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Evolving for Efficiency: Financial Processes Gain Speed and Agility Through Cloud Deployment Options

by Robert Michlewicz | SAPinsider, Volume 16, Issue 1

January 1, 2015

In the world of finance, powerful systems devoted to the financial close are often not enough to avoid inefficiencies and inaccuracies caused by disparate spreadsheets and solutions. Read this article to discover how to automate and streamline financial processes to make sure your data can be trusted to optimize your decision-making.

 

To get the most out of technology, you need more than the best point solutions. Your solutions need to work automatically and in concert to ensure that mistakes aren’t being made and data can be trusted.

Finance solutions are no exception. Even companies that deploy the finest solutions devoted to financial close, account reconciliation, and regulatory compliance can struggle to properly integrate and automate them. As a result, they face inefficiencies and inaccuracies caused by a confusing combination of solutions and spreadsheets that causes employees to make harried phone calls and emails to ensure data integrity.

On top of it all, with multiple lines of business in remote locations, executives on the move, and frequently changing regulatory requirements, companies need to consider solutions that can be flexible enough to change on the fly while also providing information to employees when and where they need it. This is why so many companies are increasingly turning to the cloud for the deployment of their finance solutions.1 

The Importance of Integration

The challenges that companies face regarding inefficiency are only exacerbated by the countless configurations and customizations made to systems. SAP customers not only often have multiple instances worldwide, but they often have different look and feel and functionality. Even the most sophisticated technologies lose impact in the absence of smooth integration. If data isn’t being shared among systems properly, executives can’t make the vital business decisions that drive the company’s direction.

Trintech has helped SAP customers solve such integration issues with a cloud-based finance solution called Cadency. Cadency and each of its integrated elements orchestrate activities, processes, and stakeholders to help ensure an efficient, compliant, and less fragmented record-to-report cycle. From account reconciliation and balance sheet certification to financial close, regulatory compliance, and journal entry and disclosure management, Cadency streamlines the cumbersome processes associated with financial governance. Each vital element is integration-tested and performance-assured for today’s sophisticated ERP systems. Let’s look at a couple of examples of how Trintech solutions have helped organizations streamline their processes.

Streamline Global Processes

AstraZeneca was managing monthly reconciliations for its multibillion dollar balance sheet through Microsoft Excel and numerous manual processes. With Trintech capabilities integrated with SAP systems, AstraZeneca transformed its global record-to-report processes, improved customer service, reduced costs, and reinforced compliance with the Global Balance Sheet Reconciliation Policy.

Automate Financial Transactions

A multinational industrial manufacturing organization had 20 different SAP ERP configurations in play when it adopted Trintech’s solutions to automate and process financial transactions spanning more than 400 business units. Today, all account balance extracts from multiple versions of SAP systems arrive when needed in the proper format, saving thousands of hours of manual intervention. By automating financial processes and properly integrating systems, companies can count on their data and devote time to business-critical tasks.

Learn More

The promise of an automated office of finance is here today. Trintech’s technologies are proven, and they are seamlessly integrated with the best ERP systems in the world to be securely available anytime, anywhere — directly from the cloud. For more information, visit www.trintech.com/resources/achieve-a-faster-more-accurate-financial-close.

1 Gartner, “The Top Three Impacts of Cloud Computing on Financial Management Business Applications” (November 2013; www.gartner.com/doc/2626717/top-impacts-cloud-computing-financial). [back]

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Robert Michlewicz
Robert Michlewicz

EVP
Trintech



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