Emagia, the leading enterprise cash flow management solution provider, today announced a new toolkit and webcast series to help companies assess and attain readiness for Sarbanes-Oxley (SOX) Section 302 and 404 requirements for cash flow processes.
Emagia customers, including Solectron, Syngenta, Volt Information Sciences Inc., Xilinx and Zebra Technologies, have experienced significant benefits with respect to Sarbanes-Oxley compliance in addition to elevating cash flow performance. Built with strong internal controls, Emagia software has helped many companies improve Days Sales Outstanding, reduce bad debt expense and improve cash flow management.
"Emagia's software has helped us achieve readiness for our Sarbanes-Oxley audit around receivables," stated Bert McCuiston, head of credit, collections and cash management at Syngenta Crop Protection Inc, a $3 billion agri-chemicals producer. "The system enforces our key internal controls around cash flow in many ways and as a result, we received a grade of "well controlled" by our internal audit team. We are now well prepared for our external SOX audit."
Following the spate of recent corporate scandals, the Sarbanes-Oxley Act of 2002 was enacted to initiate greater rigor in financial reporting. Two key components of the Act are Section 302 and 404, which call for management certification attesting to the effectiveness of controls surrounding financial processes such as receivables and payables management. Deadlines for compliance are fast approaching. Most public companies with fiscal year-ends after November 15th, 2004 have only 60 days following the close to file management certifications.
"Today's corporations are facing the challenges of achieving compliance with Sarbanes-Oxley requirements as well as improving financial performance," said Veena Gundavelli, chief executive officer of Emagia. "Emagia is committed to helping companies optimize performance of cash flow processes while enhancing readiness for SOX compliance."
Emagia's SOX Readiness Toolkit
Emagia's SOX Readiness Toolkit contains powerful tools for organisations looking to quickly assess their internal controls for receivables and payables, identify gaps in documentation and policies, and proactively devise corrective action plans to address any deficiencies. The contents of this toolkit include:
- An assessment tool for rapid evaluation of SOX readiness in the areas of credit, collections, cash application, receivables, payables, and cash forecasting.
- Sample narratives, flowcharts and process diagrams to help companies attain SOX readiness for receivables and payables.
- Ready-made checklists geared to establishing and assessing internal controls around receivables and payables.
Emagia's SOX Best Practices Webcast Series
In response to the growing demand for educational information on Sarbanes-Oxley and how software and services can help with SOX compliance, the Emagia "SOX Best Practices Webcast Series" highlights major topics regarding SOX compliance in cash flow management. Emagia's SOX Best Practices Webcast Series is designed to provide guidance to credit and collections teams, accounts payable teams, controllers, treasurers, VPs of finance and CFOs on key SOX compliance issues related to cash flow processes.