Financial reporting technology provider Trintech has introduced an iPad app for automating the record-to-report process.
Trintech’s Cadency mobile application, introduced last month at the company’s customer conference in Las Vegas, provides certification, compliance, financial close, workflow and journal entry features. Users can use it to reconcile the balance sheet and verify the integrity of the financial performance numbers, ensure adherence to all financial controls and corporate and regulatory mandates, and manage disclosures and financial results reporting.
The software integrates with Trintech’s cloud-based technology to orchestrate the period-end close process, while managing journal entry adjustments and corrections, and tracking workflow, exceptions, key performance indicators and task status.
Activities can be monitored according to the company’s organization structure and period-end closing calendar. Managers can drill down to check on reporting processes as well as view balance sheet quantitative and qualitative results, and the status of overdue activities, summarized according to their materiality to the business.
Users can also check on late items identified and organized by financial statement line item, and open items, such as un-reconciled balances, also organized by financial statement line item. The app provides security features at the device and application levels and enforces segregation of duties through role-based permissions.
In addition to the iPad app, Trintech also plans to introduce Android and Windows Mobile apps in the future.
Trintech executive vice president Kenneth Fritz, CPA, told Accounting Today on Monday that the app enables executives and accounting managers to review and approve financial statements such as a 10K and 10Q. Electronic signature features enable executives to sign off on financial reports, while capturing all the reconciliations and adjustments.
Trintech’s technology is used by some prominent accounting firms, such as KPMG, Deloitte and PwC, according to Fritz, as well as large corporations such as Google and Wal-Mart.
Trintech has also been involved in Extensible Business Reporting Language interactive data-tagging technology. Fritz sees problems with XBRL technology, and noted that unlike the case with Securities and Exchange Commission’s old EDGAR database of financial filings, companies can find themselves in greater danger of liability. Whereas with EDGAR, the outsourcer who filed the statements assumed some of the liability, with XBRL the financial issuer company has the liability. He believes that despite all the many problems and errors that have been found with XBRL tags by the SEC, it is making steady progress. In the next 18 to 24 months he believes the technology will be able to fulfill its promise of allowing investors to more easily compare financial statements across companies. Right now, companies can mainly benefit by using XBRL internally for their own strategic purposes. But before that happens, he expects the SEC to be sending more letters to companies pointing out their mistakes with their XBRL filings.
For more information, visit www.trintech.com.
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