Accounting

"It used to take me 4 hours to process 200 invoices, which now takes me 3 minutes."

Katherine Fitzell
Accounts Payable Officer
Goldengrove Building Group
Australia

Streamline processes to boost accuracy and productivity

The accounting industry is rife with strict regulations, stiff competition, and an infinite quantity of documents. Your customers depend on you for accurate information, delivered quickly. Your talent requires modern technology to keep up. Paperless is just the beginning.

Compliance and Regulation

  • Regulatory Committees to Pay Attention to

    Securities and Exchange Commission (SEC)

     

    Financial Accounting Standards Board (FASB)

     

    International Accounting Standards Board (IASB) enforces the IFRS and works with the ISSB to set standards.

     

    International Sustainability Standards Board (ISSB) works with the IASB to set standards.

     

    Public Company Accounting and Oversight Board (PCAOB)

  • GAAP Compliance

    GAAP stands for “Generally Accepted Accounting Principles” and is used in the United States.

     

    There has been some talk about the US adopting IFRS, but efforts have been halted for the time being so the US will remain enforcing and practicing GAAP for the foreseeable future.

  • IFRS Compliance

    IFRS stands for “International Finance Reporting Standards” and is used everywhere but the United States.

     

    Seeks to make financial documents around the world comparable to one another to make global investing and business safer and more accessible, promoting global economic growth.

     

    Standards are set and enforced by the IASB and ISSB.

  • SOX Act Compliance

    The Sarbanes-Oxley Act of 2002 (SOX Act) is a United States federal law.

     

    Created with bipartisan support after several financial institution scandals that negatively impacted the market.

     

    Seeks to increase corporate responsibility and accountability, as well as increasing criminal punishment of noncompliance.

How Therefore™ helps

  • Role based access protects unauthorized users from seeing sensitive information.

  • Unalterable log of who accessed what documents when, and what was done with them.

  • Securely store documents and automatically delete them (or not) once the legally mandated time period for storage has expired.

Therefore™ in Action

When your team works more efficiently, the bottom-line benefits.

According to Netsuite, “some 70% of companies that have automated more than one-fourth of their accounting functions report moderate or substantial ROI.“

 

Eliminate the cost of paper and document storage completely.

 

Automate work to cut labor costs while increasing employee satisfaction, leading to lower, costly turnover rates.

Automation – the closest you can get to buying time.

Capture and retain important customers by wowing them with quick turnaround.

 

With the time saved through automation, employees have more time to spend with customers.

 

Workflows automatically route invoices to the correct employee or manager for approval; clear deadlines and escalation paths ensure reporting is finalized on time.

Don’t let your business be slowed down.

Share documents with external parties such as investors, creditors, and regulators through a customizable portal.

 

Don’t waste time looking for documents – Therefore™’s full-text search makes it easy to find what you need, so you can be prepared for anything.

 

Computer, phone, or tablet; office, home, or in-between, Therefore™ is accessible anywhere, anytime you need it.

It works better when it works together.

Our integrations with Microsoft Office Outlook, SAP, Microsoft Dynamics, and the possibility to integrate with many other systems via REST API guarantees all your financial information is easily available.

 

The REST API empowers you to integrate with accounting software solutions like QuickBooks, Xero, Sage,  and Exact.

A word on SOX compliance:

 

The Sarbanes-Oxley Act (SOX) is a federal law that was enacted by the United States Congress in 2002. It was passed in response to a series of high-profile corporate scandals, such as Enron and WorldCom, that had eroded public trust in the financial reporting practices of publicly traded companies.

SOX sets out requirements for financial reporting by publicly traded companies, auditors, and accounting firms. The law established the Public Company Accounting Oversight Board (PCAOB), which is responsible for overseeing the audits of public companies and accounting firms. The law also requires companies to establish and maintain internal controls over financial reporting.

One of the key provisions of SOX is Section 404, which requires companies to include an assessment of their internal controls over financial reporting in their annual reports. This section also requires that the company’s external auditors attest to the effectiveness of the company’s internal controls.

SOX also includes provisions that address corporate governance, such as requiring that public companies have independent directors and establishing a code of ethics for senior financial officers.

The Sarbanes-Oxley Act is designed to increase transparency and accountability in financial reporting and to protect investors from fraudulent activities. The law has had a significant impact on the corporate governance and financial reporting practices of publicly traded companies in the United States.

 

Therefore™ software can allow companies to achieve SOX compliance by helping them manage financial information in a traceable and secure way. The tools provided by Therefore™ generally make compliance possible thanks to its features relating to information confidentiality, integrity, and availability. Furthermore, Therefore™ provides tools for recording and maintaining audit logs as well as managing role-based access controls, including integration into frameworks like AD and LDAP.

 

More information on the Sarbanes-Oxley Act of 2002 (SOX) can be found on the website of the U.S. Securities and Exchange Commission.

 

Therefore™ for Accounts Payable

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