Meeting Deadlines/Time Pressures and Providing Analysis to Gain Business-Critical Insights Continue to be a Challenge with a Reduced Team Size Becoming a Bigger Threat
Dallas, TX – June 2nd, 2022 – Trintech, a leading provider of cloud-based financial close solutions for the Office of Finance, today announced the release of its 2022 Global Financial Close Benchmark Report. Trintech surveyed over 160 F&A professionals, ranging from individual contributors to C-Suite executives, across over 100 companies in the first half of 2022 to evaluate the current state of their financial close, challenges and risks facing their businesses, and the maturity level of their financial close automation.
The survey found that F&A professionals today are seeing an increased impact from reduced team sizes to get the work done and a greater threat from a challenging labor market while still facing many of the same challenges they have seen in the past, such as meeting deadlines and providing analysis and insights in a timely manner. Despite knowing there are solutions today that can help meet those challenges, there continues to be a low rate of adoption of advanced automation solutions that streamline the complex processes within the financial close managed by F&A teams, often due to prioritization of other projects, or limited bandwidth of time from constant firefighting efforts. Without implementing a holistic solution that provides a control framework across the entire financial close process, and ensuring standardized processes are not only provided, but also automated and followed, there is amplified risk to the business and little room to provide higher-level value through business-critical insights.
Key findings from the survey include:
- 52% of respondents noted that meeting deadlines and time pressures is the biggest challenge facing their organization’s financial close process today
- Two-thirds of organizations want to reduce their days to close – 34% state that an improved speed of the financial close is the most important factor in building the business case for automation
- 74% of respondents reported that they do not have “established” or “advanced” automation in place today – they are still in “basic” or “developing” stages
“The Office of Finance has evolved over the last couple of years as digitization and the automation of manual work, in areas like the financial close process, have taken center stage – reinforcing that as times change, F&A teams must adapt to not only stay competitive in the market but to get the actual work done in a timely manner, as well,” said Teresa Mackintosh, Chief Executive Officer of Trintech. “In order to not only solve the growing challenge of ‘having to do more, with less’ but also effectively train and onboard new team members when churn does happen, organizations must implement solutions that remove mundane or tedious tasks and leverage automation that standardizes and documents processes and improves efficiency while reducing risk.”
To dive into the results of this report further, Trintech also recently hosted a webinar with an advisor from a leading analyst firm to give companies additional insights and best practices related to the following topics:
- How leveraging technology improves ability to recruit skilled talent and reduce churn
- Key areas F&A organizations are focused on improving over the next 12 months
- How to make a business case for change and accelerate your automation initiatives
To access the full results, download Trintech’s 2022 Financial Close Benchmark Report here.
Trintech Inc. 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, Germany, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.
Sr. Manager, Global Corporate Marketing & Communications