How can Axway’s solution help finance departments optimise their accounting schemes?

Axway’s Accounting Integration Suite (AI Suite) is a comprehensive, secure and cost-effective solution for simplifying the integration between financial information systems and business applications. With Axway’s expertise, companies can provide their finance departments with a tool that helps them optimise their accounting schemes.

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Transformation and integration of business data into accounting entries

With its high-performance rules engine,AI Suite helps your company grow and manage change by optimizing the management, transformation and distribution of accounting and financial data. All your business applications can be integrated. It is easy to add new processes, products and systems, which simplifies mergers and/or acquisitions. The AI Suite’s design, including integration model APIs, enables it to handle large volumes of information, allowing you to meet your business requirements.

Operational events are transformed for integration into the accounting ledger. You can define global accounting layouts that speed up the processing of financial and accounting data. This gives you total control over your accounting schemes, since you customize the solution to your needs rather than to IT constraints. While the charter and accounting rules are defined centrally, they can also be adapted to comply with local regulations. Supervision is done both at the global level and on a country-by-country basis.

The AI Suite feeds accounting systems, reporting tools (local and consolidated) and risk management tools. The entries in the general ledger are automatically created and the sub-ledgers are also managed. Specific accounting functions are included: balance calculation, inter-company entries, reversals, sending and follow-up of the sending to several target systems, etc.

With this tool, it is possible to integrate activities and multi-GAAP and to create multi-GAAP entries. Since the data source is unique, it facilitates the verification of data consistency as well as the reconciliation of information, especially between local GAAP and other GAAP.

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Centralized and simplified rules management

Accounting rules are defined according to your needs and can be simulated before they are applied. This allows you to maintain control over your accounting rules and business processes, resulting in improved financial integration management. This customization of the tool allows you to improve the agility and accounting efficiency of your organization. You therefore define the accounting rules adapted to your financial policies.

If you use US GAAP (Generally Accepted Accounting Principles), you can apply them in AI Suite. Once you have modified rules or created new ones, they are quickly applied and new data flows are established. This allows you to comply with all local, regional and global regulations, such as the International Financial Reporting Standards (IFRS) or the Sarbanes Oxley Act (SOX).

To meet regulatory requirements, all accounting methods and procedures used are automatically documented. With the Studio module, you can organize your documentation. You also have the ability to centrally store all internal policies and rules that are applicable in your company. Axway’s solution is obviously multi-currency: all currencies can be managed alone or simultaneously.

Effective exception management

When an error occurs, its origin is automatically identified. In addition, you also save time, as discrepancies are also quickly identified thanks to the reconciliation between the business bases and the management system. Authorized persons can correct problems by updating the entry or entering new data. This allows you to anticipate problems at the time of accounting closings.

In order to guarantee the traceability and the security of the actions, you set up the specific authorizations necessary to the profiles to proceed to these regulations. The information entered manually is thus perfectly controlled, whether it is used to process exceptions or to enrich the data. You can know at any time which user has performed which action and when.

Your financial data is therefore perfectly secure. The Awxay solution contains dashboard templates that allow you to monitor the accounting integration process. You define which profiles are allowed to access these particular views and data flow controls. Implementing the AI Suite therefore helps to automate multiple accounting procedures and controls that are usually manual.

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Detailed secure reporting and easy auditing

Axway’s solution includes an easy-to-use audit trail module to run queries to substantiate information sent to financial systems. You have easy access to detailed audit trails, which facilitates daily controls of accounting processes and increases data quality.

Some features are used to establish daily controls that provide visibility into the financial data produced. The entire history of the accounts and their balances is kept. This makes it possible to store, search and use the billions of events and entries in the ledger, representing several terabytes of data. You can easily create your financial reports and summaries and publish them in the format of your choice: Word, Excel, PDF, HTML, etc.

Better management and visibility of financial data

Thanks to Axway’s expertise, artificial intelligence tools have been integrated into the solution to generate dashboards that give the Finance Department a global view of its processes. It is thus possible to :

visualize the progress of data transformation processes;
identify possible discrepancies ;
measure the performance of each stage of transformation;
optimize these steps by comparing their performance over defined periods of time;
Interpret accounting data to improve their management;
Reconcile with business data;
Anticipate the possible impact of exception handling on closing dates and make the necessary decisions.

In addition, you benefit from reduced overall costs, as 99% availability is guaranteed. This result meets the most demanding SLAs (Service Level Agreements) and avoids heavy penalties. Axway’s AI Suite is truly a tool that enhances your company’s accounting, functional and technical performance while ensuring reliable processing of billions of business transactions each year.

The AI Suite is an Axway solution including API management, which facilitates integration and communication between different services. It will become a real support for your Finance Department in its digital transformation.

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