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Fundamentally, Sarbanes-Oxley is concerned with information transparency and
accountability, and presents new requirements for how public companies record,
track, and disclose financial information. This new attention to the tracking
of information relating to day-to-day operations has public companies attuned
to new levels of regulatory scrutiny that also extend beyond Sarbanes-Oxley.
Failure to adhere to the act can result in devastating consequences; in some
cases the damage done can be irrevocable.
We saw that Sarbanes Oxley Act, however tiresome for companies in short term,
presents numerous long term advantages, both strategic and tactical. It offers
you, among other advantages, an opportunity to evolve innovative and sublime
changes in the way you perform business. Consolidation of diverse processes and
data offers not only transparency but also presents opportunities to use the
consolidated data in creative decision making processes. But it also calls for
a robust document management solution in place to derive the benefits.
Document Management Application: The Best Bet!
Spreadsheets have their own drawbacks, some of which you have already come
across. The most harmful of the drawbacks is that it can make it difficult for
an auditor to help you identify weaknesses that need shoring up. Activities as
serious as SOX compliance cannot be dependent on a simple, error ridden tool. A
Document Management application that seamlessly integrates data lifecycle
management i.e. from creation to maintenance to disposition of data along with
your company’s core ERP financial systems will reduce your burden to a
considerable extent.
Our web-based Document Management Application is easy on the user and presents
advanced tools not found in usual spreadsheets. Its user-friendly interface
offers easy navigation that even first-timers to the application can grasp with
comfort. It eliminates numerous errors common to spreadsheets like errors in
data, formulaic errors and macro errors.
Multiple users can access data simultaneously with perfect ease and simplicity
while restricting data access only to relevant people. This ensures data access
will be unavailable to unscrupulous elements. Also, the application makes sure
that the data is created, maintained and stored in a centralized data storage
system no matter how many users are working on it. This guarantees a single
consistent end result correlating in every aspect and attribute.
Customized compliance software
We develop the application depending on your specifications since we understand
that due to the scope of the SOX act and your company operations, there cannot
be a single SOX solution.
Data Management
Each user with a certain task is assigned a unique login and password and
pre-programmed functions allow data manipulation, which is then saved in the
centralized database.
Security Concerns
The unique login and password allows a user access to only the data that he or
she is supposed to have access. This ensures full role-based security so that
people can only see what they have the right to see. Using a role-based
security system, you apply locking option down to micro-level, so that only
authorized personnel can change data, and that is audited and logged when it
occurs. Similar strictures can be applied to formulae and other facilities
within the application environment.
Productivity Issues
In a spreadsheet environment, individual users undergo considerable efforts in
managing their own spreadsheets—they may need to discover the location of
relevant source data, they may need to extract information from previous
versions of a spreadsheet and perform reconciliation procedures, or they may
need to distribute their spreadsheets to colleagues raising the possibility of
errors in distribution lists. Our centralized application eliminates such
inconsistencies to ensure maximum productivity and minimal time wasted on
cumbersome procedures.
Real Time integration with external systems
Emails and other external systems that come under compliance can be integrated
in real time with our application. This ensures all records pertinent to SOX
compliance are stored in a centralized database that also facilitates 24/7 data
retrieval and management options.
Reports
Every user receives a set of relevant reports. At any point of time a manager
or user can access these reports based on his or her particular requirements.
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