financial close

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Published By: Trintech EMEA ABM Pilot     Published Date: Nov 03, 2017
While being the backbone of many organization’s Offices of Finance and Accounting, it is now commonly acknowledged that this overreliance on Excel spreadsheets coupled with the lack of visibility associated with its use represents a very real risk. With automation available to improve both process efficiency and effectiveness, the challenge many companies face isn’t why they should transform their process but how. The key to overcoming this challenge is creating a strong business case for investment. One that not only sets out the objectives of the project but is also underpinned by a robust financial analysis, in the form of qualitative and quantitative ROI, and a thorough understanding of risk.
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account reconciliation, accounting automation, finance shared services, finance transformation program, finance transformation strategy, financial close, financial close process, reconciliation software, adjusting journal entries, recuing journal entries
    
Trintech EMEA ABM Pilot
Published By: Trintech EMEA ABM Pilot     Published Date: Nov 03, 2017
One of the most common things we hear when we speak to companies about improving their financial close process through automation is “But I already have an ERP system.” It’s true that an ERP goes a long way towards helping manage some of the financial close process. However, there is still a great deal of work that is taken outside of the ERP each period end and managed manually.
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account reconciliation, accounting automation, finance shared services, finance transformation program, finance transformation strategy, financial close, financial close process, reconciliation software, adjusting journal entries, recuing journal entries
    
Trintech EMEA ABM Pilot
Published By: Trintech EMEA ABM Pilot     Published Date: Nov 03, 2017
Trintech is a global software provider with over 1,700 customers in over 100 countries. Across the globe, we focus on delivering value to our customers through local representation to build a community where we are known as a trusted partner to deliver best practice and enable process improvement.
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account reconciliation, accounting automation, finance shared services, finance transformation program, finance transformation strategy, financial close, financial close process, reconciliation software, adjusting journal entries, recuing journal entries
    
Trintech EMEA ABM Pilot
Published By: Trintech EMEA ABM Pilot     Published Date: Nov 03, 2017
In our previous eBook, “Part 1: Enabling Financial Transformation through Technology,” we examined the “why” of Record to Report transformation and briefly described ‘how” you can achieve this through the implementation of Record to Report technology. Now that you understand the “why” and the “how” it’s time to put it into action to ensure a successful Record to Report transformation delivery. But first we need to lay the framework, as the majority of you have probably never embarked on a financial transformation journey before or have experience with a technology purchase or implementation of this calibre.
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account reconciliation, accounting automation, finance shared services, finance transformation program, finance transformation strategy, financial close, financial close process, reconciliation software, adjusting journal entries, recuing journal entries
    
Trintech EMEA ABM Pilot
Published By: Trintech EMEA ABM Pilot     Published Date: Nov 03, 2017
Over the past few years, terms such as: ‘Modern Finance,’ ‘Continuous Accounting’ and ‘Robotic Process Automation’ have all created buzz across the finance industry. These have been launched as a response to the challenges facing finance around attracting and retaining high quality employees, the rising risks due to the difficulty in certifying accurate data, today, and the expectation that finance has a role in driving the business forward.
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account reconciliation, accounting automation, finance shared services, finance transformation program, finance transformation strategy, financial close, financial close process, reconciliation software, adjusting journal entries, recuing journal entries
    
Trintech EMEA ABM Pilot
Published By: Trintech EMEA ABM Pilot     Published Date: Nov 03, 2017
Typically, Shared Services Center (SSCs) automation initiatives have been undertaken to reduce costs and improve efficiency. These goals are achieved relatively easily within the first few years, most immediately through reduced labor costs and centralized activities. In fact, standardization and centralization deliver up to 50% savings. During subsequent phases, technology automation and outsourcing cut costs further. But, if cost reduction is the only clearly defined goal, organizations will reach a point of diminishing returns.
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account reconciliation, accounting automation, finance shared services, finance transformation program, finance transformation strategy, financial close, financial close process, reconciliation software, adjusting journal entries, recuing journal entries
    
Trintech EMEA ABM Pilot
Published By: Trintech EMEA ABM Pilot     Published Date: Nov 03, 2017
By leveraging Record to Report technology, you can effectively manage the entire R2R cycle in one place with one single view of all your relevant controls. Software not only provides you with the means of collating all this data in a single view, but also can eliminate those white spaces between key control components and enable you to standardize across your business.
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account reconciliation, accounting automation, finance shared services, finance transformation program, finance transformation strategy, financial close, financial close process, reconciliation software, adjusting journal entries, recuing journal entries
    
