Paul Byrne, CEOA successful implementation of SAP potentially aims at revolutionizing an organization’s IT Architecture. But the myriad number of processes and features available through SAP makes it a complex tool to use. In addition, it reduces the amount of control that users have during its implementation. Countering this challenge is Trintech, a Texas-based software company. The firm offers cloud-based solutions for managing the financial Record-to-Report (R2R) process in enterprise companies that use SAP. With the IoT (Internet of Things) gaining prominence and the number of data points growing exponentially, Trintech’s solutions aim to leverage the client’s SAP implementations in many areas.
Cadency, the firm’s flagship product, is a SAP certified solution that manages risk through enterprise-wide transparency, governance, and offers control across the entire Record-to- Report process. The tool automates tasks to help companies tackle their general ledger reconciliation efforts, compliance needs, and journal entry maintenance. Cadency moves data in and out of SAP applications as part of that process.
Cadency benefits from an array of industry-standard Cloud security and controls, making the solution robust and secure. “From a user perspective, the experience between SAP and Trintech’s solution is seamless,” says Paul Byrne, CEO, Trintech. Cadency ensures that the integrity of data is maintained, prevents any compromise on performance, and also helps reduce errors in the financial records. Cadency gives users the power to enforce automation across the entire financial close process and conduct reconciliation and compliance work from within the Cadency console. The solution enforces process integrity to give SAP users the confidence of having error-free financial statements.
“Having a stellar solution is not enough to survive in the SAP market space. You have to over-service your clients every day in order to beat the competition in this field. When you make an investment with Trintech, our entire team is committed to helping you succeed and achieve a substantial ROI,” says Byrne. Trintech’s competitive advantage stems from understanding the challenges that global companies have when managing R2R across multiple close calendars, numerous ERP and GL systems, and a decentralized finance organization.
When you make an investment with Trintech, we ensure that your interests are run and managed in such a way that you get the success you desire and a substantial increase to your ROI
The company boasts hundreds of customers including firms like Intel, Sanofi, Au Bon Pain, Time Warner Cable, HSBC, Google, Sony Pictures.
A notable example of a Cadency deployment took place when a global client wanted to standardize on one process globally and attain visibility and transparency regardless of location. Trintech’s software helped address the issue by enabling the client to create a new global ‘risk-based’ policy which emphasized risk and materiality to simplify and standardize the global process. Cadency monitors the activity on every account and automatically assigns the appropriate risk, schedule and approval process. Zero balance accounts are automatically processed, allowing the finance team to focus on accounts based on the risk, materiality and guidance set by the policy, thereby improving the quality of the balance sheet. The overall manual effort has also been significantly reduced by virtue of automation, the costs to serve have been reduced, the dependency on Excel spreadsheets diminished, and paper attachments and binders have all been eliminated.
With a large number of similar global clients, Trintech has grown exponentially since it launched Cadency in 2013. For the future, Byrne plans to continue helping more clients and building his company. “We have a very strong functional product and as a company, we plan to innovate and add more features to our solutions,” says Byrne. Trintech is geared to expand globally and improve their existing product capability.