B2B Payments

Trintech Eyes Transparency With Accounting Tech Update

Trintech, which works in integrated Record to Report software, is releasing Cadency 9.0, the newest update to its software, to help companies with faster account reconciliation, artificial intelligence, systems integration and more, a press release says.

Cadency 9.0, according to chief product officer Michael Ross, is working to improve visibility, add more controls, and make financial reporting more accurate in ways customers need, particularly during the pandemic.

“We’ve continued to heavily invest in Cadency’s System of Accounting Intelligence to ensure these enterprises have the visibility and control to manage every aspect of the financial close from one central cloud-based platform, whether they are in the office or working remotely,” he said, according to the release.

The new upgrade will come with a collapsible side-bar to aid with navigating to any page necessary. It will allow for streamlined navigation, search, edit, export, view and run/schedule options. All of it, the press release says, will help to cut down on the time spent navigating and generating reports. Ultimately, the increased speed and efficiency of the processes of Cadency 9.0 will help to make more reliable financial statements, the company says.

Trintech is also helping increase companies’ speed at resolving audits and going through manual period end-close activities through the addition of two new APIs: Cadency GL Reconciliations API and Cadency Close Task Field API. All of it will aid companies in reducing time spent on task management and audit preparation, which will help eliminate the risk of making mistakes in that area.

Trintech also recently teamed with Sage to boost financial close speed, which will aid companies in accessing faster data integration. The program, available via Sage’s Intacct Marketplace, will assist in grabbing data instantly and putting it towards closing a phase of the deal, thus reducing the number of steps in the process.

Companies adding more virtual card options and AP automation could see greater gains in controlling costs. According to experts, spending on AP automation is set to jump from around $1.9 billion in 2019 to over $3 billion in the next few years.

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