TimeXtender
Facilitating Stronger Corporate Performance Management Through Automation

The current financial landscape is staged with demands for resilient automated solutions that can be implemented rapidly to drive better reporting capabilities and enhanced business value across the enterprise. Companies are looking for ways to better manage their accounting and financial reporting. TimeXtender, headquartered in Denmark with North American offices in Redmond, Washington, has developed a new financial technology product to serve this need and to improve corporate performance management automation.

“CFOs, controllers, and other financial and accounting executives are in an avid search for tools that can render details of their financial processes at a much faster pace,” said Heine Krog Iversen, CEO, TimeXtender. “TimeXtender has developed TX Financials to help organizations reduce the completion time for the reconciliation and month-end financial activities.” TX Financials, the automated platform designed by TimeXtender, transforms the muddled information into structured data that liberates employees from doing the process manually. “The product allows more work to be done efficiently, with less time, errors and human resources involved,” added Iversen.

TX Financials is a robust tool that empowers users to handle and consolidate all the financial and accounting data for monthly reporting. All the activities performed by this platform are automated, allowing financial executives to leverage their time on other initiatives that add value. Bringing the automation quotient has enabled TimeXtender to resolve myriad challenges that their customers were subjected to.

“Using spreadsheets was always risky for aggregation and the movement of data between employees and stakeholders,” said Iversen. “TX Financials helps to circumvent these impediments by bringing all the financial processes onto one application, and all transactions into a financial data warehouse. It captures the 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,” explains Iversen. This enables complete reporting and explanation of any variance or ad-hoc analysis in one central repository rather than multiple sources. Data will only be captured once, leading to what TimeXtender calls, “One version of the truth.”

TimeXtender has made a conscious effort to focus on its core competencies. “Although we are a niche provider, we are in fact a leader in the Microsoft SQL Server market,” claims Iversen. “TX Financials is part of this strategy and vision and provides companies using the Microsoft SQL Server a new financial product for corporate-wide reporting and collaboration.” Since its foundation in 2005, the company has grown to become the largest data warehouse automation vendor servicing the Microsoft SQL Server with more than 2,600 customers across 60 countries. Today, TimeXtender is rendering data warehouse automation, corporate performance management automation, and consulting and services for organizations. The extraordinary size of clientele is the testament to the proficiency of TimeXtender and its capability to meet the demands of its customers.

In an implementation highlight, Cembrit Holding, a European manufacturer of fibre-cement materials with subsidiaries across 15 countries, chose TimeXtender to configure their data cube, and move it from their ERP system to the front-end system. TimeXtender enabled Cembrit Holding to simplify its operations and increase its ability to organize data cubes bypassing traditional programming methods which typically require numerous consultants.

TX Financials enables stronger financial reporting and collaboration; with less time, errors, and human resources

Going forward, TimeXtender is finding innovative ways to expand. “We continue to grow our company by reaching out and penetrating new global markets, most recently Australia and New Zealand, as well as expanding our global network of distributors and resellers,” said Iversen. The company continues to expand its direct sales and support staff in new locations in order to “stay close to the market” and to offer a commendable customer experience to its clientele. In the future, TimeXtender envisions supporting cloud hybrid setups to extend its data warehouse automation offering into a complete cloud service.