Trintech EMEA ABM Pilot
Published By: Trintech EMEA ABM Pilot     Published Date: Nov 03, 2017
In terms of reconciliations, we tend 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, the majority of our time is then spent manually going through the matching process, rather than spending that time focused on the areas that are most critical to us, as can be seen in the diagram on the right.
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account reconciliation, accounting automation, finance shared services, finance transformation program, finance transformation strategy, financial close, financial close process, reconciliation software, adjusting journal entries, recuing journal entries
    
Trintech EMEA ABM Pilot
Published By: Trintech EMEA ABM Pilot     Published Date: Nov 03, 2017
The primary objective of any financial transformation project is to achieve process improvements by improving the quality, effectiveness and efficiency of financial information, ultimately enhancing shareholder value. Take the example of the close process. It would be incredibly simple to shorten the process by adding more people, however, is this an efficient way to reduce the number of days to close? On the right, the Hackett Group displays that best in class companies actually can be seen closing in fewer days, with greater automation and significant lower audit fees, emphasizing the idea that you really can do more with less.
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account reconciliation, accounting automation, finance shared services, finance transformation program, finance transformation strategy, financial close, financial close process, reconciliation software, adjusting journal entries, recuing journal entries
    
Trintech EMEA ABM Pilot
Published By: Frontier Communications     Published Date: Dec 22, 2016
When you choose Frontier as your partner, your bank or financial services firm can take advantage of this experience and our extensive portfolio of network and equipment solutions. We will work closely with your team to assess your current situation, determine future communications requirements, and select products and services that fit into your timeframe and budget. What’s more, Frontier backs everything up with local customer support.
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Frontier Communications
Published By: Salesforce     Published Date: Jan 08, 2016
In the next five years, more than $2 trillion is expected to transfer between generations. To capitalize on this massive redistribution of wealth, financial advisors need to meet the demands of today’s clients who are social, mobile, more connected, better informed and looking to collaborate with their advisors when they want, where they want. In fact, according to the Salesforce Connected Investor report, 55% of investors want to work more closely with their advisors. To succeed, advisors must have relationships with their clients that are deeper than just the numbers, and focus on individuals and their unique needs.
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cloud, financial, salesforce, investors
    
Salesforce
Published By: Prophix     Published Date: Jun 03, 2016
Discover how best-in-class organizations are using financial consolidation as the catalyst to better strategic financial analysis and business decision making. Learn about how the best finance operations deliver faster, more accurate and more automated close and consolidations. Hear about Space Saver a Prophix customer and how his company uses Prophix for financial consolidation and to help them plan their product inventories, their product discounting strategies, and their product mix.
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financial consolidation, best practices, prophix, productivity, competitive advantage
    
Prophix
Published By: Anaplan     Published Date: Mar 05, 2015
Financial consolidation systems are the ‘engine room’ of the corporate finance department, enabling companies of all sizes to comply with regulatory reporting requirements, company law and global accounting standards as well satisfy management’s need for periodic management reporting. But all is not well with standalone consolidations applications that were developed in the 1990’s and which are still commonplace in some of the world’s largest multinationals. According to one recent report, 47 percent of companies have made substantial investments in the last year in their financial close, filing, and reporting. Yet, despite the considerable sums of money invested in the process, management teams across the globe remain dissatisfied with the quality and timeliness of management information.
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consolidation, planning, survey, performance, sales, audience, finance, strategic exercise, compliance, software soliutions
    
Anaplan
Published By: Fiserv     Published Date: Nov 06, 2017
Uncover Exceptions Easily and Certify Financial Statements with Confidence. With increasing regulatory requirements for insurance organizations and the need for executive management to sign off on financial statements, it is critical to ensure that there is detailed visibility into the underlying financial data. Ongoing emphasis on having a strong internal control structure for insurers brings into light reconciliation and certification as being the critical components to making it happen.
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automated reconciliation for insurers, automated reconciliation, automated certification for insurers, internal control structure, financial close, comprehensive reconciliation system, comprehensive reconciliation solution
    
Fiserv
Published By: Fiserv     Published Date: Nov 06, 2017
The right kind of insurtech can modernize the financial close, freeing up time, money and resources so businesses can focus on strategic efforts and specific customer needs. Reconciliation of transactions and accounts across large organizations is one area where automation and digitization can have a major impact on the balance sheet. In the article, Not Ready for Insurtech? Here’s Proven Automation You Can Use Now!, learn how one of the top ten major insurance carriers has used digitization for the past decade to streamline their reconciliation efforts - saving time and money - while increasing their bottom line.
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insurtech, financial automation, financial close, insurance reconciliation, insurance bottom line, insurance automation, digitization, digitalization
    
