Trintech | Top 20 SAP Solution Company - 2020
Trintech: Broadening the Scope of ERPs for a Streamlined Record to Report Process
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CIOREVIEW >> SAP >> Trintech

Trintech has been recognized by CIOReview Magazine as the recipient of “Top 20 SAP Solution Companies - 2020,” based on our proprietary methodology, reflecting its position in the industry. This profile has been developed by the CIOReview research and editorial team based on insights from an interview with Michael Ross, Chief Product Officer.

Trintech
Broadening the Scope of ERPs for a Streamlined Record to Report Process

Trintech

Michael Ross, Chief Product Officer
“When we speak to companies about improving their financial close process through automation, we often hear, ‘But, I already have an ERP system,’” says Michael Ross, Chief Product Officer, at Trintech. Typically, even if a system is in place to support the accuracy of the general ledger for various reporting requirements, the verification process is handled manually. Managing this process manually increases the potential for human error and adds risk to the balance sheet and other financial statements.

Take, for instance, the SAP® scenario. While an organization’s SAP® investments help streamline the various core accounting transaction processes like invoicing, accounts receivable, and accounts payable, it does not fully address the financial controls needed for reporting requirements like, Sarbanes- Oxley or IFRS. It also does not provide risk-based automation to eliminate manual work on low-risk items to refocus human resources on high-risk items - nor does it leverage machine learning to identify risk hidden in large data sets which may be nearly impossible to find otherwise.

When financial information is copied from the ERP for manual processing, companies lose the collaboration and centralization that ERP systems are implemented for and significantly increase the chance for errors. In the wake of technology innovations, evolving compliance intricacies, and an increase in M&A activity—where there can be an incoherence between multiple instances of ERPs— the need for sound ERP integrations into a solution that streamlines the financial close process, is imperative. Integrating ERP data with other systems can be a costly, complex, and challenging activity for companies running SAP®. This is primarily due to the need for strong integration to ensure compatibility with SAP®, a necessity to support SAP® upgrades and enhancements, and the requirement for both a secure and easy implementation and ongoing support. As such, it is also ideal that these integrations be prebuilt and certified by SAP®.

Through the combination of a System of Controls (SOC), strong integration, and advanced automation, organizations can achieve a System of Accounting Intelligence (SOAI) that will ultimately allow them to shift their focus away from repetitive tasks to higher-value work that helps drive strategic directions. Trintech, to this end, offers its Cadency® platform that integrates with any ERP systems with pre-built ERP connectors that combine all financial close activities into a single, streamlined process, including operational matching, intercompany transaction management, balance sheet reconciliations, journal entry management, close task management, compliance, and reporting. Bi-directional in nature, Cadency reduces the cost, time and risk of data integration with SAP®, by automatically retrieving the data required for the reconciliation and close processes, as well as directly validating and posting journal entries in real-time.

Cadency’s pre-built, SAP-certified ERP connector enables customers to implement the process standardization with their current ERP (SAP® ECC6, SAP® R/3 4.7 or other ERPs) instances and then seamlessly migrate to S/4HANA®. By using this approach, businesses can reduce the time and costs associated with the migration as the development to connect the two systems has already been completed and vetted with SAP® through the creation of the pre-built connector.

Cadency reduces the cost, time and risk of data integration with SAP®, by automatically retrieving the data required for the reconciliation and close processes

Ultimately, Cadency allows finance organizations to standardize their financial close processes before or alongside their migration to S/4HANA®, naturally creating cost and time savings. “It is important to be proactive and anticipate opportunities to reduce, and possibly even overcome, the various aspects that can make the S/4HANA® transition time-consuming, complex, and costly,” asserts Ross.

Trintech recently announced four SAP-Certified Integrations with SAP S/4HANA® and SAP NetWeaver®. These integrations bring enhanced control, automation, and data integrity to finance and accounting departments around the world, while also ensuring that data flowing to and from their SAP® solutions is as seamless as possible. Its Cadency SAP® Connector is certified on SAP ECC6® and SAP S/4HANA®. The connector offers installation via SAP® Add-On Installation tools (SAINT) and framework, usage of the “Trintech” SAP® namespace to prevent interference with other components, and testing performed by SAP® to ensure it is secure and meets all “SAP® Readiness Check for SAP S/4HANA®” requirements.

