Movaris, a software company that helps finance teams automate and unify their financial close, SOX compliance and financial reporting processes, announced a new application that eliminates material weakness disclosures due to account reconciliation errors, reduces account reconciliation labor costs by up to 40 percent and increases accuracy of financial results by focusing resources on high-risk accounts.
Recent SEC filings show that account reconciliation errors are a leading source of material weaknesses, contributing to financial restatements by one in five public companies. "Account reconciliations are the bread and butter activity of every finance organization, though virtually all companies lack the ability to effectively manage this labor-intensive, manual process," stated Eric Keller, CEO and president of Movaris. "Our new software brings automation to the account reconciliation activity, and for the first time, unifies this process with Sarbanes-Oxley and financial close processes already automated by the Movaris OneClose application suite."
Movaris OneClose enables financial organizations to automate and standardize account reconciliation tasks during the "last mile" of finance. Five key features of Movaris Account Reconciliation include:
- Reconciliation and Variance Analysis Console - tracks and summarizes the enterprise-wide account reconciliation and variance analysis process.
- Reconciliation Scoping Manager - automatically schedules all account reconciliations based on business rules, assuring high-risk accounts are reconciled while saving significant time by reducing the reconciliation frequency of low-risk accounts.
- G/L Tie-Out Manager - ensures that all reconciliation documents tie out to final general ledger balances; alerts finance executives to top level, fraudulent, and erroneous late adjusting entries. This feature then automatically reprocesses effected reconciliations, eliminates differences, and ensures financial reporting accuracy and consistency of supporting documentation.
- G/L Import Manager - identifies and assigns account ownership for new general ledger accounts, and reassigns existing accounts when personnel changes occur. As companies grow, particularly through acquisitions, the Movaris G/L Import Manager automatically identifies new general ledger accounts and assigns ownership so that management is confident that all high risk accounts are reconciled.
- Unlocated Differences Manager - presents an aggregate view of unlocated differences, providing insights into previously hidden, high risk cumulative variances, and material breakdowns.
"Today, in our Financial Management Consulting Practice, we see finance teams risking material weakness disclosures due to aggregated account variances that are often buried across many accounts," stated Karl Hersch, Principal and Service Line Leader of Finance Operations at Deloitte Consulting LLP. "The Movaris Unlocated Differences Manager delivers an industry-leading view into aggregated account variances, providing necessary visibility to avoid MWDs."
Combined, these features empower companies to eliminate material weakness disclosures due to account reconciliation errors, reduce account reconciliation labor costs by up to 40 percent and increase accuracy of financial disclosure documents.
The Movaris OneClose application suite is modularly designed, allowing customers to purchase and implement any combination of individual applications to suit their needs. If a customer uses the Movaris Account Reconciliation application in conjunction with the Movaris SOX Compliance and Movaris Financial Close applications, account reconciliations are automatically integrated into a comprehensive control framework spanning reconciliations, SOX controls and financial close activities. The new Movaris Account Reconciliation application is available now; if interested in learning more, please contact Movaris at (888) 800-7545.
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