Cadency Journal Entry helps you to mitigate risk with accurate, centralized journal entries. With real-time visibility, control and validation of the status of journal entries, this approach quickly translates into much stronger overall governance of your Record-to-Report (R2R) process.
Vendor
Trintech
Company Website
Overview
Cadency Journal Entry is a crucial part of ensuring an accurate close, accounting for all financial details and creating audit-ready documentation. For most organizations, the process lacks visibility, control and offers little in the way of risk management. Cadency Journal Entry centralizes information and automates the journal entry process while delivering audit-ready documentation and maintaining compliance with both corporate guidelines and governmental regulations.
Features
- Templates: Establish standard templates for journal entries that outline clear policies, necessary steps, and documentation requirements to ensure consistency and compliance.
- Risk Intelligent Automation: Utilize advanced automation technologies to streamline all aspects of journal entry management, from creation and validation to posting and reporting.
- Risk Rating Engine (RRE): Implement an AI-driven risk rating system to assess the risk level of journal entries based on predefined criteria, enhancing control and oversight. AI Risk Ratings ensure better audit preparation and the ability to quickly locate high risk transactions that could have resulted in fraud or misstatements.
- ERP Agnostic Integration: SAP®, Oracle®, and NetSuite® Certified pre-built connectors are designed to reduce the cost, time and risk of data integration by eliminating the need to develop custom code, making the integration between your ERP and Cadency budget-friendly, faster and more efficient overall.
- Currency Validation: Automate the validation of journal entries to verify accuracy and completeness before they proceed to the next stage of the workflow.
- Configure viewing and editing rights to ensure security requirements are met while still enhancing collaboration.
- Leverages machine learning and AI algorithms to measure the risk associated with each journal entry, for quick identification and more accurate reporting.
Benefits
- Reduction in Time Preparing and Reviewing Journal Entries
- Reduction in Time to Support External Auditors
- Reduction in Write-Offs as Discrepancies