{"id":5787,"date":"2021-04-13T14:30:19","date_gmt":"2021-04-13T14:30:19","guid":{"rendered":"https:\/\/www.trintech.com\/maximize-erp-investment-financial-close-software\/"},"modified":"2025-07-21T22:25:45","modified_gmt":"2025-07-21T22:25:45","slug":"maximize-erp-investment-financial-close-software","status":"publish","type":"post","link":"https:\/\/www.trintech.com\/blog\/maximize-erp-investment-financial-close-software\/","title":{"rendered":"Maximize Your ERP Investment with Financial Close Software"},"content":{"rendered":"
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Maximize Your ERP Investment with Financial Close Software<\/h1>\n

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Navigating the financial close is anything but a straightforward process. Multiple key departments and members are involved, documents are being reviewed and approved, while being sent around through email and messages. Factor in multiple ERP and legacy systems, a fully remote or hybrid-working<\/a> team, and challenges inevitably arise. With so many moving parts, the close can easily become a complex and intertwined web.<\/p>\n\n\n\n

\"ERP<\/figure>\n\n\n\n

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Juggling hundreds of documents while manually reconciling statements and invoices leaves organizations vulnerable to risk, errors, and inaccurate reporting<\/a>. While ERP systems provide a substantial system of record for all organizations, they are not intended to drive the completion of the close.<\/p>\n\n\n\n

Challenges Organizations Face from Closing Outside of the ERP<\/h2>\n\n\n\n

Multiple Different ERPs<\/h3>\n\n\n\n

Due to mergers, acquisitions, and legacy systems, many organizations have more than one type of ERP system<\/a>. Using multiple ERP instances while navigating the financial close not only overcomplicates the process but also delays the completion of major deadlines. Add in the challenges that can arise with navigating spreadsheets outside of the ERP systems, and F&A teams may find themselves working excess hours to ensure quality, consistency, and completion of time-sensitive tasks.<\/p>\n\n\n\n

Lack of Centralized Solution<\/h3>\n\n\n\n

Different sections of the business will have different standards leading to inefficiencies, a lack of visibility, poor internal controls, and increased costs. Without a centralized and consistent solution in place, key departments may struggle to meet time-sensitive deadlines. In fact, as many as 62% of respondents<\/a> indicated that they have trouble meeting critical deadlines when utilizing legacy tools.<\/p>\n\n\n\n

Manual Migration of Data<\/h3>\n\n\n\n

If an organization has a single instance of an ERP system, they inevitably still have to migrate outside of the system to drive the completion of the financial close. While ERP systems house significant operational and financial data, they often lack the capability to automate manual-heavy tasks and optimize the financial close. Not only that, but the majority of close tasks and activities are still occurring outside of the ERP instance. Emails, status meetings, and endless messages are required to keep up to date with the progress of the close. <\/strong><\/p>\n\n\n\n

How an Automated Financial Close Solution Can Help Bridge the Gaps Outside of Your ERP<\/h2>\n\n\n\n

Relying on manual-heavy processes throughout the financial close leads to a fragmented financial ecosystem<\/a>. Having a consistent and holistic financial landscape not only streamlines the flow of the close but also heavily reduces risk and errors that may arise in the financials.<\/p>\n\n\n\n

Finding an automated solution that seamlessly connects with your ERP landscape is crucial in eliminating manual, repetitive tasks and bridging the gap from the systems of record to the culmination of the close.<\/p>\n\n\n\n

Benefits of Financial Automation<\/h3>\n\n\n\n

In the age of digital acceleration and emerging financial technologies, there is an increased need to automate manual processes. Many organizations are taking the leap to financial automation due to the myriad of benefits it offers their teams and organizations:<\/p>\n\n\n\n