How a System of Accounting Intelligence Enables Your Close to Move from Reporting to Insights

Over the past several years, our Cadency customers have been reaping the ROI of financial transformation and a global System of Controls (SOC)™. And now, the latest update to Cadency’s SOC enables our customers’ transformation journeys to encompass more valuable insights and intelligence around their financial close process. In partnership with our Customer Advisory Board, we have made significant advancements in our solutions that are enabling our customers to achieve a System of Accounting Intelligence™ (SOAI) that improves their financial reporting accuracy, increases automation and lowers cost.

Building upon your Systems of Record (ERP, Tax, Treasure, etc.) ecosystem, our SOAI includes a System of Integration that provides tight integration capabilities with those data sources and workflows so that your efforts don’t create parallel and silo databases. In addition, this ensures that your ROI and TCO on those systems of record are not impacted, allowing you to upgrade them with flexibility and giving you full confidence that your financial close process will continue to be accurate, secure and provide value. For example, our ERP Connectors enable you to quickly and accurately identify the accounts that need to be reconciled, will then reconcile them and post back journal entries. In addition, our APIs enable you to integrate with other data sources but also drive integration and automation of close workflows on other Systems of Records beyond your ERP such as Tax, Treasury, etc.

Trintech’s SOAI includes the world’s only comprehensive System of Controls. It enables your workflow to work from anywhere across the globe, including working remotely from home, while still ensuring your control, accuracy, automation and reduced costs. To learn how each aspect can transform your financial processes and how it integrates into a global System of Control, check out the following links:

• Operational Matching
• Account Reconciliation
• Journal Entry
• Preventative Intercompany Controls
• Detective Intercompany Controls
• Close Workflow
• Compliance
• How to Measure the Impact of Your Control Environment Using a Framework for Compliance

Our SOAI framework builds upon these controls with rich automation (System of Automation) within Cadency via Risk Intelligent RPA™ (RI RPA). Cadency’s RI RPA automates your close activities based on your company’s specific risk tolerances and compliance framework so that the key items are addressed by human talent, and the rest are automated. This means the truly high-risk items are worked by skilled human talent to ensure accuracy. In fact, we have customers automating 90%+ of their reconciliation and 95%+ of their journal entry workload. This automation can be further extended with ERP Bots. Recently certified by SAP, our bots drive the financial close workflow into the ERP and other systems so that you are closing faster while reducing your overall risk.

A global System of Controls with deep integration and automation in place provides unparalleled insight into your close process. Trintech’s SOAI further enables these insights by using machine learning and artificial intelligence via our Financial Controls AI (FC AI)™ capabilities. FC AI is a unique type of Artificial Intelligence developed specifically for the complex needs of the office of finance to identify errors and anomalies in financial data. It uses a risk-based approach to help financial professionals optimize global controls and automate workflow. This functionality is included natively in Cadency and provides an in-depth assessment of risk, such as fraudulent transactions and manual adjustments, all the way down to the transaction level. It quickly analyzes each account and provides a risk rating while incorporating the correct controls and materiality thresholds. The solution’s machine learning capabilities even enable deeper, more predictive insights over time.

So, if you are ready to shift from Record to Intelligence, Trintech’s System of Accounting Intelligence is the only answer.

Written by: Michael Ross

References

https://en.wikipedia.org/wiki/Financial_close_management 

https://en.wikipedia.org/wiki/Accounting_intelligence