Cadency Helps Superheroes of Finance and Accounting Defeat Manual Work by Standardizing and Automating Financial Close Processes
“The Avengers(TM)” came together in 2012 and have defeated numerous villains over the last 10 years. Similarly, Trintech’s finance and technology experts also came together in 2012 to launch Cadency(R) – the world’s first end-to-end Record to Report SaaS solution transforming the way enterprise finance and accounting professionals around the world close their books. Since then, Trintech has been laser-focused on continuing to help the Superheroes of Finance and Accounting defeat manual work by standardizing, streamlining, and automating their financial close processes.
“The Office of the CFO has evolved considerably over the last ten years, with CFOs serving as key superheroes within their organizations. Today, we celebrate the 10-year anniversary of Cadency and the role it has played in helping global organizations vanquish compliance headaches, rescue un-reconciled balance sheets, and bring peace to the world of transaction matching,” said Teresa Mackintosh, CEO of Trintech. “The last three years have asked even more from the Office of Finance, as the pandemic introduced new challenges and increased expectations to conquer. CFOs need to be more agile than ever before and have accurate and accessible data available at any given moment, making solutions like Cadency a must-have in their Superhero toolbelt.”
Over the last decade, Cadency(R) has helped organizations around the globe streamline and automate the entire Record to Report process in a standardized control framework. To celebrate the 10-year anniversary of the Cadency launch and the release of Cadency 10.3 this week, Trintech has put together a look at how the heroes of Marvel and the heroes of Finance and Accounting have tallied up some impressive stats over the last ten years:
– Following the successful roll-out of Cadency, Serco now has a centralized global solution that provides greater insight into the total number of reconciliations performed as well as their timeliness and accuracy. Today, Serco is running 5,000 balance sheet reconciliations through Cadency on a monthly basis. In addition, they are auto-reconciling 15,000 accounts which has saved their team a total of 500 hours per month. That’s enough time to watch the entire Marvel Cinematic Universe (3,831 minutes of film) over the course of eight months!
– Over 10,000 crew members are listed in the credits of Avengers: Infinity War(TM). That’s a huge number, but did you know that Boston Scientific Corporation currently has 29,000+ accounts housed within Cadency, with more than 4,400 of those accounts set to auto-reconcile each month? Additionally, BSC has experienced increased productivity and time savings, greater visibility and standardization across their balance sheet reconciliation and previously manual Journal Entry processes. The automation features inside Cadency have increased their efficiency, as well in areas such as SOX sampling and testing.
– As the Avengers showed us, the best teams need to grow. While they started as a group of six superheroes in 2012, it took over 30 heroes to take down Thanos in Avengers: Endgame(TM). LKQ Corporation, a leading global distributor of vehicle parts and accessories, implemented Trintech’s Cadency solution and successfully conducted 130 acquisitions from 2003-2019, growing 38 times their original size with no additional headcount increase to their F&A team. In addition, they were able to reduce their close to six and a half business days, reduce their cash specialist headcount by nearly 50%, and achieve nearly 90% auto-reconciliation.
Looking to become the Superhero of your organization? Learn how Trintech can help. https://www.trintech.com/schedule-demo/
Trintech Inc., a pioneer of financial corporate performance management software, combines technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency(R), Adra(R), and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Trintech’s excellence in both innovation and client support have been recognized with a variety of awards over the years including most recently “Easiest to Do Business With” and “Fastest Implementation” in G2’s Fall 2022 Report. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.
Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands, and the Nordic countries, as well as strategic partners in South Africa, Latin America, and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.
Sr. Manager, Global Corporate Marketing & Communications
SOURCE: Trintech, Inc.