With Insperity ExpensAble, you can depend on accurate expense data and reporting for SOX.
The Sarbanes-Oxley (SOX) Act of 2002 was developed to protect investors by improving the accuracy and reliability of corporate disclosure. In short, SOX makes reporting on internal controls mandatory for SEC registrants and their independent auditors.
The Act was enforced due to the several financial shenanigans in the recent past involving some large business behemoths. The lack of strict monitoring over financial reporting in companies left millions of dollars in losses, resulting in investor distrust. As a result, companies today have stricter regulations and standards to be compliant. For any business enterprise, compliance to regulations and standards has become a necessity.
Section 404 of the Act directs the SEC to adopt rules requiring annual reports to include an assessment, as of the end of the fiscal year, of the effectiveness of internal controls and procedures for financial reporting. Section 404 also requires the company's independent auditors to attest to and report on that management assessment. This ultimately demands better expense reporting, accurate and authenticity of the financial data, timeliness of compliance, and real time detection of financial risk factors.
Automation of your internal operations is the best way to negotiate the complexities of control processes and procedures. Doing so will save you tremendous time and money, and further helps you easily manage and analyze activities associated with control processes in a systematic way.
SOX calls for three main areas of compliance:
- Legal and regulatory requirements
- Accounting standards and guidance
- Internal Operations and Management
- At ExpensAble we work hand-in-hand with you to implement the entire automation process. We provide consulting and training for your staff.
- ExpensAble's consulting professionals are the perfect complement to your internal team. With our deep product knowledge, advanced skills, and proven best practices, we work to ensure your project integration is a success.
ExpensAble ensures that auditors and management have a comprehensive, integrated tool for access into internal control and expense tracking. Unlike manual adhoc processes and procedures, ExpensAble's expense management solution enables a user-friendly yet automated expense tracking system ideal for:
- The fast and ongoing elimination of bottlenecks and inefficiencies.
- Structured integration of real-time, error-free expense data with payroll and financial systems for effective tracking.
- Added cost-savings through decreased reporting errors, improved policy/procedure compliance, and better vendor cycle management
- Quick analysis of expenses, budget decisions and improved forecasting as well as real-time insights into employee expenditures.
- Improved audit readiness.