The Silicon Review
As financial organizations continue to become more complex, compliance-focused and technology-driven, there is an even greater pressure on the Office of Finance to ensure the financial close is managed in the most efficient, effective way possible. Without the right technology, organizations often struggle with a lack of standardized processes, bottlenecks in their workflow, and poor visibility, further complicating the process.
To drive down effort and costs while ensuring the integrity of the period-end numbers, Trintech has pioneered the development of Financial Corporate Performance Management (FCPM) software to optimize the Record to Report process through Risk Intelligent Robotic Process Automation™.
Trintech’s Risk Intelligent Robotic Process Automation
For over 25 years, Trintech has been driving innovation throughout the Record to Report (R2R) process, being the first to launch a full R2R platform, mobile application, and, most recently, Risk Intelligent Robotic Process Automation (RI RPA). RI RPA looks to optimize the financial close process, so that users can go beyond balancing the workload and eliminating manual work, to analyzing the data and applying creative intelligence to tasks such as problem solving and evolving the business. This not only delivers improved value to the business, but is also the type of high value work most likely to attract and retain high quality people.
For example, in terms of reconciliations, a significant improvement can be attained through the reduction of manual activities. Traditionally, there is a tendency to spend most of our time simply gathering data before we can even begin to think about reconciling it. Once the data is finally in the right format, we are burdened by the amount of manual work associated with the matching process. This limits our focus on areas most critical to the business. RI RPA ensures our effort is turned toward the exceptions. Our priority is to focus on identifying issues that lead to these exceptions, and identifying potential solutions to improve the process so these exceptions decrease over time. By leveraging an RI RPA workflow, you can also push the exceptions through discovery, research and resolution, bringing it back to a single view where all financial statements are reconciled. This leads to an attention on what is important, rather than just simply providing data.
Furthermore, with RI RPA, an effective controls framework underpins the whole financial process and, by unifying all key control components together, it enables a clear audit trail for compliance initiatives. To drive further efficiencies, RI RPA can be utilized not only to lower costs and reduce errors, but also to improve compliance by inspecting, automating and triggering remediation. This provides companies with a way to achieve better financial governance overall.
Leading the Competition
Trintech’s unwavering commitment to bringing innovative solutions to the Office of Finance ensures the flexibility and scalability required to support global, complex enterprise business structures. Over 1,700 customers – including the majority of the Fortune 100 – have chosen to partner with Trintech to increase the efficiency and effectiveness of their finance organizations. By leveraging full R2R technology, Trintech’s customers effectively manage the entire R2R process in one place, with one single view of all relevant controls. R2R technology not only provides the means of collating all this data in a single view, but eliminates those white spaces between key control components and enables you to standardize across your business. Investing in the entire R2R process will allow you to deliver cost savings, reduce risks, improve visibility, promote a faster close and improve resource optimization across your organization. Trintech’s portfolio of financial solutions automate functions including:
Close Management – Manages the entire Record to Report cycle end-to-end, from local to group financial close, including all the tasks, dependencies and issues
Journal Entry – Accelerates the Record to Report cycle by automating the journal entry management process including creation, validation, approval and posting
Certification – Ensures the integrity of financial statements, via automated enterprise account reconciliation, balance sheet certification and variance analysis
Compliance – Exercises quality assurance through comprehensive support for all corporate and regulatory compliance requirements
Intercompany Reconciliation – Automates intercompany transactions and balances to ensure data integrity across multiple ERPs, entities and through mergers/acquisitions
Advanced Matching – Performs transaction matching, intercompany and exception management for complex and/or high volume reconciliations
Account Analysis – Allows the download, analysis and verification of bank fee data in minutes
Unclaimed Property Compliance System – Automates the collection, tracking, management and reporting of more than 100 types of unclaimed property
Financial and Disclosure Reporting – Allows full control and stronger visibility into your financial and disclosure reporting for both external audiences, such as the SEC, and internal audiences, such as your board of directors and executive team members.
Driven by the highest level of commitment for customer satisfaction and support, Trintech also has an absolute commitment to meeting the security, data privacy and compliance needs of its customers. Trintech’s cloud-based solutions are architected for security to provide its customers’ data isolation, operational agility and security features that strengthen the information environment without constricting flexibility and efficiency.
Meet Trintech’s CEO
Teresa Mackintosh is the CEO of Trintech, and has over 20 years of experience working with the Accounting, Tax and Finance functions of companies world-wide, and helping them to be a catalyst for organizational innovation. Mackintosh began her career as a CPA at PwC and has since held several senior leadership roles in the finance and accounting space. She has experience serving a multitude of business units across Thomson Reuters with responsibilities ranging from product development to general management. Prior to joining Trintech, Mackintosh served as Chief Executive Officer at Wolters Kluwer Tax & Accounting in the U.S. She has been recognized as one of the “Top 100 Most Influential People in Accounting,” and has also been named to the “Most Powerful Women in Accounting” list several times. Mackintosh received both her BBA and MBA from the University of Michigan’s Ross School of Business.