For many companies, moving to the shared services model is an important first step in streamlining financial processes, reducing costs, gaining transparency and eliminating human error. But in order to complete the journey and achieve competitive advantage in today's world, many need to realise still more value from their finance and accounting shared services centres.
"A company is only as good as its financial processes, and chief financial officers (CFOs) find themselves under growing pressure to deliver greater benefits to the company as a whole, particularly in today's complex and volatile trading environment," says Roenell van Zyl, a business analyst at professional services firm Barnstone.
Solution provides a holistic view
Van Zyl says that many CFOs struggle to achieve the full benefits of a shared services centre because they remain constrained by a siloed view of financial processes, and cannot respond as quickly as they would like to market changes. Trintech's Unity Suite Financial Software solves these and other problems by bolting onto the existing ERP solution to provide a holistic view. Trintech operates in the background, drawing data from the underlying ERP system and automate the financial process from inception of a transaction till the financial close.
"Trintech delivers value by identifying exceptions and, most importantly, assigning them to specific managers with a built-in escalation process," says Van Zyl. "This means that unresolved journal issues that are rolled over into the subsequent year simply become a thing of the past."
No need to outsource work
Because it bolts onto the existing ERP, Trintech does not affect the normal transactions being performed in the normal course of business. Rather, it allows the company truly to benefit from standardisation and eliminate duplicated work by pulling everything into a single view - in the background and automatically. "With Trintech, companies do not need to take the step of outsourcing their processes in order to achieve the next level of benefits," Van Zyl says.
One of Trintech's key benefits is the clear audit trail. Whereas the normal audit process relies on paper-based records, reconciliation processes can now be totally digitised. The solution also includes compliance with the applicable regulatory regimes, such as Sarbanes-Oxley or Generally Accepted Accounting Principles (GAAP).
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