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Transforming                                                        the   LAST MILE           of                          ...
Today’s PresenterTheresa Clark – Senior Advisor – FinanceTransformation CPA Former partner of Andersen, LLP and managing...
Who is Trintech?Trintech is a leadingprovider of integratedsolutions for The Last Mileof Finance.Our solutions optimize th...
What Does Optimize Address?                                 I. The Last Mile – Quick Recap of the Issues          Optimize...
What is the Last Mile of Finance?           THE BRIDGE TO REPORTING TRANSPARENCY           ACCURACY         CONTROLS      ...
The Interdependencies of the Last Mile of   Finance       Q start                                               Q end     ...
What are the Goals of Finance Transformation?  Business Goal: An Automated and Standardized Finance Process         Confid...
Where are We Within the Last Mile of Finance                                                                              ...
Polling Question #1It is said that world class finance organizations makeexcellent use of fewer more highly skilled people...
Optimize: Documentation              Extend Tools to Allow Paperless Close              •   Capture documentation electron...
Optimize: Reference Documents      Current, Relevant References Linked•   Associate required reference documents with    e...
Optimize: Journal Entries (JEs)              Automate Creation, Approval, Timing              •   Create JE’s and integrat...
Polling Question #2My company manages and tracks manual journal entriesefficiently and effectively?a. Trueb. Somewhat true...
Optimize: Governance              Integrate Governance              •   Link controls to accounts              •   Link ac...
Optimize: Shared Services/Outsourcing                 Manage Share Service Relationship                 •   Create depende...
Optimize: Issues ManagementCapture and Manage Issues in Single System•   Develop system-generated issues based on business...
Optimize: Priority SettingManage Scope of Work with Business Rules•   Use business rules to scope requirements     – Deter...
Polling Question #3We are able to adjust the scope and timing of last mileefforts…a. With easeb. With some effortc. Very d...
Optimize: Manage PerformanceAutomate Performance Indicators•   Develop performance measures triggered by integration with ...
Optimized - What Might that Look Like         Status by          Key          Custom           Day          information   ...
Questions?             Thank you for participating.             For further information please contact:             Hillia...
Transforming                                                  the   LAST MILE           of                                ...
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Part 4 of Last Mile of Finance Series - Optimize

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Discover how to Optimize the reconciliation processes to take financial management and reporting to the next level.

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Part 4 of Last Mile of Finance Series - Optimize

