Trintech Releases Powerful Record to Report Automation for the Office of Finance's Most Complex Challenges
Thursday, December 20, 2018 11:00 AM
Cadency 6.0's industry-leading Risk Intelligent RPA™ capabilities continue to grow and offer innovative solutions to even the most complicated Record to Report (R2R) challenges
DALLAS, TX / ACCESSWIRE / December 20, 2018 / Trintech, a leading global provider of integrated Record to Report (R2R) software solutions for the office of finance, today announced the release of Cadency 6.0, further expanding the solution's extensive system of controls for the financial close process. Cadency's latest update offers dozens of new capabilities, many of which leverage the company's industry-leading Risk Intelligent RPA technology, including extensive integration with leading ERP
®, Oracle®, and NetSuite®, detail-oriented updates to journal entry and close task management, and an optimized mobile experience.
“Many finance and accounting professionals simply want to improve their reconciliation process, which is understandable since it is a key control for producing accurate financial statements,” says Michael Ross, Trintech's Chief Product Officer. “However, they quickly realize that a comprehensive system of controls, anchored in a strong compliance framework, is really what is going to reduce risk in their balance sheet, improve efficiency and effectiveness in their financial close, and make their office of finance world-class. We continue to innovate Cadency with this comprehensive need top-of-mind, and that's very evident in 6.0.”
Understanding that ERPs form the core of the system of record for many companies, Trintech continues to make substantive investments in its pre-built
ERP connectors for SAP, NetSuite, and Oracle. The connectors are developed in the native ERP's language to enable ease of adoption and long-term flexibility. With 6.0, Cadency offers an even closer integration that removes any reliance on internal IT teams to manage file conversions, allows both systems to stay up-to-date, eliminates the need to extract data manually and expands administrators' ability to define unique parameters for how data is displayed and utilized. Ultimately, these capabilities significantly reduce the risk and cost associated with the flow of information during the financial close, especially when multiple ERPs are involved.
Also in 6.0, Cadency ERP Bots further extend the usefulness of its ERP Connectors and the solution's existing Close Action Plan Router API to enable new and high-volume automations to run on the user's ERP system. As an example, the ERP Bot for SAP Journal Entry allows users to run SAP tax calculations, validate the matches on AP and AR journal entries prior to posting, and even trigger invoice creation and distribution through SAP efficiently and effectively - a process that would typically have multiple opportunities for costly errors and time delays. The ERP Bots ensure that the value of Cadency does not stop at the ERP boundary, and even enhances the value of the user's ERP investment as part of the R2R process.
Beyond ERP integration, Cadency 6.0 offers new options for managing the financial close process all the way down to the smallest detail. With Cadency Journal Entry, user privileges can be modified at the individual role level and range all the way from view-only capabilities to providing complete control over the journal entry process, all the while generating a comprehensive audit trail of changes and comments. For those looking to solve their intercompany accounting challenges, journal entries can now be automatically created and posted over several ERPs in a single control activity.
To further enhance the audit trail throughout the close process, Cadency administrators can proactively require documentation for specific close tasks and even communicate the status to non-Cadency systems; this allows Cadency and its users to contribute to the overall productivity of the organization through the office of finance's collective IT ecosystem, while still securely protecting all data in its single-tenant Cloud deployment.
Along with the updates to the desktop Cadency 6.0 platform, Trintech has also launched a new optimized mobile workflow for journal entries, available for iOS and Android operating systems. This experience allows JE reviewers and approvers to review all relevant information, accept or reject postings, and contribute to a detailed audit trail of all actions, directly from their mobile device. Cadency users can step away from their desks, even during period end, and still actively contribute to their team's efforts.
With Cadency from Trintech, financial executives have access to the world's only financial governance solution that weaves all Record to Report (R2R) activities into a single, seamless process. The result - a comprehensive system of controls that reduces risk, shortens the length of the financial close and grows with business needs. From the time a transaction occurs through financial statement issuance, Cadency's industry-leading Risk Intelligent RPA capabilities significantly improve visibility and empower continuous process improvements in account reconciliation, journal entry,
close management, compliance, intercompany management, and reporting.
Trintech, Inc. pioneered the development of Financial Corporate Performance Management (FCPM) software to optimize the Record to Report process. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure and fiduciary reporting and bank fee analysis, to governance, risk and compliance - Trintech's portfolio of financial solutions, including Cadency®, Adra®, Trintech Disclosure Management®, ReconNET™ , T-Recs®, and UPCS® help manage all aspects of the financial close process. Over 3,100 clients worldwide – including the majority of the Fortune 100 - rely on the company's cloud-based software to increase efficiency, reduce costs, and improve governance and transparency across global financial organizations.
Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.