Geac announced the industry's first software product designed specifically to help companies manage the remediation phase of their Sarbanes-Oxley and other regulatory compliance efforts. Geac Compliance contains templates tailored to key processes - such as order to cash, procurement to pay, payroll and others - integrated with a powerful business process management engine. As a result, Geac Compliance gives companies a convenient, automated mechanism to gain better control of their business and make it more efficient at the same time. In combination with Geac Performance Management - Geac's integrated product line for bolstering organizational effectiveness by tightening the linkage between business strategy formulation and operational execution - Geac Compliance assists in compliance with sections 404, 409, and 302 of the Sarbanes-Oxley Act.
The initial release of Geac Compliance, scheduled for general availability this summer, will also contain integration tools to Geac EnterpriseServer back-office systems, to simplify implementation for Geac E Series and M Series customers. However, Geac Compliance will work with many existing ERP and financial systems.
Geac, a global enterprise software company for Business Performance Management, announced Geac Compliance at its annual ALLIANCE North American customer conference, being held this week in Chicago. The product continues Geac's strategic focus on providing software solutions that address critical business issues for CFOs and the financial value chain within organizations.
AMR Research estimates that corporate spending related to compliance with the Sarbanes-Oxley Act in 2004 will be $5.5 billion, approximately 19 percent of which will be for technology. "The Sarbanes-Oxley Act in the U.S. and similar regulations elsewhere mandate that companies effect more rigorous financial and business process controls than ever before - and information technology is a critical enabler," said Timothy J. Wright, Geac's chief technology officer. "While testing and documentation are critical to the compliance effort, the ultimate goal of such activities is simply to identify problems within the organization. The audit cannot be passed until these problems are resolved. The solution typically means adding more controls to the process - with a corresponding increase in both time and cost. Geac Compliance, however, allows companies to automate the control steps within a process, greatly reducing human error - data entry mistakes, improperly submitted forms, and mismatched routings - from the equation. This results in more effective internal controls as well as a more efficient business."
Geac Compliance contains six modules, each of which addresses critical functions within a particular business process domain:
- Order to Cash, including payables, invoicing, accounts receivable andcash management
- Procurement to Pay, including purchasing, vendor selection, receiving,invoice processing and cash disbursement
- Production, including inventory valuation, inventory counts, scrapand excess reserves
- Property Plant and Equipment, which includes additions and disposals as well as depreciation and amortization
- Other Assets and Liabilities, such as deferred income taxes, post retirement benefits, and stock options
Geac Compliance also contains a feature called Remediation Manager, a tool that helps companies track their remediation process. Remediation Manager includes built-in workflow for assigning and tracking remediation tasks as well as COSO checklists to assist in process design. Reporting allows managers to understand exactly what is being done, by whom, at every stage of the remediation process.
Geac Compliance is built on Geac Business Process Management, software that allows companies to streamline any business process in order to achieve faster cycle times and lower costs. Geac Business Process Management allows a company to create a unified business process across multiple systems, route tasks to the appropriate user or role with approval steps as needed, and easily analyze processes to improve performance and ensure corporate goals are met. The software provides insight into how the process works, enabling an organization to continually define areas for improvement - so ROI can increase with each business cycle.
"Geac Process Management improves a business by maximizing the effectiveness of both the software applications and the people that are involved in a business process," Mr. Wright said. "In both cases, the key is to allow the business to be optimized around the processes that make it run, rather than around artificial boundaries like departments or servers."
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