New Software to Improve Financial Reporting, Compliance | AccountingWEB

New Software to Improve Financial Reporting, Compliance

Software makers Hyperion Solutions and UpStream have joined forces to create a new way to speed up and improve the collection of financial data to comply with an array of requirements.

The companies say that customers using the combined solution get greater insight into their financial performance and an integrated way to meet regulatory requirements.

Hyperior offers what it calls the Compliance Management Dashboard, which gives finance professionals a better view into their compliance with the requirements of the Sarbanes-Oxley Act. The web-based program brings together balance sheets, income statements and internal controls and then calculates risk assessments.

Hyperion offers Business Performance Management software and UpStream WebLink is the data-integration part of the solution. The new package allows finance professionals to track the progress of entity trial balances before they are merged into the corporate financial statement. “The result is that finance executives can move forward with greater confidence in their financial statements and disclosures,” the companies said in a statement.

"The implications for using this software to manage businesses extend far beyond the requirements of Sarbanes-Oxley financial disclosure compliance," said Rich Clayton, vice president of product marketing at Hyperion. "Long past the time that the reporting is done, corporations will be seeing the benefits of Business Performance Management in increased efficiency and profitability. An increasing number of companies are recognizing the value in improvements in transparency, predictability, timeliness and accuracy in meeting organizational, process and technology needs."

Jill Sentivany, director of financial systems for Asbury Automotive Group, uses Hyperion Financial Management/WebLink. "One of the main reasons we selected the joint HFM/UpStream solution for Asbury was to help ensure data visibility and, consequently, data integrity for our entire financial consolidation process. Sarbanes Oxley puts a premium on audit trail visibility and executive accountability. Therefore, compliance issues were paramount in our decision to select a comprehensive consolidation reporting solution," Sentivany said in a statement.

AMR Research has reported that companies will spend more than $80 billion on compliance-related work between 2005 and 2009.

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