Cartesis Relieves Financial Reporting Stress; Web-based Solution Speeds up the Global Close and Simplifies Financial Reconciliation.Business Editors/High-Tech Writers STAMFORD, Conn.--(BUSINESS WIRE)--Jan. 8, 2003 Cartesis, a leading software vendor of financial analytic applications Analytic Applications are a type of business application software, used to measure and improve the performance of business operations. More specifically, Analytic Applications are a type of Business Intelligence solution. , has launched the latest version of its Intercompany Server (ICS (1) (Internet Connection Sharing) A Windows feature that enables two or more computers to share one Internet connection. First introduced in Windows 98 Second Edition, sharing is accomplished with network address translation (NAT), which is the common method. ) which enables disparate reporting units of large corporations to reconcile accounts quickly. The new solution is Web-based, giving fast access to intercompany balance sheets and allowing offices to communicate directly with one another. It further increases the gains attainable with Cartesis' Web-based financial analytic an·a·lyt·ic or an·a·lyt·i·cal adj. 1. Of or relating to analysis or analytics. 2. Expert in or using analysis, especially one who thinks in a logical manner. 3. Psychoanalytic. platform, Cartesis Magnitude, and interfaces with other consolidation systems from other suppliers. Cartesis Intercompany Server(TM) sends automatic email alerts when reporting activity is required, prompting users to complete the task requested. Cartesis ICS also delivers real time agreement of balances before financial reports are due, allowing more time for the individual business unit and corporate headquarters to monitor the process, intervene when necessary and complete financial analytics. Cartesis ICS will eliminate the delay caused by time spent on agreeing balances, as it changes the sequence of events, taking the reconciliation process out of the time-critical final steps of the global close. The reconciliation process itself gains in speed and efficiency because of an automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. balance matching process. The software finds corresponding balances instinctively in·stinc·tive adj. 1. Of, relating to, or prompted by instinct. 2. Arising from impulse; spontaneous and unthinking: an instinctive mistrust of bureaucrats. , eliminating the need for manual searching. "With the effect of Sarbanes-Oxley and today's business Today's Business is a show on CNBC that aired in the early morning, 5 to 7AM ET timeslot, hosted by Liz Claman and Bob Sellers, and it was replaced by Wake Up Call on Feb 4, 2002. climate, the pressure is on to disclose accurate financial information as quickly and as frequently as possible. For companies who have invested in systems for reporting and consolidation, this is the one area that still holds the greatest potential for immediate impact in reducing the number of days to close. Cartesis Intercompany Server is this first software solution to address the problem," said Bob Fitzgerald, President of Cartesis, Inc. By applying technology to radically change the way companies complete the global close, companies save time during the reporting period and publish their financial results within mandates. "Not only does Cartesis ICS streamline the process, but it also cuts out extra work at a corporate or divisional level. This means that business units are no longer reliant upon an overstressed central finance function to handle the reconciliation, and the corporate level can trust the individual units to do it quickly and accurately. The payback Payback The length of time it takes to recover the initial cost of a project, without regard to the time value of money. in terms of saving time is immediate. ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). can be achieved in just a few reporting cycles depending on the size of the organization," added Fitzgerald. Cartesis Intercompany Server is the only peer-to-peer Web-based reconciliation solution that enables reporting units to reconcile intercompany balances directly with one another and allows real time agreement of balances before the close of the reporting period. About Cartesis Cartesis, the leading worldwide supplier of financial analytic applications for Strategic Financial Management(TM) (SFM SFM Sustainable Forest Management SFM Science Fiction Museum (Seattle) SFM Switch Fabric Module (Cisco Systems) SFM Scanning Force Microscope SFM Société Française de Microbiologie ), offers truly integrated applications on a powerful analytic platform. With its world headquarters located in Paris, France, the company maintains subsidiaries in Stamford CT, Brussels, Frankfurt, London, Madrid, Paris, Tokyo and Utrecht. Cartesis products give Global 2000 companies the analytic capacity In complex analysis, the analytic capacity of a compact subset K of the complex plane is a number that denotes "how big" a bounded analytic function from  can become. and the flexibility they need to assess the rapid changes in their market places. One in five of the Fortune Global 100 and more than 30% of the Financial Times European 100 use Cartesis solutions to obtain unprecedented command over their financial information and processes. Visit www.cartesis.com for more information.
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