The average company performs over 470 journal entries so it’s no surprise that there are often issues that pop up during the close process. When issues inevitability occur, you must have a clear plan for how to handle each one effectively to avoid creating financial risk and compliance issues for your company. Leaving these decisions up to your team to make in the moment, when they’re most likely pressed for time and potentially overwhelmed with the amount of work yet to be done, is not a good plan of action.
Instead, you must identify a process for close issue management. Integrated issues management will provide documentation, workflow support and tracking of issues through resolution to ensure the accuracy and completeness of your financial statements.
Cadency’s Financial Close software spans across and integrates with all R2R activities — Certification account reconciliation, Compliance and Journal Entry — preventing “white space breakdowns” in the Record to Report cycle. Because Cadency is the industry’s only solution that manages the entire Record to Report process end to end, you can finally manage and gain audit transparency into all your period-end close processes, all in real time.
The solution provides a dashboard-driven management framework for all aspects of the financial close, and it will help your finance team identify bottlenecks and communicate potential issues early and often, reducing the possibility of missed deadlines and ensuring the accuracy and completeness of your financial statements.
With a clearly defined process, including how to manage issues during your period end, and strong visibility into the progress of each task, you will greatly reduce the time to close through clear visibility into progress and problems, all-the-while creating a detailed log of events for internal and external audits.
Direct connection to your existing ERP data coupled with an established process for managing and recording all of the tasks associated with the close process helps ensure accurate final reporting.
Manage cross-enterprise compliance initiatives, including SOX, HIPPAA, FERC/NERC, corporate social responsibility and more with dynamic scoping, scheduling, testing, and evaluation of your entire risk and control framework from documentation to certification.
Western & Southern uses Trintech’s reconciliation & R2R solutions to oversee and report on internal & external financial controls Western & Southern Financial decided to automate its entire Record to Report process with Trintech’s solutions. The results? “Trintech’s solution is flexible enough to integrate with any of our systems,” said Jason Nickles, Director of Corporate Accounting, Western & Southern. “It doesn’t lock you in. The workflow has really taken our…View Customer