TimeXtender Strengthens CPM Automation with Updated Finance Management System

By CIOReview | Thursday, February 18, 2016
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FREMONT, CA: For any organization, financial management is considered to be the core function that covers wide range of tasks and responsibilities involving management of the accounting needs and capital expenditures, streamline and audit revenue system, effective utilization of the resources, analyze the financial performance of the business and most importantly helps to make decisions towards maximization of the firm. It is significant that every business should possess an advanced finance system that is designed to compete and succeed in the market. At the forefront of this is TimeXtender, a provider of data warehouse automation (DWA) software for the Microsoft SQL Server that has recently announced the release of a new update of TX Financials, version 16.01 to enable Corporate Performance Management (CPM) Automation.

TX Financials is a financial management product that structures the data collection process and encompasses budgeting, planning, reporting, forecasting and financial consolidation. It ensures accuracy, data integrity and effectively shortens the month-close processes from weeks to days, eliminating the need for IT or tech support for implementation, support, or maintenance. It captures each transaction from lowest level, transform into meaningful information, uses them to explain variances and form the foundation for real forecasting. The new version of TX Financials is integrated with two major revisions featuring user setup and support for documents.

In large organizations, it is cumbersome to define a budgeting process involving a large number of users, that typically requires the assigning of users to profit and cost centers, and to create an approval hierarchy for the budget submissions. Using TimeXtender’s data warehouse automation (DWA) backend, TX Financials users can now access relevant information of organizational hierarchies and save that data within the same console system. It makes the process significantly easier, faster and efficient to define processes within a budget cycle.

The new version of TX Financials will now extend its support for documents where end-users can utilize ad-hoc Excel spreadsheets to simulate budgets or forecasts and link the end results of the work to a TX Financial submission. This means that for each submission in the budget process, the specific underlying version of the supporting document is submitted, along with the financial numbers linked to it, for full version control with full email notifications as well.

Furthermore, TX Financials will provide an integration interface while combining ERP systems from an acquired company’s system or either from production or marketing system. By using TX Financials, it is no longer a mandate that major ERP backend mapping occur first, as the finance user can apply their knowledge to produce the financial outcome.