Serco named winner in the Ventana Research Digital Leadership Awards

Robert Kugel, Senior Vice President and Research Director at Ventana Research

Trintech, a global provider of cloud-based financial close solutions, announced that its client, Serco, a provider of professional, tech, engineering and management services, has been named the winner in the “Office of Finance” category of the 15th annual Ventana Research Digital Leadership Awards. Serco’s win is attributed to its innovative use of Trintech’s Cadency Platform to standardize and automate its reconciliation and financial close processes.

“We want to congratulate Serco for its use of Trintech’s solution in applying automation in its accounting close to speed processes in a complex business, enable staff to focus more of their time on high-value efforts and promote greater confidence in the integrity of its financial statements,” commented Robert Kugel, SVP and Research Director at Ventana Research.

Why did Serco win its category?

Following the successful roll-out of Cadency, Serco has achieved a single, standardized approach to balance sheet management on a global scale. Reconciliations now require less manual effort thanks to increased automation and the application of a risk-based strategy.

In addition, the use of a centralized global solution by Serco has provided greater insight into the total number of reconciliations performed as well as their timeliness and accuracy.

Serco is running 5,000 balance sheet reconciliations through Cadency on a monthly basis. They are auto-reconciling 15,000 accounts which has saved their team a total of 500 hours per month. Serco also utilizes Trintech’s pre-built Cadency SAP®-Certified Connector.

“I am honored to accept this award on behalf of the Project Team who implemented Cadency and the BAU team who continues to use and promote continuous improvement within our reconciliation process,” said Paul Adams, Head of New Business & R2R at Serco.

“The transformative success our team has been able to achieve with Trintech’s Cadency solution has been remarkable and we look forward to additional successes as we continue our financial transformation journey with Trintech,” Paul Adams further commented.

How has Cadency been a resourceful solution for Serco?

Automation has not only reduced Serco’s cost but also allows their team to focus on more value-added tasks. “Competition for talent is a big focus and challenge for many organizations today. Automation can help retain your resources by allowing them to focus on value-added tasks instead of the manual, transactional processes,” continued Adams.

“This connector automatically interfaces data flows from our SAP instance into Cadency so our team can begin analyzing it within minutes. Having the direct interface from SAP also gives confidence in the data matching between the two systems,” continued Adams.

Serco’s leadership team also now has full visibility into a Reporting dashboard that allows them to drill-down into any account and identify risk on the balance sheet. Serco is looking to continue to expand its automation strategy to gain further efficiencies across their processes.

“If it is a repeatable process, the benefits of having technology doing it is far superior to any human. Automation is vital for process efficiency and cost-effectiveness,” concluded Adams.