TimeXtender Announces TX Financials; New Product Eliminates Manual Processing Of Corporate Financial Data

TimeXtender Announces TX Financials; New Product Eliminates Manual Processing Of Corporate Financial Data
15.05.2015 01:00 am

TimeXtender Announces TX Financials; New Product Eliminates Manual Processing Of Corporate Financial Data

Corporate Banking

TimeXtender, the world’s largest provider of data warehouse automation (DWA) software for the Microsoft® SQL Server®, today announced the availability of its new TX Financials (TXF) product.

TXF is a financial management product designed for CFOs, VPs of finance, and controllers. It structures the data collection process, takes away manual processing, and encompasses budgeting, planning, and financial consolidation. In most cases, month-close processes can be shortened with TXF from weeks to days; sometimes even to less than one day.  Users can take advantage of these capabilities without the need for IT or tech support for implementation, support, or maintenance. 

Most companies typically use spreadsheets for financial management, but there can be a high risk involved with spreadsheets when using only aggregated data, passing documents back and forth between stakeholders, and additions and deletions of data given dependency on individual employees.  TXF solves these problems by consolidating all financial processes into one application, and all transactions are brought together into a financial data warehouse. This enables complete reporting and explanation of any variance or ad-hoc analysis in one central repository rather than multiple sources.

Another one of TXF’s most important capabilities is that it captures all its financial transactions at the lowest levels of any source system, such as a spreadsheet, database, ERP, or SAP,   and integrates this information into financial reporting. Data will only be captured once, leading to what TimeXtender calls, “One version of the truth.”

“TimeXtender’s TX Financials helps companies save a significant amount of time and money by automating corporate financial activities such as consolidation, budgeting, and forecasting , said TimeXtender CEO, Heine Krog Iversen. “TX Financials provides a platform for financial executives to integrate all financial processes into one application, retrieve all transaction data from its lowest level, and store and access all data in a financial data warehouse. All this, and end-users can deploy and use it without the need for tech support.”

TXF offers the following capabilities:

  • Data integration – financial data for any entity in an organization at the lowest transaction level
  • Budgeting/planning/forecasting – development and complete process control that handles the entire budget process workflow
  • Financial consolidation – intercompany transactions (reconciliation and elimination) and currency conversion and supports alternative forecasting scenarios based on alternative assumptions
  • Financial reporting—enables rolling forecasting and provides an ongoing model that reflects the  current budget
  • Data capture – can be fully automated and financial rules for financial reporting can be applied automatically 
  • Regulatory requirements --  enables you to meet regulatory requirements for increased transparency of financial transactions
  • User autonomy – easy to install, easy-to-use, and changes made at desktop with drag and drop functionality

A TXF software license sells for $50,000 USD and can be purchased direct from TimeXtender or through one of its channel partners. The price includes the full financial management application, which is installed by a simple download.  The user interface (UI) is fully integrated with and completely based on Microsoft Excel. Users will need TimeXtender’s TX 2014 DWAP (data warehouse automation platform), which can be purchased separately if not already implemented. TXF runs on Windows with Microsoft® SQL Server® as the backend.

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