Movaris Inc.Movaris Inc., a software company that helps finance teams automate and unify their financial close, Sarbanes-Oxley compliance and financial reporting processes, has released a new version of Movaris OneClose. New capabilities include automatic generation of financial documents (10-Ks, 10-Qs, audit committee books and management reports); creation of a comprehensive system of record of all "last mile of finance" activities, documents and disclosures; and improved auditor/client collaboration. Using OneClose, the San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.-based firm says, companies can efficiently unify the financial close, Sarbanes-Oxley compliance and financial reporting into a single, streamlined process. In turn, customers can realize more time for strategic analysis by automating routine workflows, reduced audit fees from auto-generated evidence binders and increased accuracy of financial reports. A notable feature of the new release is a "one-button financial statement publisher" that automatically generates financial documents, reducing errors and delays. This represents the "last yard of the last mile" in finance, said Frank Mara, Movaris' vice president, marketing, in an interview. [ILLUSTRATION OMITTED] Mara also highlighted a new "footnote Text that appears at the bottom of a page that adds explanation. It is often used to give credit to the source of information. When accumulated and printed at the end of a document, they are called "endnotes." manager" that delivers a unified version of the close and associated disclosure readiness for the management discussion and analysis (MD & A), financial statements and footnotes. Footnote generation represents "a gaping gap·ing adj. Deep and wide open: a gaping wound; a gaping hole. gap  ing·ly adv.Adj. hole," especially in an environment in which financial restatements have skyrocketed, he says. "In light of increasing regulations like [Sarbanes-Oxley], reduced reporting timeframes and lower materiality MATERIALITY. That which is important; that which is not merely of form but of substance. 2. When a bill for discovery has been filed, for example, the defendant must answer every material fact which is charged in the bill, and the test in these cases seems to thresholds, it is a relief to find OneClose, an application that addresses these new challenges as well as the age-old close issues stemming from manual and disconnected processes," stated Diane Manerchia, Director, Sarbanes-Oxley Compliance, FMC See fixed mobile convergence. Corp. Also new are: * An "auditor-client collaboration manager" that streamlines the auditor/client relationship, using a system of embedded Inserted into. See embedded system. links in emails to keep the two parties in sync. * Binders, or electronic systems of record, containing all compliance and financial close documents needed to reconstruct re·con·struct tr.v. re·con·struct·ed, re·con·struct·ing, re·con·structs 1. To construct again; rebuild. 2. a close period. Eric Keller, Movaris' CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , says that most companies seem to piece together a close in a non-automated fashion that includes Excel spreadsheets, emails and voice-mails and has "no formal system of records." Mara adds that regulators, investors and others outside the companies want to see the close as more science than art, and for it "to be a reproducible process." An enterprise-wide license for Movaris OneClose includes three distinct modules--Financial Close: Corporate Edition, Financial Close: Reporting Entity Edition; and Sarbanes-Oxley Compliance--and is priced from $200,000 to $1.4 million. Web: www.movaris.com |
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