Movaris Inc.Movaris Inc. has released the latest module in its OneClose suite, Account Reconciliation, which the company says eliminates material weaknesses and deficiencies created by reconciliation problems, trims associated labor costs by up to 40 percent and boosts the accuracy of financial results. Account Reconciliation joins Movaris' other products, Financial Close and Sarbanes-Oxley Compliance. All three are available in an enterprise-wide license format. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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 Movaris, one in five material weaknesses reported in the year ending in July was created by reconciliation problems. Information that exists in two or more systems or locations are frequently fraught fraught adj. 1. Filled with a specified element or elements; charged: an incident fraught with danger; an evening fraught with high drama. 2. with variances, and a typical large company may need to complete 10,000 reconciliation actions in order to close its books, most of those highly manual, says Movaris President and 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. Eric Keller. It's not uncommon that 1 to 2 percent of accounts don't reconcile, he adds. Account reconciliation problems have caused material weaknesses at large firms such as Eastman Kodak Co., Revlon Inc., H & R Block, Nortel Networks (Nortel Networks Limited, Brampton, Ontario, www.nortelnetworks.com) A world leader in telecommunications products, which includes switching, wireless and broadband systems for service providers and carriers, telephones and systems for residential and business users, computer telephony and Dana Corp., according to Movaris. In general, finance teams lack visibility and control over reconciliations, it adds, with minimal or no roll-up capability. Account Reconciliation offers: a Reconciliation Scoping Manager that focuses on high-risk accounts; an Unlocated Difference Console that presents an aggregate view of unlocated variances; a G/L (General Ledger) G/L is often the acronym for the general ledger application in an organization. The general ledger maintains a summary of financial accounts for the business. Tie-Out manager that alerts finance to late-adjusting entries and automatically reprocesses impacted reconciliations; and a Reconciliation & Variance Analysis Console that automate To turn a set of manual steps into an operation that goes by itself. See automation. reconciliation, integrates compliance testing, highlights problems and cuts costs. This console also integrates Sarbanes-Oxley testing with the account reconciliation. The OneClose suite ranges in price from $200,000 to $2 million, depending on the size and complexity of the organization. Movaris says it has 75 customers, most of them large and geographically disparate organizations with at least $500 million in revenues. Web: www.movaris.com |
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