For example, Sanofi, a leading global pharmaceutical company, was looking to standardize and automate its manual financial processes, and optimize resources while improving governance and transparency across the entire financial close process. The company partnered with Trintech to integrate its SAP® ERP system with their Cadency solution for its financial close, account reconciliation, and journal entry processes. The move saw improved productivity for more than 2,300 users and increased compliance for more than 2,505 accounts. Sanofi was able to implement automation in the closing calendar to replace manual processes, which increased the visibility for upper-level management on the account reconciliation validation flow and journal entry process.

Trintech has carved a unique niche in the SAP® space (and ERP space in general) with its multi-pronged solutions. They are planning to continue to invest heavily in their Financial Controls AI™ and harnessing the power of artificial intelligence (AI) to identify better risk and leverage that through the available automation framework. This eventually improves process effectiveness by increasing automation and helps in identifying hidden risks for human review. “We are also bringing out a whole new set of APIs and ERP Connectors, enabling us to integrate deeper into our clients’ infrastructure, whether that’s an Oracle® connector, an SAP® connector, APIs for talking to tax systems, or providing visibility for data APIs,” concludes Ross.

Trintech

News

Trintech Announces Appointment of Darren Heffernan as New CEO

Thursday, April 20, 2023

Teresa Mackintosh to become Executive Chair of Board of Directors

DALLAS -
Trintech, announced that Darren Heffernan, President & Chief Operating Officer, will become the company's next Chief Executive Officer, effective May 1, 2023. Heffernan will succeed Teresa Mackintosh, who will transition to Executive Chair of the Trintech Board of Directors, after a successful seven-year tenure leading the company.

Heffernan, who has been with Trintech since 2001, has held a number of strategic and corporate development roles throughout his tenure at the company. He has been instrumental in driving significant growth in his capacity as CFO and President & COO, as well as through his involvement in the company's international business expansion. Heffernan's diverse experience and deep industry knowledge will inform his stewardship of Trintech's continued focus on the company's operational excellence and commitment to client service, partnership and growth.

Prior to Trintech, Heffernan held various finance and operational positions, driving innovation with companies like GE, Paramount / Universal Studios, IAWS and Anglo American.

As Executive Chair, Mackintosh will continue to work closely with Heffernan and Trintech's leadership team to ensure a smooth and successful transition. She is steadfast in her commitment to advancing Trintech's position as a leading global SaaS provider for the Office of Finance.

"I am incredibly proud of all that we have accomplished over the past seven years," said Mackintosh. "The team's unwavering commitment to serving our customers and supporting our partners has been astounding. I am excited to now welcome Darren as Trintech's next CEO. Darren has been critical in driving Trintech's growth for over twenty years, and his passion for innovation and deep understanding of our company culture is unmatched. Darren's focus on operational excellence will help us to meet and exceed the evolving needs of our expanding client base while also driving Trintech's growth trajectory. I look forward to our continued partnership in my new role as Executive Chair."

"On behalf of the Board of Directors, I want to extend my sincerest gratitude to Teresa for her exemplary leadership throughout these past seven years," said Pete Rottier, Managing Director of Summit Partners. "Under her leadership, Trintech tripled its revenue, solidifying its position as a leader and trusted partner in the global SaaS market for the Office of Finance. The Board is looking forward to Trintech's continued growth under Darren's leadership. With his strong strategic, financial, and operational background, and clear dedication to the company's business and customers, we believe Darren is the ideal person to lead Trintech forward in the years to come."

"It is a tremendous honor to serve as Trintech's next CEO," said Heffernan. "Teresa has been an incredible leader and colleague, and I am privileged to have worked alongside her for the past several years. I want to thank both Teresa and the entire Board for their support and confidence. I look forward to continuing our commitment to deliver better solutions and innovative services for our clients, collaborating with our global partners, expanding our business with exciting new opportunities for growth and building the company with the help of our tremendous employees."

Trintech and Marcum Technology Announce Strategic Partnership to Enable Organizations to Streamline and Automate Finance and Accounting Processes

Monday, October 09, 2023

DALLAS, -- Trintech, a leading global provider of cloud-based financial close solutions for the Office of the CFO, today announced it has entered into a reseller agreement with Marcum Technology, a division of Marcum LLP, one of the nation's largest accounting and advisory firms. Under the terms of the new agreement, Marcum will have the ability to resell Trintech's market-leading cloud-based finance and accounting solutions to businesses in the US looking to simplify and accelerate their reconciliation and financial close processes by streamlining work, improving accuracy, and reducing risk.

