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IFS Applications helps you comply with all key provisions of the Sarbanes-Oxley Act, including: - Section 302, which requires CEOs and CFOs to certify the accuracy of their companies’ financial statements.
- Section 404, which requires companies to conduct annual assessments of their internal control structures and procedures.
- Section 409, which will requires companies to promptly disclose material changes in their financial conditions or operations.
With IFS, you can ensure that your company’s day-to-day processes are in line with regulatory requirements and your corporate values. IFS’ integrated process-modeling application lets you graphically design and document internal processes to ensure the integrity of your accounting system—and easily review and update them as needed. Using IFS’ advanced querying capabilities, you can quickly identify high-risk transactions or accounts and receive automatic notification when specified changes take place. You can also manage your company’s documentation so that it is always accurate, up to date, and immediately available for auditors. By automating the processes required for regulatory compliance, IFS Applications frees your most valuable resources, your employees, to do what they do best, performing activities that contribute directly to the bottom line. It gives you all the benefits of an industry-leading business solution, with an integrated suite of applications to help your enterprise cut costs, boost profits, and take advantage of new business opportunities. And IFS is a simple, affordable solution for mid-size companies because its component technology lets you deploy the applications you need today and add others as your needs change. Identify and share best practices
The Sarbanes-Oxley Act is all about procedures—creating them, documenting them, controlling them, and communicating them. It’s a daunting task, but IFS makes it easier with IFS Business Modeler, a fully integrated process-modeling application. With IFS Business Modeler, you can graphically design the processes required for regulatory compliance. The application includes a complete library of standard business processes that you can easily adapt to meet the needs of your organization—or you can create new ones from scratch. Once the processes are complete, you can easily spot inefficiencies or potential audit risks. And that’s just the beginning. IFS makes it easy to update your business processes as your needs change, ensuring maximum efficiency and profitability. You can also share best practices more easily across your enterprise. Think of IFS as an investment in the continuous improvement of your business.
Better manage your documentation
Effective document management has always been important, but with the passage of the Sarbanes-Oxley Act, it’s absolutely essential. If you don’t keep the right documents for the required length of time, and if you can’t readily produce them when
auditors request them, you may be subject to harsh penalties. IFS takes the pain, worry, and expense out of document management. With IFS’ simple, integrated approach, you can attach audit documents such as working papers, process documentation, or disclosure questionnaires to anything you’re working on in the
system. This ensures that the documents will always be there, when and where you need them. IFS’ document revision capabilities allow you to track revisions, control access to documents, and manage the approval process. Everything you do is saved in
history for complete traceability. To make document management even easier, IFS’ web-based portals let you view and manage documents through a convenient web interface. All the documents you need are at your fingertips, organized as you want them to be, no matter where you are. You can
search by document attributes or contents. And you can easily create links to the documents you most often use. With IFS Applications, you can rest assured that your company’s documentation is under control so you can focus on the things that really matter—selling your products and services, and ultimately, meeting or exceeding your business goals.
Gain instant insight into your business
To meet the requirements of the Sarbanes-Oxley Act, you need to know what’s happening in critical areas of your business at all times. IFS’ corporate performance management application helps you accomplish this objective by giving you real-time
visibility into all your business processes, from start to finish. It’s a web-based digital dashboard that uses tables, graphs, and performance gauges to put key business information at your fingertips, making it easier to spot trends, make corrections,
and improve processes. With IFS, you can use friendly wizards to generate custom reports in whatever format is most convenient for you—text, Microsoft® Word®, Microsoft® Excel®, e-mail, or web. Using multidimensional information cubes, you can analyze critical data from a
variety of perspectives, enabling you to make better-informed business decisions. IFS’ financial scorecards show you at a glance how well your company is doing in terms of sales per employee, return on investment (ROI), return on capital employed (ROCE),
and more than 30 other key performance measures. Balanced scorecards, which are also included in the package, give you an even more comprehensive picture of your company’s performance, including non-financial aspects such as customer satisfaction. To help you maintain and test your company’s internal accounting controls, IFS Applications monitors transactions or account balances that you have designated as critical. When changes occur beyond the limits that you have specified, the system
notifies you automatically so you can take appropriate action, if needed. As an integrated system, IFS makes it easy to get accurate, real-time financial information because all the data is in one place, and you can consolidate and interpret it using a consistent set of business rules.
Maintain your competitive advantage
The paperwork and reporting requirements of the Sarbanes-Oxley Act are substantial, especially for mid-size companies. But the steps you take toward achieving regulatory compliance can make your business more competitive. By meeting Sarbanes-Oxley’s
requirements for timely, accurate reporting, you have more time to analyze financial information and use it to improve your business. You can more easily set objectives and track results against them, letting you make decisions and establish processes
that enhance your company’s long-term financial health. You can easily produce the documentation required when you seek investment capital or are involved in a merger or acquisition. And with IFS, you can do all this efficiently and economically, giving
you a further edge over the competition.
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