Integrated Close Solution
Business Problem
Today in the Finance office many companies experience a disconnect between the systems and processes used to collect and consolidate results, perform the compliance function to help meet Sarbanes-Oxley requirements and to address the close tasks and regulatory reporting activities. Companies rely on manual processes to address this problem, but they have sometimes disclosed material weaknesses and errors that have required restatement of financial results—all of which has an adverse impact upon the corporation's credibility and market capitalization. To address this problem and to adopt stronger practices around the financial close process and to improve compliance and regulatory reporting, organizations are looking for a better way to close and report.
Solution
Movaris has partnered with Hyperion to deliver the Hyperion-Movaris Integrated Close Solution. This solution unifies and automates data collection, consolidation, compliance for Sarbanes-Oxley and financial reporting, while documenting and automating close activities and tasks. It offers your organization a superior way to bring together largely manual processes and help Finance reduce the time and cost of consolidating, meeting compliance, closing and reporting, thus eliminating misstatements, errors, and material weaknesses. By using the Integrated Close Solution, Finance can also increase productivity and gain greater control over their consolidations, compliance, close and financial reporting processes. The Integrated Close Solution can also help reduce the time to perform your close and reporting cycle and also to perform much deeper analysis of the business—all of which can help you improve performance.
With the Hyperion-Movaris Integrated Close Solution, organizations can:
- More easily collect, cleanse, and transform financial data, helping ensure that the data has been validated and contains audit trails to its various sources
- Shorten close cycles by integrating ERP systems, eliminating manual spreadsheet processes used for consolidations and making it easier to complete financial statements
- Eliminate the need for performing reconciliations via Excel spreadsheets that don't offer a way to locate differences
- Provide an automated way to perform SOX compliance scoping, testing, and documentation and link the resulting consolidation and close activities
- Reduce the risk of errors, misstatements and material weaknesses due to separate silos of information used in performing the financial close and compliance processes
- Generate period end documents in a timely and controlled fashion so you gain confidence in the numbers you deliver to your stakeholders
- Deliver visibility and transparency into the activities and processes involved in the Last Mile of Finance SM activities