"We are excited to be partnering with Marcum as we continue to grow the Trintech business across the globe," said Mekaela Davis, SVP, Partner Success & Global Advisory at Trintech. "This partnership will build on the strength of Trintech's partner ecosystem, which is composed of leading solution and service providers that share our customer-first mentality. Marcum will help F&A teams more efficiently manage their reconciliation and financial close processes, while maintaining greater visibility and tighter controls to mitigate risk across their processes."

From high volume transaction matching, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, and close management tasks, to governance, risk and compliance – Trintech's portfolio of financial solutions, including its Cadency® Platform (for large enterprises) and Adra® Suite (for mid-market organizations), help manage all aspects of the reconciliation and financial close processes. Over 4,200 clients worldwide – including the majority of the Fortune 100 – rely on Trintech's solutions to enable their F&A operation to become a strategic partner to the business by optimizing data, controlling risk, driving efficiencies, and providing strategic insights.

"Marcum Technology has always been at the forefront of integrating the most innovative and impactful solutions for our clients. Partnering with Trintech underscores our belief that automation, accuracy, and agility are at the core of modern finance and accounting. As we integrate their offerings, we look forward to empowering our clients to not only streamline their operations but also harness strategic insights that drive growth," commented Stacy Brown, Vice President – FP&A Solutions and Close Management practice of Marcum Technology.

Trintech Named a 2024 Dallas/Fort Worth "Best and Brightest Companies to Work For®" for the 9th Year in a Row

Monday, May 06, 2024

DALLAS -Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, is pleased to announce that it has been named to the 2024 list of Dallas/Fort Worth's "Best and Brightest Companies to Work For®" by the National Association for Business Resources for the 9th year in a row.

An independent research firm evaluates each company's entry based on key metrics in various categories including; Compensation, Benefits and Employee Solutions; Creative Wellness and Wellbeing Solutions, Employee Enrichment, Engagement and Retention; Employee Education and Development; Recruitment and Selection; Employee Achievement and Recognition; Communication and Shared Vision; Diversity, Equity and Inclusion; Work-Life Blend; Community Initiatives and Corporate Responsibility; and Leadership, Strategy and Company Performance.

"The companies that made the list of Best and Brightest Companies to Work For® have prioritized making a significant impact on their culture. With a focus on their employees as the top priority, this powerful community of the nation's elite leaders have gained a competitive edge," said Jennifer Kluge, President and CEO of NABR and The Best and Brightest Program.

"Our success at Trintech is rooted in the humbleness, empowerment, reliability, and openness of our exceptional team. This award not only recognizes our commitment to these values but also affirms our dedication to fostering a collaborative environment where innovation thrives and individuals are encouraged to grow both personally and professionally," said Darren Heffernan, CEO of Trintech. "We find ourselves at a very exciting and pivotal time at our company with several new growth opportunities ahead, so finding and retaining the right talent that embodies these values is critical in fueling this next phase of growth. We're proud of this recognition, which reinforces our reputation as an employer of choice in North Texas and worldwide."

Committed to providing a work environment focused on work-life blend, healthy lifestyles, community service and personal and professional development, Trintech continues to provide its employees with several benefits including: Open time off (OTO), comprehensive healthcare and wellness programs, 100% company-paid volunteer time, and a tuition reimbursement program to name a few. If you're looking to join a company that continues to invest in its employees, customers, and community, check out Trintech's open positions.

Top 20 SAP Solution Companies - 2020

Company
Trintech

Headquarters
Addison, TX

Management
Michael Ross, Chief Product Officer

Description
Texas-based Trintech, to this end, offers its Cadency platform that integrates with any ERP systems with pre-built ERP connectors that combine all financial close activities into a single, streamlined process, including operational matching, intercompany transaction management, balance sheet reconciliations, journal entry management, close task management, compliance, and reporting. Bi-directional in nature, Cadency reduces the cost, time and risk of data integration with SAP, by automatically retrieving the data required for the reconciliation and close processes, as well as directly validating and posting journal entries in real-time.

Top 20 SAP Solution Companies - 2020

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