Journal Entry Software
Journal entry is a key control in the financial close that validates the accuracy of standard and non-standard entries to systems like your ERP, centralizing all comments, workflows, and support in one place. When creating audit-ready documentation of your financial close process, journal entries are often a missing piece.
Reduce Journal Entry Preparation Time
Mitigate Risk with Stronger Governance
Increase Visibility for Easier Audit
Standardize Journal Entries and Workflows
Bypass common issues found in manual approaches to deliver real-time visibility, control and validation of the status of all journal entries.
Manual Journal Entry Posting
The journal posting process is time-consuming, especially when relying on manual methods which inherently generate errors that further delay the entire posting process. Automate the scheduled posting of journal entries to greatly reduce effort and opportunity for error.
Ineffective Controls
When an organization has to manage thousands of journal entries a month, the process can quickly become tedious, risk-filled and complex. Create two-way communication between systems to strengthen governance and remove ambiguity that lengthens the close process.
Lack of Transparency
Visibility often becomes the biggest struggle facing journal entries as it frequently requires complex workflows for routing and approval prior to posting. Configure workflows to allow for the delivery of real-time transparency into the status of journal entries.
Benefits of Automating Journal Entries
Want your company’s accounting environment to be more accurate, efficient, and able to focus more on big-picture tasks? Trintech’s journal entry software lowers the risk associated with the accounting close process and provides a host of short and long-term benefits, including:
- Greater accuracy: Any time you can reduce the degree of manual intervention in the journal entry process, you stand to reduce the number of errors. Journal entry software eliminates mistakes of omission and duplication as well as errors in account coding and more.
- Greater consistency: Journal entry software ensures that transactions are coded consistently across business units and that company accounting policies are adhered to as a matter of course.
- Refocusing staff on higher-value activities: With software handling the journal entry process, you can redeploy staff to focus on higher-value activities, including reviewing and analyzing financials.
- Faster closes: By automating journal entries and redeploying staff to focus on higher-value activities, companies can close their books quicker. It is also easier to maintain a continuous close and thereby provide accurate financial information at any point during the monthly reporting period.
- Streamlined workflow: With journal entry software, you reduce the number of process bottlenecks, speed up approvals and virtually eliminate wasted time.
- Reduced risk: Journal entry automation means far less manual intervention, earlier visibility of data, and more effective controls, the end result of which is a reduced likelihood of fraud and faster detection.
- A better audit experience: Because all supporting documents are centrally stored and available through an easy-to-use interface, audits run more smoothly with less effort necessary by all parties.
Journal Entry Solutions for Any Industry
Our Comprehensive Solutions
All Financial Processes Covered
Bring accuracy, control and visibility to your account reconciliation and close processes. Our automated solutions work to solve any problem, no matter how complex.
The speed and success of the project came from being able to design new processes and policies, and then work jointly with Capgemini and Trintech to deploy and manage the new approach in Trintech’s Cadency platform, benefiting from this new, risk-enabled approach.”
The Advantages of Real-Time Information Generated by Journal Entry Automation
Trintech journal entry automation software makes it possible to:
Easily Balance Workloads
Trintech journal entry automation software enables you to view any journal entry with a couple of clicks of the mouse or taps on your tablet screen. Real-time reporting opens a window into where workloads are heaviest so you can distribute work more effectively.
Identify Errors
Journal entry automation software identifies errors automatically and alerts you to their presence so that you can take quick action to resolve them. Fewer errors in journal entries reduce or eliminate the need for reversals.
Optimize Performance
Journal entry automation software will enable you to optimize the performance of your entire team. Errors are not just corrected, they’re avoided, bottlenecks become a thing of the past, and new strategies based on accurate, timely information can be devised that will greatly increase efficiency.
Simplify the Audit Process
With accurate real-time data at your beck and call, the sense of dread that often hangs over audits dissipates. You can produce detailed and accurate audit reports with just a click or a tap, and you can make it just as easy for auditors to access relevant information so that they can review documentation and transactions without having to contact your team members for help. Everyone saves time and the audit is completed in record time.
FAQs
Can Journal Entries Be Automated?
Yes, Trintech journal entry automation software transforms imported external data into accurate, reliable journal entries automatically. Journal entry automation entails using preset rules to calculate and automate journal entries. JE software also makes the close process much quicker and more accurate.
Why Should My Company Embrace Journal Entry Automation Software?
Because journal entry automation can significantly reduce the amount of time spent on manual intervention. Because journal entry automation is more accurate, efficient, and consistent than manual entries. Because automating journal entries helps reduce the risk of fraud. And because journal entry automation enables you to close the books quicker and get vital information to decision makers.
What Types of Journal Entries Can Be Automated?
Recurring entries and those involving routine calculations are good candidates for automation. In fact, it is estimated that as many as half of all journal entries can be automated with Trintech’s journal entry automation software.
Learn More About Journal Entry
Gain insights to create world-class journal entry processes with our cutting-edge thought leadership
