Trintech Group (Nasdaq: TTPA), a leading global provider of integrated financial governance, risk management and compliance software solutions, is proud to announce today the availability of Unity Xtensible Financial Reporting (XFR), a financial reporting software solution with embedded support for the tagging and output of XBRL-compliant financial statements.
As global accounting standards have started to converge, businesses are increasingly being required to understand and adopt XBRL as an enabling technology in enterprise wide disclosure initiatives being mandated by global financial governing bodies, such as the SEC's Final Rule in the US and HMRC in the UK.
"CIOs and CFOs tasked with filing their financial statements in XBRL should begin looking at ways to strengthen their competitive advantage and avoid increased reporting costs in the coming years, as these requirements become increasingly onerous," said Theresa Clark, Trintech's Vice President of Finance Transformation. "Embracing XBRL as more than just a compliance requirement will be part of moving reporting from merely a statutory obligation into a competitive tool. Unlike other XBRL financial reporting tools, Unity XFR is embedded with an overall process and workflow technology that extends the capabilities of existing ERP or CPM solutions. Unity XFR facilitates this integration and offers a single system of record for fully compliant financial statements and data."
Unity XFR is part of Trintech's Unity Financial GRC software suite, which gives customers the ability to automate, consolidate and report on complex financial processes across the enterprise. Unity XFR can be purchased as a standalone financial reporting solution to manage the reporting process, from period close to regulatory filing, or it can be fully integrated with Unity Financial Close to enable advanced workflow, task management, review and approval of financial close processes.
Key features of the Unity XFR solution include:
- One-Button Financial Statement Publisher
- Audit Trail and Document Versioning
- Tag Financial Data Once, Output Financial Statements Often
- Carry Forward Report and Data Templates
- Dashboard Status Console
- Workflow and Collaboration Features
"Trintech's new Unity XFR solution puts companies ahead of the curve with an embedded XBRL financial reporting tool which can be fully integrated with our Compliance (SOX) Solution as well as our end-to-end process and workflow management solution for the entire financial close. This allows our customers to streamline operations and realize significant savings: from the first mile of the financial close to the last mile of financial reporting, the only truly integrated financial governance suite on the market," said David Taylor, Trintech's Vice President of Strategy.