Transformed Finance and Automated Excellence with Trintech
When personal computers began appearing in the workplace in the 1980s, the finance office was the first to embrace the new technology. The new concept of a digital spreadsheet immediately found traction, and powerful software changed how professional finance and accountancy worked.
To this day, CFOs continue to be at the forefront of technological innovation in the workplace, yet their role has grown considerably in scope. CFOs are now key strategic players in the business, with important roles in regulatory compliance and talent management.
More broadly, the finance team is expected to keep abreast of the economic situation at the macro level – international market conditions, for example – as well as oversee the organisation’s long-term prospects and daily administration. It is no wonder that the finance office continues to embrace the latest technology to keep so many plates spinning.
Financial Close Process
One of the most critical aspects of a CFO’s role is ensuring a smooth and accurate financial close process. The financial close involves consolidating all financial data at the end of a reporting period, a process that includes reconciling accounts, adjusting entries and preparing financial statements. The financial close process is crucial for accurate financial reporting and strategic decision-making, providing the basis of empirical fact for both internal and external use.
Trintech stands out as a leader in automating financial processes, particularly in streamlining the financial close process. By leveraging cutting-edge technologies, Trintech replaces error-prone manual tasks with automated routines that revolutionise workflows. This transformation frees up resources so staff can address their wider remit in many different areas.
There are several benefits from Trintech’s financial close solutions, specifically:
– Enhanced accuracy and compliance: Automated reconciliation and transaction matching ensure that financial data is accurate and compliant with pertinent regulatory standards. This reduces the risk of errors and non-compliance, which can lead to fines and reputational damage.
– Time and resource savings: By automating routine tasks, finance teams complete the financial close process faster, freeing time for more strategic activities.
– Realtime insight: With realtime access to financial data, CFOs make informed decisions quickly. This is essential for agile financial management in today’s fast-paced business environment.
– Scalability: As businesses grow, the Trintech platform scales to handle an increased volume of transactions and more complex financial structures yet ensures the financial close process remains efficient and accurate.
Conforming to APIs’ and Legislative Rules
Trintech integrates with common software platforms like Workiva, Oracle, and Microsoft Business Dynamics. Integration means relevant information can be collated in formats ready for analysis, improving the efficiency and accuracy of the financial close process.
Changes in legal regulations and their increasing complexity, especially internationally, leave companies open to missteps. Using up-to-date software to identify the shifting legislative requirements means that companies can pre-empt statutory changes and fulfil their obligations in registering and filing all necessary paperwork.
Most businesses face arduous data collation and filing because most necessary compliance work involves evidencing procedures and data. However, automated systems capable of comprehensive data aggregation help finance personnel quickly produce the required information and present it in formats demanded by overseeing bodies.
Adaptable agile software allows the inevitable compliance changes to be adopted without having to dedicate resources to address the needs of multiple regulators. With software from Trintech, CFOs don’t have to sideline resources engaged in more strategically focused tasks, so risking hard-won competitive advantage.
Cost and Spend Management
Controlling spending, lowering rates of incorrect expense submissions, and matching incoming invoices with a company’s records mean that keeping tight reins on monies in and out is more straightforward and less prone to fraud and human error. Digitisation reduces the need for manual paperwork processing. It ensures all staff know the required processes and approvals to access funds, and are aware of expense spend limits & request filing procedures.
In growing businesses, especially those with an international presence, automated systems handle the complexities of managing all aspects of cost control, freeing up finance staff to concentrate on activities that will bring the company more value.
Considering the Future
In an increasingly complex financial world with more responsibility resting on CFOs, the digital transformation of finance systems is the only way financial professionals can stay ahead of the game and retain a proactive stance.
With the right software platform, the finance function can become more strategic, allowing a new generation of CFOs to lead company strategy using data processing that informs and guides other stakeholders and improves internal workflows. Trintech helps CFOs shape the financial future of their organisation, keep on the right side of regulators, and handle everything the business throws their way!For further insights, explore Trintech’s on-demand webinars and read how Queensland Airports and the Dallas Cowboys improved their financial reconciliation processes, improving visibility & control over operations. There are more case studies over at the Trintech site.
To learn about the wide portfolio of capabilities that Trintech offers, reach out to a local representative to book a demo and discuss how a data-driven approach can transform your finance function.
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