As companies expand globally, particularly through acquisitions, they face ever-growing challenges in operating facilities across multiple enterprise resource planning (ERP) platforms. Not only are there logistical issues to tackle, but the vital task of establishing, maintaining and auditing internal controls can quickly become a nightmare. A recent CFO.com article on the impact poor internal control tests can have on financial statement audits outlined the issues that can derail even the largest company. Fortunately, Software as a Service (SaaS) solutions exist to manage these issues and give companies great operating efficiency, control, and visibility.
Recently, DataServ worked with a global Fortune 500 client operating in 40 countries and across multiple ERP's, all with different controls and data quality issues. Working closely with the finance and internal audit teams, DataServ created a SaaS solution that consolidated financial information across business units - using the DataServ purchase to pay automation solution - into one global portal for the audit team to access, search, review, and download for their audits. The solution includes a single set of controls universally applied to the data flowing in, regardless of ERP. Additionally, because DataServ’s purchase to pay solution provides a closed-loop process that sits in front of the transfer of data to the ERP, the data is more accurate and more detailed than is usually available from most ERP's.
Now, rather than preparing long lists of requested documents and reports that are forwarded to the local divisions, and requiring them to search, copy and send the requested information back for preliminary audit review, the company audit team can search and select the specific dates, reports, and individual documents needed for their audit scope. All related information, including the actual audit trail associated with individual transactions and documents, can be accessed from one central portal, regardless of the ERP used by the subsidiary.
This capability replaces a more traditional, less efficient and costly exercise – and provides the audit team with significantly greater operating efficiency, consistent control over data, and vastly improved visibility in financial reporting. If your organization is struggling with the costs/time of completing audits across multiple ERP's, contact DataServ at 877.700.DATA (3282).
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