Achieving a Faster and More Accurate Financial Close through Automation
From cloud to mobile, RPA to analytics, the rapidly evolving technology landscape is transforming the way businesses operate. In the wake of these trends, organizational environments are becoming more complex, compliance-focused, and technology-driven. “CFOs and CIOs need to work together and move beyond a cost cutting mind-set to a risk-based approach,” states Teresa Mackintosh, a seasoned entrepreneur with over 20 years of experience working with the Accounting, Tax and Finance functions of companies worldwide.
Ensuring business success today largely pivots on compliance, which is getting more complicated with every passing day. So, how can organizations navigate the choppy seas of compliance while driving strategic decisions? The answer is simple: They no longer can—at least with the traditional, manual processes in place.
Enter Trintech. By focusing on a number of key controls including–reconciliations, journal entries, close activities and tasks, and controls—Trintech helps organizations of any size looking to transform their financial processes to best-in-class levels of efficiency and effectiveness through its suite of financial solutions. Trintech’s Adra™ Suite of Solutions provides cloud-based, financial close and reconciliation solutions for mid-sized organizations looking to accelerate their monthly close process. The suite of solutions includes: Adra Matcher, a transaction-matching software; Adra Balancer, a balance sheet reconciliation software; and Adra Task Manager, a software for streamlining the financial close process.
Trintech offers a cloud-based solution, Cadency®, the world’s first and only financial governance software solution on the market that weaves all of the Record to Report (R2R) activities into a single, seamless process. With Cadency, finance executives can succeed in a changing environment by exhibiting controlled agility – “controlled” to ensure the highest level of data accuracy and integrity in financial close data, and “agility” to adapt to and meet organizational changes that mitigate risk. This single end-to-end solution delivers real-time visibility into the financial close for the C-Suite, producing data-driven insights to propel strategic growth.
With all this information in one place, an executive console delivers real-time transparency and instant visibility to senior executives, enabling them to oversee the current status, and make decisions and take corrective actions before they impact the numbers. This also allows all financial close stakeholders to easily communicate and collaborate, creating real-time communities across the Office of Finance. The uniqueness of Trintech stems from its Risk Intelligent Robotic Process Automation™ that allows its clients to live in a risk-based world–“One where the robots know the tolerances as per an organization’s policies and automatically runs activities, only notifying a person when there is a core issue to be resolved,” explains Mackintosh. Risk Intelligent RPA can be utilized to not only lower costs and reduce errors but also improve compliance by inspecting, automating, and triggering remediation. This enables highly qualified employees to focus their time on delivering and driving valuable insights across the business. With Risk Intelligent RPA, an effective controls framework underpins the whole process and by unifying all key control components together, it enables a clear audit trail for compliance initiatives. “Through our Risk Intelligent RPA process engine, we bring visibility and control to reconciliation, journal entry, and close all under the umbrella of unmatched compliance,” she adds.
Teresa takes us through how Jewson— UK’s leading supplier of sustainable timber and building materials—leveraged Trintech’s Adra™ Suite of Solutions to eliminate manual tasks and processes. Jewson’s existing solution was not flexible enough to handle their complex requirements for data matching, with a significant amount of time being spent manually reconciling transactions. Adra’s ability to provide realtime visibility into the reconciliation process allowed Jewson’s employees to complete the reconciliation process much quicker. Adra currently automates over 1.6 million yearly transactions for Jewson and other affiliated companies of the Saint-Gobain Building Distribution Group. As a true strategic partner to its clients, Trintech’s roadmap is designed to support clients at every stage of their financial transformation journey.
Written by: Kelli Shoevlin