Fiserv
Published By: Teradata     Published Date: May 02, 2017
Given the economic realities of the past few years and uncertainty about the future economic climate, finance continues to face pressures to maintain and/or reduce budgets while also providing increased services to the business and the broader regulatory and investment community along with greater transparency. As a strategist and not just a bookkeeper, the CFO can provide meaningful and timely insight into corporate financial close information for executives to adapt to market changes and drive accountability through clear performance metrics.
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economy, reduce, budget, finance, investment
    
Teradata
Published By: Host Analytics     Published Date: Aug 01, 2017
Cloud financial corporate performance management solutions help the office of finance manage the financial close and apply appropriate controls throughout the accounting cycle. Application leaders should use this Magic Quadrant to identify vendors that are a good match for their business needs. The 2017 Gartner Magic Quadrant for Strategic CPM solutions provides valuable insights into the latest market trends, the current Leaders, and key vendor evaluation criteria. Download the Gartner report to learn: Why cloud has become the preferred deployment model Who the key vendors are and how they compare Why mega vendors no longer dominate the market Best practices in evaluating and selecting a vendor
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Host Analytics
Published By: BlackLine     Published Date: Jun 12, 2017
The last ten years have seen two seismic shifts for accounting and finance teams. First, the expectations of finance have changed: be more efficient and agile in an increasingly regulatory environment while also being more strategic. Secondly, a new wave of modern finance apps have arrived for core accounting, financial close, and planning and reporting, that are designed to automate more and analyze more.
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BlackLine
Published By: Intacct Corporation     Published Date: Oct 02, 2015
Like it or not, the accounting function is in the news distribution business. The demand for financial performance information is high and the pressure for more timely information is even higher. A fast close improves the timeliness of information, aids decision making and is a value-enhancing proposition for the business. To continue adding value, the CFO and controller must find ways to speed up their financial close processes and report financial results before they become old news. Download this white paper and learn the "7 Steps to a Faster, Better Close" including how to: • Identify the hidden traps and pitfalls bogging down your accounting processes • Drive process improvement and collaboration within your organization • Gain visibility and timely access to critical financial and operational information through application integration • Utilize modern accounting technology to accelerate your close with automation
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Intacct Corporation
Published By: Comcast Business     Published Date: Nov 28, 2016
Technology has had a profound impact on society, influencing everything from the way we communicate with each other to how we conduct business transactions. In the financial services space, technology has brought banks closer to their customers, offering a wide range of online services to appeal to a population of consumers who now view their smartphones as something they can’t live without. In the process of shifting their practices to accommodate this new generation of customers, banks are transforming and reinventing themselves from the corporate office to the branch office through innovative services and technologies that take banking beyond the traditional experience. Networks are playing a central role in this transformation.
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Comcast Business
Published By: Frontier Communications     Published Date: May 01, 2017
When you choose Frontier as your partner, your bank or financial services firm can take advantage of this experience and our extensive portfolio of network and equipment solutions. We will work closely with your team to assess your current situation, determine future communications requirements, and select products and services that fit into your timeframe and budget. What’s more, Frontier backs everything up with local customer support.
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Frontier Communications
Published By: IBM     Published Date: Feb 20, 2013
This paper reviews the processes involved in a company’s extended financial close process, the problems associated with a manual effort, and the benefits of using an integrated and automated single-platform solution for Financial Close Management.
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fcm, financial close management, finance, close, extended cycle, end of cycle, consolidated
    
IBM
Published By: Equinix     Published Date: Mar 26, 2015
A leading U.S.-based financial services firm was faced with the growing challenge of providing consistent application performance to a vast employee base and nationwide network of partners. The company turned to Equinix to help redesign its network, both to improve performance and prepare for a move to a cloud-enabled environment. Equinix worked with the firm to deploy bi-coastal Equinix Performance Hubs, extension nodes of the company’s existing network placed in strategically located Equinix International Business Exchange (IBX) data centers. A Performance Hub moves services closer to end users and provides direct access to networks and cloud providers. By deploying Performance Hubs, the customer created a high-performance services platform for its business. The result was a dramatic decrease in network latency, improvements in application performance and an enhanced user experience.
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financial services, cloud-enabled environment, cloud providers, network latency, application performance, enhanced user experience
    
Equinix
Published By: SAP     Published Date: Jun 23, 2009
Learn why the requirement to close books quickly and with quality is emerging again as an important project for today's global finance function.
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optimization, financial, performance, sap, global, globalization, businessobjects, sox, sarbanes-oxley, stakeholders, internal stakeholders, regulatory landscape, financial reporting standards, investor relations, audit trails, accounting, peer-to-peer, erp, enterprise resource planning, general ledger
    
SAP
Published By: Runbook Company International     Published Date: Sep 13, 2010
A white paper on streamlining your Financial Close through Process Automation
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financial close, finance process automation
    
Runbook Company International
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