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."
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