Simplifying and Accelerating the Financial Close Process

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Darren Heffernan
Darren Heffernan, President, Mid-Market

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Quote: There is a tremendous opportunity for mid-sized companies to leverage best-in-class financial software to have an immediate impact on their close process. The Adra Suite is uniquely positioned to meet this need by taking your manual close process to modern, resulting in a predictable and routine process and a reduction in time to close at period end.”

One of the major challenges facing the office of finance is the rapid evolution of the finance and accounting (F&A) teams’ role within their company. Traditionally, the F&A teams have been responsible for the reporting of historical data. However, with the emergence of technology, F&A teams are now able to automate previously manual tasks in the financial close process to focus their time and effort on more strategic initiatives. Moreover, with the entrance of millennials into the workforce, organizations can’t expect to attract and retain highly-skilled talent with outdated systems and tools.

Adra by Trintech has culminated into a leader in the fintech arena by offering best-in-class solutions that simplify the financial close process and help firms close faster with confidence. The Adra Suite is leveraged by over 1,800 mid-sized organizations across the globe and provides a turn-key solution that includes: balance sheet reconciliation (Adra Balancer), transaction matching (Adra Matcher), and financial task management and controls (Adra Task Manager). Adra Task Manager provides insight and visibility into tasks (ownership, status, etc.) that results in higher control of task management and less time spent on mundane tasks.

 

Adra Matcher reconciles daily operational accounts which tend to be of a higher volume. It allows companies to reduce the risk of human error, improve accuracy and reliability within the reconciliation process by continuously processing transactions, illuminating mismatches and strengthening internal controls by recording all activities in an audit-ready format. Lastly, Adra Balancer reconciles balance sheet accounts and completes the Adra Suite, resulting in a quicker close and a reduction in write-offs for key accounts.

“There is a tremendous opportunity for mid-sized companies to leverage best-in-class financial software to have an immediate impact on their close process. The Adra Suite is uniquely positioned to meet this need by taking your manual close process to modern, resulting in a predictable and routine process and a reduction in time to close at period end,” says Darren Heffernan, President, Mid-Market, at Trintech.

With a focus on helping organizations close faster with confidence, the Adra Suite allows for up to a 50 percent faster financial close process. This is accomplished by giving leadership better visibility into the overall close process, allowing them to oversee and reassign tasks in a much more efficient manner than ever before. Adra compliments your existing systems and tools and provides a best-in-class software solution that reduces workload, mitigates errors, and provides audit trails. As an example, Jewson, one of the UK’s leading suppliers of sustainable timber and building materials, wanted to take better control of their cash management, reduce operational risks and shorten the time spent on manual reconciliation. They needed a solution that would speed up the reconciliation and exception identification processes and provide financial control enhancements in their closing process. Jewson chose Adra to meet these needs. Since deploying Adra, Jewson has automated over 1.6 million yearly transactions. Due to the simplicity of the Adra Suite, Jewson did not have to commit heavy man-hours to implementation or training. Implementation was fast, easy and painless, and the training was done in hours. The accounting team was able to reallocate their time far more efficiently and can now complete the reconciliation process quicker and more reliably.

“As we continue to expand our global presence, we are committed to a focus around continuous innovation to stay ahead of market trends and demands to better serve our customers today and into the future,” continues Heffernan.

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