Movaris today announced Movaris OneClose, the industry's first-ever single close application to directly link financial controls and close tasks to financial statements during the "last mile of finance," the series of activities performed during the financial reporting process.
Movaris OneClose also creates a system of record for financial statements, the financial close and Sarbanes-Oxley compliance.
Today, most companies complete their Sarbanes-Oxley assessment after their financial close, delaying the discovery of failed key controls. Discovering failed controls after the financial close requires reevaluation of financial results and is frequently associated with material weakness disclosures and financial restatements. This is an expensive, time consuming and risky process in today's environment of increasingly complex accounting rules and tighter regulatory oversight.
"Regulatory guidance instructs companies to integrate the Sarbanes-Oxley review of internal controls with the periodic preparation and audit of financial statements, though until today, companies have not been able to do so," stated Eric Keller, CEO of Movaris. "Movaris OneClose fixes this problem by synchronizing compliance and close activities, and standardizing the correct sequence of "last mile" activities across the entire enterprise."
"A single close will help FMC reduce our work overall because we will have confirmation that critical controls are completed at the time of close," said Dwight Wagner, the Biopolymer Division Finance Manager for FMC Corporation. "This will eliminate significant time spent reconfirming financial results."
"Any company that seeks to improve the confidence in its financial results can benefit from an automated system like OneClose, which can help reduce time to close and minimize errors," said John Hagerty, VP Research at AMR Research.
"The continued reliance on Excel spreadsheet-based final roll-ups of financial statements provides no official system of record for this mission-critical task," stated Sam Silvers, Principal and Global Practice Leader, Financial Management Consulting Practice with Deloitte Consulting. "The Movaris OneClose solution is an example of this much-needed system of record to synchronize critical financial reporting information to provide accurate and timely financial reporting."
OneClose also creates the first secure, auditable system of record for the "last mile of finance" the manual financial reporting processes which occur between ERP and consolidation systems and EDGAR filings.
By streamlining and automating many of today's manual financial close and compliance processes, Movaris OneClose allows CFOs to reduce their largest departmental expense item after employee expenses, external auditor fees. In a customer survey conducted in Fall 2005, Movaris customers report an auditor fee reduction of twelve percent per year to sustain Sarbanes-Oxley compliance, and claim a twenty-five percent time savings for their internal finance teams.
Key Features of Movaris OneClose
Financial Statement Console - Links financial statement line items directly to controls and close tasks, delivering a real-time bird's eye view of the close and of the readiness of financial statements.
Close Task Manager - Documents, standardizes and automates the close process, eliminating bottlenecks and highlighting problems early so that additional attention can be dedicated to resolve issues quickly.
Sarbanes-Oxley Compliance - Documents, standardizes and automates financial compliance activities, dramatically reducing time and money required to comply. Easily identifies and eliminates redundant and low value controls by directly linking all control activities to financial statement line items.
OneClose Binders - Automatically generates detailed Close and Compliance binders for the entire distributed enterprise, eliminating the need for external auditors to manually gather and review evidence from disparate sources and regional offices.
OneClose System of Record - Captures, persists and secures all transactions and documents associated with Close and Compliance, assuring data integrity for the "last mile" activities used to produce financial statements. Centralizing this data significantly reduces an auditor's time and expense, and enables companies to effortlessly comply with statutory archiving requirements for financial information.
Reduces expenses - Cuts external audit fees by reducing auditors' work for both close and compliance activities. Movaris customers realized annual savings in auditor fees of twelve percent in their first year, yielding a payback period of less than one year.
Saves time - Decreases employees' time spent on low value tasks. Movaris customers claim at least a twenty-five percent reduction in time spent on compliance activities.
Increases data integrity - By automating manual, error-prone "last mile" processes, a new close and compliance system of record for financial statement preparation is created.
Increases accuracy of financial and compliance statements - Linking financial statements, controls and close tasks ensures that financial results are accurate and not left to chance.