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Creating Account Reconciliation Process Efficiencies while Reducing Risk and Audit Fees

Few terms elicit deep breaths and visions of runaway dollar signs like “compliance.” Since the enactment in 2002 of the Sarbanes-Oxley Act, the call for compliance has caused public corporations and some private and foreign organisations to become fixated on meeting the various guidelines of the regulatory requirement. The result has been significant investments in time, resources, and compliance systems.

While great improvements in corporate credibility have emerged from this government mandate, costs to comply continue to rise. A Hackett Group study referenced in the October 2007 Financial Week article, “The SarbOx: Compliance is Inflating Finance Costs” indicated “that after nearly a decade of cost reductions in the finance department, the average “global 1000” company spent 12% more last year on its finance function than it did three years ago. And the biggest driver of that increased cost was compliance-related activities.” Yet, despite all of the attention senior managers give to compliance, there is still one key area that is often overlooked – up until the auditors arrive – and that is account reconciliation.

Download the report here:
Creating Account Reconciliation Process Efficiencies while Reducing Risk and Audit Fees

For further information about Trintech, please contact Carol Orr on carol.orr@trintech.com. You can also visit www.trintech.com

 

 

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