Darren Heffernan, President, Mid-Market
Many finance teams today lack the necessary processes and technology in place to be strategic advisors to businesses. They are dealing with disparate, manual processes often conducted in Excel (which was not designed to manage the complex financial close process) with no real-time visibility and control. Even if they do have technology in place, they are often referring to an ERP system – and in many cases, there are multiple ERP systems or instances in place that cause additional complexities. Since many large organizations operate in complex ERP environments (using an average of nine different vendors and 18 instances across the enterprise globally according to a recent Forrester report), they often experience disconnects in executive-level partnerships and face trouble with data availability and accuracy. Though ERPs can help manage some of the closing processes, there still remains an ample amount of work that’s taken outside of it and managed manually via excel documents, telephone calls, and emails. This significantly increases the risk of human errors that could lead to financial misstatements. If organizations don’t rectify these core areas, they become less agile and are at risk of falling behind competitors and missing out on future growth. Perhaps it’s now time that we acknowledge the fact that the status quo just won’t cut it anymore. Companies need to have increased visibility and controls over their processes in order to provide real-time financial intelligence to add strategic value to the enterprise.
This is where financial automation takes center stage, helping every Office of Finance improve efficiency and effectiveness, while simultaneously reducing cost and risk. It allows them to recover time from manual or inefficient processes to respond to the additional increased demand for insights—a lasting change from the pandemic. “Organizations struggle significantly with the financial close. In our recent study with Forrester Consulting, 90 percent of respondents said they experience challenges with the financial close process and that it is time-consuming, at risk of experiencing manual errors, and under-supported,” says Darren Heffernan, President, Mid-Market, Trintech.
Helping companies get onto the “financial automation” bandwagon is Trintech, a pioneer of Financial Corporate Performance Management (FCPM) software. At its core, the company combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. “By leveraging automation throughout the financial close process, we can increase productivity and efficiency; we also gain access to real-time data in the financials that can help provide insight to drive critical business decisions,” asserts Heffernan.
From high volume transaction matching and streamlining daily operational reconciliations, automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech helps manage all aspects of the financial close process.
By leveraging automation throughout the financial close process, we can increase productivity and efficiency
Built for mid-sized companies, Adra® by Trintech is a leading financial close and reconciliation solution that automates critical tasks, helping clients simplify processes and close faster with confidence. The cloud-based solution automates key areas of the financial close process including: balance sheet reconciliations (Adra Balancer), transaction matching (Adra Matcher), financial task management and controls (Adra Task Manager), and reporting (Adra Analytics). “We believe that every member of the Office of Finance could be empowered by automating basic financial close tasks. With Adra, we give clients their time back to focus on core objectives,” explains Heffernan.
With Cadency®by Trintech, financial executives have access to the world’s only System of Accounting Intelligence that weaves all Record to Report (R2R) activities into a single, seamless process. The result – a comprehensive platform that reduces risk, shortens the length of the financial close and scales with business needs. Cadency’s industry-leading automation capabilities significantly improve visibility and empower continuous process improvements in account reconciliations, transaction matching, journal entry, close management, compliance, intercompany management, and reporting. Cadency customers have reported significant ROI including up to a 99% reduction in preparation time on reconciliations, up to a 90% reduction in the number of accounts needed to be reconciled and up to a 75% reduction in time for rework.
Powered by Trintech’s Cadency Platform, CadencyDirect is now available to ServiceNow’s customers for a complete digital workflow across an enterprise. “ServiceNow is a leading vendor in the office of the CIO. With increasing interdependence between the Office of the CIO and the CFO, our partnership reflects an ecosystem of collaboration—to drive greater transparency and increase ROI,” says Heffernan. With CadencyDirect, Trintech aims to play an integral role in facilitating that interdependence with the next generation of Enterprise platforms. The company brings unparalleled Office of Finance experience while ServiceNow brings its broader Digital Workflow and Now® platform for enablement across the entire Enterprise organization. “We both are ERP-agnostic—no matter what ERP vendor you are using, we can help streamline workflows and the financial close process specifically. Our partnership will allow teams to digitize workflows across the financial close process on a single, scalable cloud-based solution that creates visibility, drives confidence, and achieves a healthier operating enterprise,” highlights Heffernan.
With such robust offerings, Trintech serves more than 3,500 clients worldwide – including the majority of the Fortune 100 – and enables customers to continuously improve the efficiency, reliability, and strategic insights of their financial operations. “There is so much opportunity for meaningful tech adoption, especially as firms continue to operate partially or fully in a remote environment. The pandemic has certainly accelerated the need for smart technology adoption, especially for finance functions, but the shift was underway long before,” concludes Heffernan. “Increasing efficiency, accuracy and accessibility is the gold standard trifecta for finance teams, and we are privileged to serve as a partner on their digital transformation journeys.”