Overview

Cadency offers extensive capabilities that empower finance and accounting teams to collaborate effectively, ensuring data accuracy through appropriate approvals and providing comprehensive audit trails. Teams gain increased visibility and transparency, enabling them to work more efficiently regardless of location. The platform allows you to automate and control multiple processes through one comprehensive platform.

Features

• Balance Sheet Reconciliations: Streamlines the reconciliation process, driving accuracy, predictability, and reliability of financial statements. Accountants receive notifications of items requiring attention along with applicable risk factors, enabling prompt error remediation.
• Transaction Matching: Standardizes and enriches data from ERPs and other sources, resulting in high auto-matching rates and superior exception management capabilities. Exceptions are automatically created for unmatched items, with well-defined, configurable, and risk-intelligent processes for notification and issue resolution.
• Close Management: Manages all system and close activities with a reliable, repeatable, and highly-visible workflow, allowing for the quick identification of bottlenecks and creation of actions for issue resolution. A dashboard-driven management framework ensures constant communication, reducing missed deadlines and ensuring the accuracy of financial statements.
• Journal Entry: Facilitates accurate journal entry postings with clear routing, key controls, and documentation, increasing audit readiness. The fully configurable end-to-end workflow bypasses common issues found in manual approaches, delivering real-time visibility, control, and validation of the status of all journal entries.
• Governance Risk and Compliance: Automates financial compliance throughout the R2R process, capturing all supporting material in an online, audit-ready eBinder. Critical controls flag issues as soon as they arise, and auditors have secure access to a centralized record of compliance initiatives.
• Intercompany Accounting: Facilitates a streamlined workflow for comparing and reconciling transactions between entities, enhancing controls to reduce the number of accounts and transactions requiring human attention and decreasing the time needed to close.
• Product Updates: Daily reconciliations, user interface updates and enhanced audit trail capabilities.

Benefits

• Reduction in the number of accounts to be reconciled.
• Reduction in time spent on transaction matching.
• Reduction in time preparing and reviewing journal entries.
• Improved reporting accuracy and reduced risk.
• Greater compliance with reduced cost.
• Increased productivity and time savings.
• Standardization across reconciliations.
• Greater visibility.
• Reduced the days to close.
• Enhanced efficiency through targeted automation.
• Fewer reconciliations through risk-based account focus.