Take, for instance, the SAP® scenario. While an organization’s SAP® investments help streamline the various core accounting transaction processes like invoicing, accounts receivable, and accounts payable, it does not fully address the financial controls needed for reporting requirements like, Sarbanes- Oxley or IFRS. It also does not provide risk-based automation to eliminate manual work on low-risk items to refocus human resources on high-risk items - nor does it leverage machine learning to identify risk hidden in large data sets which may be nearly impossible to find otherwise.
When financial information is copied from the ERP for manual processing, companies lose the collaboration and centralization that ERP systems are implemented for and significantly increase the chance for errors. In the wake of technology innovations, evolving compliance intricacies, and an increase in M&A activity—where there can be an incoherence between multiple instances of ERPs— the need for sound ERP integrations into a solution that streamlines the financial close process, is imperative. Integrating ERP data with other systems can be a costly, complex, and challenging activity for companies running SAP®. This is primarily due to the need for strong integration to ensure compatibility with SAP®, a necessity to support SAP® upgrades and enhancements, and the requirement for both a secure and easy implementation and ongoing support. As such, it is also ideal that these integrations be prebuilt and certified by SAP®.
Through the combination of a System of Controls (SOC), strong integration, and advanced automation, organizations can achieve a System of Accounting Intelligence (SOAI) that will ultimately allow them to shift their focus away from repetitive tasks to higher-value work that helps drive strategic directions. Trintech, to this end, offers its Cadency® platform that integrates with any ERP systems with pre-built ERP connectors that combine all financial close activities into a single, streamlined process, including operational matching, intercompany transaction management, balance sheet reconciliations, journal entry management, close task management, compliance, and reporting. Bi-directional in nature, Cadency reduces the cost, time and risk of data integration with SAP®, by automatically retrieving the data required for the reconciliation and close processes, as well as directly validating and posting journal entries in real-time.
Cadency’s pre-built, SAP-certified ERP connector enables customers to implement the process standardization with their current ERP (SAP® ECC6, SAP® R/3 4.7 or other ERPs) instances and then seamlessly migrate to S/4HANA®. By using this approach, businesses can reduce the time and costs associated with the migration as the development to connect the two systems has already been completed and vetted with SAP® through the creation of the pre-built connector.
Ultimately, Cadency allows finance organizations to standardize their financial close processes before or alongside their migration to S/4HANA®, naturally creating cost and time savings. “It is important to be proactive and anticipate opportunities to reduce, and possibly even overcome, the various aspects that can make the S/4HANA® transition time-consuming, complex, and costly,” asserts Ross.
Cadency reduces the cost, time and risk of data integration with SAP®, by automatically retrieving the data required for the reconciliation and close processes
Trintech recently announced four SAP-Certified Integrations with SAP S/4HANA® and SAP NetWeaver®. These integrations bring enhanced control, automation, and data integrity to finance and accounting departments around the world, while also ensuring that data flowing to and from their SAP® solutions is as seamless as possible. Its Cadency SAP® Connector is certified on SAP ECC6® and SAP S/4HANA®. The connector offers installation via SAP® Add-On Installation tools (SAINT) and framework, usage of the “Trintech” SAP® namespace to prevent interference with other components, and testing performed by SAP® to ensure it is secure and meets all “SAP® Readiness Check for SAP S/4HANA®” requirements.
For example, Sanofi, a leading global pharmaceutical company, was looking to standardize and automate its manual financial processes, and optimize resources while improving governance and transparency across the entire financial close process. The company partnered with Trintech to integrate its SAP® ERP system with their Cadency solution for its financial close, account reconciliation, and journal entry processes. The move saw improved productivity for more than 2,300 users and increased compliance for more than 2,505 accounts. Sanofi was able to implement automation in the closing calendar to replace manual processes, which increased the visibility for upper-level management on the account reconciliation validation flow and journal entry process.
Trintech has carved a unique niche in the SAP® space (and ERP space in general) with its multi-pronged solutions. They are planning to continue to invest heavily in their Financial Controls AI™ and harnessing the power of artificial intelligence (AI) to identify better risk and leverage that through the available automation framework. This eventually improves process effectiveness by increasing automation and helps in identifying hidden risks for human review. “We are also bringing out a whole new set of APIs and ERP Connectors, enabling us to integrate deeper into our clients’ infrastructure, whether that’s an Oracle® connector, an SAP® connector, APIs for talking to tax systems, or providing visibility for data APIs,” concludes Ross.