Today, many global organizations are facing complicated intercompany financial accounting issues driven by complex organizational structures, multiple accounts, and high volumes of intercompany transactions, including non-product activities such as shared office or marketing expenses. Though this process may seem very difficult to manage, there are numerous attainable benefits to automating your intercompany reconciliation matrix to support and manage your activities.
Still, 54% of organizations handle intercompany reconciliations manually which greatly reduces their visibility to the full reconciliation and elimination process – and its overall accuracy. Your organization must evolve beyond this outdated approach.
Trintech’s intercompany reconciliation solution is designed to provide rich intercompany workflows that greatly improve the accuracy, efficiency, and visibility of your activities. Regardless of the number or type of entities and ERP systems involved, our solutions have the power and flexibility to process a larger number of transactions that would otherwise result in a huge employee burden.
During this process, transactional information is compared between entities, reconciled, and recorded to give you visibility, control, and reporting across your organization. Your enterprise will quickly benefit from its superior exception management capabilities as you identify discrepancies, record research behind the reason for the discrepancy, and directly identify where an adjustment needs to be made in your original source of truth.
By adopting an automated approach to intercompany reconciliation, you can quickly reduce the overall number of errors caused by incorrectly recorded transactions, your organization’s compliance risk, and the likelihood of potentially damaging financial restatements.
Regardless of the number or type of entities and ERP systems involved, our solutions have the power and flexibility to process a larger number of transactions that would otherwise result in a huge employee burden.
By focusing intently on process controls and risk mitigation, intercompany reconciliation automation allows you to rapidly accelerate and resolve issues.
Trintech offers the only comprehensive, automated Record to Report solution for your Office of Finance We will help you transform your reconciliation, journal entry, compliance, close, and reporting processes to be more effective and efficient, saving you time and money throughout the entire R2R process.