TimeXtender Announces Availability of TX Financials Product

By CIOReview | Tuesday, May 5, 2015
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REDMOND, WA:  TimeXtender, provider of data warehouse automation (DWA) software for the Microsoft SQL Server, announces the availability of its new TX Financials (TXF) product.

TXF being financial management product is designed for CFOs, VPs of finance, and controllers. It structures the data collection process, takes away manual processing, and encompasses budgeting, planning, and financial consolidation. In most cases, month-close processes can be shortened with TXF from weeks to days; sometimes even to less than one day.  Users can take advantage of these capabilities without the need for IT or tech support for implementation, support, or maintenance. 

Typically most of the companies use spreadsheets for financial management, but there can be a high risk involved with spreadsheets when using only aggregated data, passing documents back and forth between stakeholders, and additions and deletions of data given dependency on individual employees.  TXF solves these problems by consolidating all financial processes into one application, and all transactions are brought together into a financial data warehouse. This enables complete reporting and explanation of any variance or ad-hoc analysis in one central repository rather than multiple sources.

 To add up, TXF captures all its financial transactions at the lowest levels of any source system, like spreadsheet, database, ERP, or SAP,   and integrates this information into financial reporting. Data will only be captured once, leading to what TimeXtender calls, “One version of the truth.”

“TimeXtender’s TX Financials helps companies save a significant amount of time and money by automating corporate financial activities such as consolidation, budgeting, and forecasting , says TimeXtender CEO, Heine Krog Iversen. “TX Financials provides a platform for financial executives to integrate all financial processes into one application, retrieve all transaction data from its lowest level, and store and access all data in a financial data warehouse. All this, and end-users can deploy and use it without the need for tech support.”

The product provides many of the same efficiencies that TimeXtender’s technologies have come to be known for:  fast and low-cost implementation, minimal risk, ease-of-use, improved workflow efficiencies, and user autonomy.  

TXF offers the following capabilities:

  • Data integration – financial data for any entity in an organization at the lowest transaction level
  • Budgeting/planning/forecasting – development and complete process control that handles the entire budget process workflow
  • Financial consolidation – intercompany transactions (reconciliation and elimination) and currency conversion and supports alternative forecasting scenarios based on alternative assumptions
  • Financial reporting—enables rolling forecasting and provides an ongoing model that reflects the  current budget
  • Data capture – can be fully automated and financial rules for financial reporting can be applied automatically 
  • Regulatory requirements --  enable scutomers  to meet regulatory requirements for increased transparency of financial transactions
  • User autonomy –  makes easy to install, easy-to-use, and changes made at desktop with drag and drop functionality