Late adjustments, confusing email chains of approval and a lack of standardization: is your financial close process getting slower and increasingly disorganized with each period end? Even if you are trying to improve your close process, it’s hard to develop enough visibility to quickly identify the bottlenecks in your process that are causing process, task, and time management issues.
Your Office of Finance must be able to improve these inefficiencies as it works to positively contribute to the financial health of your organization. Our solution will allow you to determine the root cause of your close cycle delays and optimize your organization’s resources.
Cadency’s Financial Close software spans across and integrates with all R2R activities, including account reconciliation preparation and certification, journal entry preparation, approval and posting, all with an integrated compliance framework to prevent “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.
To help speed up your close process, the solution’s dashboard clearly highlights upstream and downstream task dependencies, flagging potential bottlenecks to allow management to address issues before a deadline has passed. Tasks that are completed inside as well as outside of Cadency are quickly communicated between systems using robotic & automation capabilities, allowing staff members to spend less time on manual updates and more on strategic analysis.
With an automated Close process that includes integrated issues management, you’ll have strong visibility into each task and its overall progress. If any task is delayed in being completed, you’ll be able to clearly identify the issue and work to move things along with all the information you need directly available in the Close system.
Cadency Close provides a standardized, repeatable, and sustainable automated close process that works with your existing ERP data to manage and record all of the tasks associated with the close process to ensure accurate final reporting.
With a clearly defined process and real-time visibility into the progress of each task, you will greatly reduce the time to close, all-the-while creating a detailed log of events for internal and external audits.
Changes in internal and external reporting requirements, as well as increasing complexity in organizational structure and globalization have caused an increased reliance upon spreadsheets, which is highly problematic for the office of finance. Businesses can rely upon spreadsheets so heavily that they lose sight of the original purpose of the spreadsheet and make decisions based on erroneous data. Hoping for organized, coherent information, many in finance develop complicated, multilevel spreadsheet systems for Record to Report projects like account reconciliation, journal entry, compliance, consolidation and reporting. But organizations quickly find themselves buried in a mountain of spreadsheets and investing an inordinate amount of human resources to maintain the highly manual process. This article takes a look at what has commonly been identified as the top five, often interconnected problems associated with an over-reliance on spreadsheets by the office of finance.Read More
Siemens uses Trintech’s Record to Report solution to increase control and transparency across its financial close - Siemen’s account reconciliation process was very decentralized amongst each of the company’s business units. Many locations relied on Excel and multiple shared directories to perform general ledger account reconciliation. Siemens wanted an efficient, automated solution that could integrate with their complex ERP environment to deliver best-in-class account reconciliation services to their various business…View Customer
“It’s not what I know that keeps me up at night, it’s what I don’t know and the impact it could have on our business.” As organizational environments increasingly become more complex, compliance-focused and technology-driven, the C-Suite has even greater pressure to ensure the integrity of the financial close. It’s easy to say that it...Read More