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Trintech: R2R Technology for Controlled Financial Operations
In 1865 when Giovanni Caselli invented the Pantelegraph to verify signatures of banking transactions, the world saw the importance of technological assistance in financial operations. Gradually, evolutions in the financial sector gave way to implementation of innovative technologies and today Fintech has grown into one of the popular comprehensive financial technology solutions across the world. With the advent of day-to-day innovative policies in the financial and banking sectors, top-notch Fintech solutions providers are developing new models, tools and techniques to offer simplified transactions. Being a frontrunner in the landscape of Fintech solution providers, Trintech strives to increase the effectiveness and efficiency of all financial and reconciliation processes for organisations across the world. The company endeavours to fulfil all its customer needs by delivering innovative and best-in-class technology required, understanding the dynamics, deadlines and managing the challenges of Record to Report process.
Being a Texas-headquartered company, Trintech also branched in Sydney, Australia to render its services to the APAC region. Today, its valuable services are catered to more than 3,100 clients located across hundred countries. Trintech’s solutions help in streamlining the high-volume transactions of its clients and general ledger account reconciliation along with managing their journal entry processes, speeding their month-end closures, and ensuring regulatory with other compliance efforts. By addressing and mitigating all day-to-day challenges; that can exponentially grow when there is a lack of standardized processes, visibility and traffic in the workflow; the company works on to progress and simplify all sorts of complicated issues.
Record to Report (R2R) Technology
Trintech’s Record to Report Product Suite assists in transforming its clients’ financial operations to reach its level of superiority. Cadency is the automated financial solution of this suite, which integrates all R2R activities into a seamless single process. It also reduces risks to help its clients grow, expand and meet business needs along with reducing the length of the closing cycle. T-Recs, on the other hand, is the end-to-end account reconciliation solution of the R2R suite that controls the framework for company’s governance, risk and compliance management. This solution eases the implementation of the high-volume reconciliation processes by deploying the most advanced processing power to automate general ledger account reconciliations available. It successfully reduces reconciliation hours and removes the risk of manual operations for advanced reconciliation functions.
Trintech’s record to report product suite assists in transforming its clients’ financial operations to reach its level of superiority
By leveraging Record to Report technology coupled with Risk Intelligent RPA approach, a company can also effectively manage the entire Record to Report cycle in one place with a single view of all relevant controls. This purpose-built technology not only provides with the solutions of collating all the critical data in a single view, but also can eliminate those white spaces that sit outside the ERP, allowing companies to standardize across their businesses. Through full optimization and agile processes, employees can also focus on their time and put effort in identifying risk areas along with communicating potential issues early and often,increasing their job satisfaction and improving the overall financial close process.
Trintech’s array of solutions includes Account Reconciliation, Inter-company Reconciliation, Compliance, Close, Journal Entry, Regulatory and Financial Reporting and Unclaimed Property Compliance. The account reconciliation process has to be accurate and consistent to ensure the integrity of balance sheet. Downstream processes such as financial statements are majorly dependent on the accuracy of on-time reconciliations and reported balances. Therefore, poor visibility or fragile automation processes can lead to unexpected errors and oversights which requires efficient support to get solved and working proficiently in this area Trintech helped AstraZeneca, an innovation-driven biopharmaceutical business, for account reconciliation for managing its multi billion-dollar balance sheet.
Global organizations also confront complicated inter-company financial accounting issues which are generally driven by multiple accounts, complex organizational structures and high volumes of inter-company transactions. Sometimes entity transactions are wrongly recorded in receiving entity books or posted to suspense account resulting to wrong consolidation and sluggish closing processes. In a way, inter-company errors on elimination require valuable resources and increase the risk of breaches of compliance and also damages financial statements. Mitigating all these criticalities, the organisations offer high-tech inter-company reconciliation solutions that effectively minimises or abolish-errors. In addition to this, Regulatory compliance is also an important area of financial operations that require maintenance for which the company provides Record to Report process with compliant applying multiple initiatives keep records accurate and complete.
Standing rigid with effectual solutions and services to overcome all these areas of financial criticalities, Trintech has been serving diverse sectors including hospitality, technology, restaurants, retail, manufacturers, finance, healthcare,and others. Under the efficient leadership of Teresa Mackintosh, the CEO of Trintech, the company offers its valuable solutions to renowned names such as Uber, American Express, McKesson, Siemens Corporation, HP, Microsoft, FedEx and others and aims to improve further in the long run.
December 28, 2017