Recognized for increasing efficiencies and reducing enterprise risk by automating reconciliation and financial close processes with Trintech's Cadency Platform
DALLAS, TX / ACCESSWIRE / November 3, 2022 / Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, announced today that its customer, Serco, a leading provider of professional, technology, engineering and management services, has been named the winner in the "Office of Finance" category of the 15th annual Ventana Research Digital Leadership Awards. Serco's win is attributed to its innovative use of Trintech's Cadency Platform to standardize and automate its reconciliation and financial close processes.
"We want to congratulate Serco for its use of Trintech's solution in applying automation in its accounting close to speed processes in a complex business, enable staff to focus more of their time on high-value efforts and promote greater confidence in the integrity of its financial statements," remarked Robert Kugel, Senior Vice President and Research Director at Ventana Research.
Following the successful roll-out of Cadency, Serco has achieved a single, standardized approach to balance sheet management on a global scale. Reconciliations now require less manual effort thanks to increased automation and the application of a risk-based strategy. In addition, the use of a centralized global solution has provided greater insight into the total number of reconciliations performed as well as their timeliness and accuracy.
"I am honored to accept this award on behalf of the Project Team who implemented Cadency and the BAU team who continues to use and promote continuous improvement within our reconciliation process," said Paul Adams, Head of New Business & R2R at Serco. "The transformative success our team has been able to achieve with Trintech's Cadency solution has been remarkable and we look forward to additional successes as we continue our financial transformation journey with Trintech."
Automation has not only reduced Serco's cost but also allows their team to focus on more value-added tasks. "Competition for talent is a big focus and challenge for many organizations today," continued Adams. "Automation can help retain your resources by allowing them to focus on value-added tasks instead of the manual, transactional processes."
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. To gain even further efficiencies, Serco also utilizes Trintech's pre-built Cadency SAP®-Certified Connector. "This connector automatically interfaces data flows from our SAP instance into Cadency so our team can begin analyzing it within minutes. Having the direct interface from SAP also gives confidence in the data matching between the two systems," continued Adams. From a reporting perspective, Serco's leadership team also now has full visibility into a Reporting dashboard that allows them to drill-down into any account and identify risk on the balance sheet.
Looking ahead, Serco is looking to continue to expand its automation strategy to gain further efficiencies across their processes. "If it is a repeatable process, the benefits of having technology doing it is far superior to any human. Automation is vital for process efficiency and cost-effectiveness," concluded Adams.
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®, Adra®, and targeted tools, ReconNET™, T-Recs®, and UPCS®, 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.
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