The current financial landscape is staged with demands for resilient automated solutions that can be implemented rapidly to drive better reporting capabilities and enhanced business value across the enterprise. Companies are looking for ways to better manage their accounting and financial reporting. TimeXtender, headquartered in Denmark with North American offices in Redmond, Washington, has developed a new financial technology product to serve this need and to improve corporate performance management automation.

“CFOs, controllers, and other financial and accounting executives are in an avid search for tools that can render details of their financial processes at a much faster pace,” said Heine Krog Iversen, CEO, TimeXtender. “TimeXtender has developed TX Financials to help organizations reduce the completion time for the reconciliation and month-end financial activities.” TX Financials, the automated platform designed by TimeXtender, transforms the muddled information into structured data that liberates employees from doing the process manually. “The product allows more work to be done efficiently, with less time, errors and human resources involved,” added Iversen.

TX Financials is a robust tool that empowers users to handle and consolidate all the financial and accounting data for monthly reporting. All the activities performed by this platform are automated, allowing financial executives to leverage their time on other initiatives that add value. Bringing the automation quotient has enabled TimeXtender to resolve myriad challenges that their customers were subjected to.

“Using spreadsheets was always risky for aggregation and the movement of data between employees and stakeholders,” said Iversen. “TX Financials helps to circumvent these impediments by bringing all the financial processes onto one application, and all transactions into a financial data warehouse. It captures the financial transactions at the lowest levels of any source system, such as a spreadsheet, database, ERP, or SAP, and integrates this information into financial reporting,” explains Iversen. This enables complete reporting and explanation of any variance or ad-hoc analysis in one central repository rather than multiple sources. Data will only be captured once, leading to what TimeXtender calls, “One version of the truth.”