Case Study: Siemens Corporation achieves a standardized, automated financial close — 20% cost reduction and 100% GL reconciliation with Trintech Cadency

Siemens’ Global Shared Services Center Increases Control and Transparency Across its Financial Close

Siemens engaged its Global Shared Services to standardize and centralize fragmented regional finance functions. Facing a highly decentralized account reconciliation process—many business units relied on Excel and multiple file directories across different ERP systems—Siemens sought greater efficiency, compliance, visibility and a solution that could reconcile 100% of GL accounts and sub-ledgers while supporting automated workflows and analytics.

Siemens implemented Trintech’s Cadency Certification to automate reconciliations, journal entry creation/review/approval, and provide mobile/web analytics for rapid reviews. The solution delivered full GL/sub-ledger reconciliation, reduced resources needed for the close, improved quality and reliability, and cut the cost to deliver by about 20%, with Siemens continuing a close partnership with Trintech to drive further improvements.

Siemens Corporation

Rob Koca

Corporate Controller