|By Business Wire||
|February 10, 2014 11:26 AM EST||
Trintech, a leading global provider of integrated software solutions for the Last Mile of Finance™, surveyed U.S. financial executives to understand the challenges companies face in the financial close process at quarter- and year-end.
“This research paints a picture of finance teams that commit significant resources to the financial close process – both personnel and investment in technology – yet have lengthy close cycles and harbor doubts about the quality of the data,” said Paul Byrne, Trintech CEO. “The most interesting discovery from this research is the number of companies that have not automated the closing process, or have only partially done so, and continue to rely heavily on manual spreadsheet entry, despite the associated risks.”
Trintech engaged third-party research firm International Marketing and Technology Solutions to conduct a survey of 150 U.S. financial executives at companies with $1 billion or more in revenue. The survey uncovered trends in the record-to-report process:
- Significant drain on personnel resources: Half of the companies surveyed have 25 or more full-time staff working on the close process, and 29 percent of the respondents have more than 50 staff members dedicated to the close. Additionally, nearly one in five respondents said the workload increases by more than 30 percent during the close process.
- Lengthy close cycle: Forty-one percent of companies take seven or more days to complete the quarterly close cycle.
- A fragmented approach: Forty-three percent of companies use four or more different ERP or point solutions across the close process.
- Concerns about data accuracy: Twenty-six percent of respondents said they have difficulty ensuring the accuracy of the data they receive.
The full results of the survey are available at http://www.trintech.com/independent-research-examining-ways-to-improve-the-financial-close-process/.
Byrne added, “This survey reinforces the value that Trintech offers with our Cadency solution. We set out to provide an automation tool that reduces the pressures on the finance team during the financial close process, by increasing efficiency, improving collaboration, and delivering complete visibility to reduce the risk of reporting errors or missed deadlines.”
Cadency is an end-to-end solution that is designed to reduce the burden on finance teams and eliminate risk from the record-to-report process. Launched in 2012, Cadency is a cloud-based software tool for balance sheet reconciliation, journal entry control, financial close governance, risk & compliance management, and disclosure management capabilities.
Trintech is the leading provider of financial solutions for the Record-to-Report process. More than 650 clients in 41 countries – including half of the Fortune 50 and the FTSE 100 – rely on our solutions to optimize resources, reduce costs, manage risk and monitor activities across the entire finance organization worldwide. Trintech’s offices are located in the United States, United Kingdom, Netherlands, France, Ireland and Hong Kong, with partners in South Africa, Latin America and across the Asia Pacific region. For more information, please visit www.trintech.com.