and entities. So, a close process being done in Peru is the same process being done in Germany or the United States.”
Cadency is the only System of Accounting Intelligence (SOAI) that combines end-to-end financial close activities into a single, seamless process, including operational matching, intercompany transaction management, balance sheet reconciliations, journal entry management, close task management, and compliance. In addition, it leverages innovative technologies, such as Artificial Intelligence (AI), Risk Intelligent RPA™ (RI RPA) and ERP Bots, for further efficiencies and to support your financial transformation journey as your business evolves and grows.
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 reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency® Platform, Adra® Suite, and targeted tools, 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, 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.