Trintech Group Plc (Nasdaq: TTPA), a leading provider of financial software and services specializing in reconciliation workflow, revenue enhancement, transaction risk management, and compliance, today announced its partnership with Prodiance Corporation, a leading provider of solutions for financial spreadsheet remediation and control, and the availability of xlNET, a spreadsheet compliance tool that automates all aspects of the spreadsheet compliance lifecycle. Spreadsheet compliance is a natural extension of Trintech's accounting compliance suite, which provides best-in-class solutions for automating critical accounting processes, including transaction matching, exception management, account reconciliation, and closing cycle activities. By partnering with Prodiance, Trintech further enhances its value proposition for financial departments seeking to optimize compliance processes, streamline operations, and reduce risks.
"In general, we seek to replace Excel as the basis for reconciliations. In some cases, transaction volumes create opportunities for efficiency gains, while other situations require greater control over reconciliation methods to reduce risk," said Bob Pritchard, Vice President Commercial Markets Group for Trintech. "That said, we do realize the need for Excel remains, as a basis for providing support for complex reconciliation calculations, as well as to support other accounting processes. In these cases, spreadsheets often become quite complex. This is where we see xlNET as an important component of an effective internal control structure."
xlNET, based on enabling technologies from the Prodiance Enterprise Compliance Suite of products, has a history of successful deployments within leading global organizations, and has gained recognition from auditors and leading industry analyst firms.
"In a recent survey of 685 senior financial executives, IDC found that 92% of public companies still rely on spreadsheets to support key financial processes. As such, senior executives and auditors should be wary of uncontrolled financial spreadsheets as they are error prone and lack important IT controls such as audit trails, version control, security, data integrity checking, access control, and overall analytics," said David Cox, Group Vice President, Banking Practices for IDC-Financial Insights Research. "The Trintech - Prodiance partnership represents an important step toward helping organizations tighten internal controls over critical financial spreadsheets to improve compliance while automating spreadsheet testing, review and approval processes."
xlNET will enable customers to inventory and audit spreadsheets; identify risk conditions; remediate errors and control deficiencies; track changes down to the cell level; automate spreadsheet review and approval workflows; reconcile, review and certify spreadsheet results; and track the entire process from beginning to end.
"Leading tax and audit firms have been scrutinizing the use of uncontrolled spreadsheets in the financial reporting process under SOX 404 and other regulatory mandates," said Eric Perry, Vice President of Marketing for Prodiance. "The addition of xlNET to the Trintech accounting compliance suite provides a comprehensive solution for automating account reconciliations, while ensuring that any supporting spreadsheet analyses are managed in a compliant environment that stands up to auditor scrutiny."
"We're delighted Trintech has teamed with Prodiance," said Dr. Soheil Saadat, President and CEO at Prodiance. "By offering a comprehensive solution for account reconciliations and encompassing internal controls over supporting spreadsheets, organizations can further reduce the cost of compliance while eliminating bottlenecks in the financial close process."
"Our relationship with Prodiance will provide additional growth opportunities for both companies and represents an important addition to the well established ReconNET and AssureNET GL modules in our accounting compliance suite," said John Harte, EVP and General Manager for Trintech.