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D
ue to growth through mergers and acquisitions,
aggressive expansion during high growth
periods and historical local system purchasing
decisions, most finance organizations struggle to
maintain a heterogenous ERP application portfolio.
“Several of our large, enterprise-class customers that
have chosen to partner with SAP® still identify
challenges in regards to their financial close process
due to the manual aggregation of information for
period-end reporting that sits outside the ERP,” says
Teresa Mackintosh, CEO at Trintech. “This manual
work makes it incredibly difficult for companies to
effectively deliver the required information for
shareholder/investor and regulatory reporting, leading
to high risk across the process and the business.”
Having to rework the numbers after the close, incurring
re-audit fees from third party auditors, re-statements of
earnings and fines from governing bodies become all too
common. So, what can be done to reduce this extensive
manual effort and ensure standardization of processes
and integrity of financial data?
Ensuring the Integrity of Your Financial Close
Process with Cadency®
While the ERP plays a significant role in the
management and automation of daily operations,
it lacks the functionality to handle the
complexity of the financial close process. With
Trintech’s enterprise-class cloud-based solution,
Cadency®, financial executives have the world’s
only finance governance solution that integrates
seamlessly into their existing ERP systems,
specifically SAP®, to streamline all of the Record
to Report (R2R) activities into a single, process. It
provides you with the means of collating all the
critical data in a single view, and can eliminate
those white spaces that sit outside the ERP by
providing pre-built Connectors and agnostic
integration capabilities to standardize across the
business. From automating and managing balance
sheet reconciliations, managing intercompany
workflow and transactions, journal entries,
disclosure and fiduciary reporting and bank fee
analysis, to governance, risk and compliance –
Trintech’s Cadency solution optimizes
resources, reduces cost and improves
governance and transparency across the
entire financial close process.