  1. 1. Transforming the LAST MILE of FINANCEOptimize- Agility throughIntegrationPart 4 of a 4 Part SeriesTheresa Clark – Advisor, Finance TransformationMargaret Kelly – Financial Sales Consultant, Trintech May 23, 2012 www.trintech.com
  2. 2. Today’s PresenterTheresa Clark – Senior Advisor – FinanceTransformation CPA Former partner of Andersen, LLP and managing Director at BearingPoint Seasoned finance professional with over 20 years of finance experience leading finance transformation, financial close improvement and post merger integration for major companies. Specialist in transforming compliance, reconciliation and close financial processes Member of the American Institute of Certified Public Accountants
  3. 3. Who is Trintech?Trintech is a leadingprovider of integratedsolutions for The Last Mileof Finance.Our solutions optimize theentire Record-to-Reportcycle resulting intransparent financialmeasurement andgovernance. • Over 650 Industry leaders use Trintech • 26 of the Fortune 50 • 100+ of the Fortune 500
  4. 4. What Does Optimize Address? I. The Last Mile – Quick Recap of the Issues Optimize II. The GoalsFocusing on sophisticatedintegrations, dependencies III. Overview of the Transformation Stagesand reporting to bring agility for the Last Mile of Finance IV. Optimize –  Paperless  Reference documents  Documentation  Journal entries  Shared services/outsourcing  Issues management  Priority setting  Performance monitoring VII. Questions
  5. 5. What is the Last Mile of Finance? THE BRIDGE TO REPORTING TRANSPARENCY ACCURACY CONTROLS TIMELINESS InformProcure Scopeto Pay Plan Schedule Perform Manage Report Forecast C Budget GL PrepareOrder to Close Group Plan Local Close & & Cash Close Consolidate Report Comply
  6. 6. The Interdependencies of the Last Mile of Finance Q start Q end 40 + Days -10 days 90 days Recons GL Load Assign & Reconcile & Monitor/Review Report, balances Schedule research /Approve Analyze, Verify Support complete Remind, escalate Operational Recons Performers Load Auto Manage Research & Adjust & Report, Balances match exceptions Resolve Balance Analyze, Support ManagementReviewer/Supervisor Form 10Q 10K Performers Reporting Audit/External Ledger s Import tasks & Schedule tasks Perfor m Monitor Roll forward Prepar e Review Fil e Close + controls Manage Remind issues , escalat Taxonomy Tagging XBRL XBRL e Support Filing in E- Record Complianc Remediat e e Design & Scope Auto Schedule Perform compliance Review & Report & Establish tasks tests Monitor Certify controls Redesign E- Record
  7. 7. What are the Goals of Finance Transformation? Business Goal: An Automated and Standardized Finance Process Confident Streamlined Agile Accuracy of the Standardize and SupportiveFoundational Numbers Consolidate Processes Environment for• Monitor key controls • Focus on value-added activities Enterprise Growth• Enterprise collaboration • Improve service levels • Rapid integration of acquisitions• Better information = better • Train employees faster • Smoother transitions decisions • Automation = more work by • Framework to support new• Isolate and escalate issues rapidly fewer people including SSC’s initiatives (XBRL, IFRS, TAX) Lack visibility into processes Cycle times too long Lack flexibility to absorb Desire for top down Overlapping requirements changes approach Stressed personnel Turnover is disruptive Unacceptable level of risk Uncertain Inefficient Inflexible The Drivers of Change
  8. 8. Where are We Within the Last Mile of Finance Efficiency, Transparency, Quality Maturity Model? TODAY WE ARE HERE Optimize Energize Fully‐Automated & Optimized • Best practices • (Automated)  Strategize Semi‐Automated  preventive controls  Process embedded into  • Semi‐automated  business process Manual Process  • Consolidated view into  controls Analyze Improvements • Point solutions for  close & reporting  • (Manual) detective  collaboration (e.g.  process controls & procedures SharePoint), process  • Fully integrated with  • Manual process  XBRL, close, exception  Manual  Cost of Finance, Risk management and  improvements compliance mgt, reconciliations,  Processes • Legacy apps and compliance • Lack of controls across • Disjointed processes • Heavy spreadsheet  • Automated and  data streams• Legacy apps use collaborative global  • No single view into • Heavy spreadsheet  • Email, Word, shared  workflow close and reporting  use drives • Real‐time process  process• Email, Word, shared  optimization drives
  9. 9. Polling Question #1It is said that world class finance organizations makeexcellent use of fewer more highly skilled people throughefficient and effective deliveryFor my company this is:a. Trueb. Somewhat truec. We are not there
  10. 10. Optimize: Documentation Extend Tools to Allow Paperless Close • Capture documentation electronically • Allow for electronic document markup • Utilize e-binders • Enable external access to e-binders • Enable limited access to close/compliance tools
  11. 11. Optimize: Reference Documents Current, Relevant References Linked• Associate required reference documents with each tasks (e.g. manuals, legal documents, rules)• Provide/require templates for documentation where standard format desired• Use reference to provide detailed procedures if required• Centralize references for ease of linking and updating
  12. 12. Optimize: Journal Entries (JEs) Automate Creation, Approval, Timing • Create JE’s and integrate posting to ERP • Streamline task management around JEs • Automate creation of JEs from account reconciliations • Track full life cycle of JEs
  13. 13. Polling Question #2My company manages and tracks manual journal entriesefficiently and effectively?a. Trueb. Somewhat truec. False
  14. 14. Optimize: Governance Integrate Governance • Link controls to accounts • Link accounts to line items • Link compliance to close task Creates matrixed visibility across close, compliance and accounts • What controls tests occur for receivables? • What close task occur on this account? • Which close and compliance tasks/test occur for this account?
  15. 15. Optimize: Shared Services/Outsourcing Manage Share Service Relationship • Create dependencies reports to support agreements/handoffs • Use workflow to enable global clock • Use collaboration tools to gather date from multiple SSCs efficiently
  16. 16. Optimize: Issues ManagementCapture and Manage Issues in Single System• Develop system-generated issues based on business rules – Account balance intolerance – Unusual activity levels• Wrap issues creation in workflows to allow swift resolution by right team• Report and track issues on dashboard
  17. 17. Optimize: Priority SettingManage Scope of Work with Business Rules• Use business rules to scope requirements – Determine account reconciliation timing – Establish account review requirements – Gauge materiality of entities Change levels of efforts based on materiality and risk – Move accounts out of testing based on business rules – Change tasks based on activity levels
  18. 18. Polling Question #3We are able to adjust the scope and timing of last mileefforts…a. With easeb. With some effortc. Very difficult to adjust scope and timing
  19. 19. Optimize: Manage PerformanceAutomate Performance Indicators• Develop performance measures triggered by integration with system/events – Return monitoring – Account tolerance – Late events• Allow other system to trigger management alerts• Create reports with performance success/failure status
  20. 20. Optimized - What Might that Look Like Status by Key Custom Day information Alerts Real time drillable data Integrated Personal governance reports
  21. 21. Questions? Thank you for participating. For further information please contact: Hilliary.Opseth@trintech.com (USA) +1 800 416 0075 Carol.orr@trintech.com (EMEA) +44 (0) 207 628 5235 Continue the Conversation – Please visit our website at www.trintech.com
  22. 22. Transforming the LAST MILE of FINANCEThank YouTheresa Clark – Advisor, Finance TransformationMargaret Kelly, Financial Sales Consultant www.trintech.com

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