SOX News

Chesapeake’s T-Recs Enterprise Offers All-in-One Financial Governance Solution

(May 26, 2008)-- Chesapeake System Solutions announced the availability of a powerful, all-in-one application that helps organizations comply with the Sarbanes-Oxley Act of 2002 (SOX) and other corporate financial governance standards. T-Recs Enterprise, which stands for Total Reconciliation Solution, gives corporations the ability to satisfy the broad requirements imposed by these regulations, which include implementing internal controls and procedures for financial reporting and attesting to their effectiveness. Most applications automate either a review-and-approval system or a matching process. T-Recs Enterprise integrates all the functionality required to automate both processes and can reconcile cash and non-cash accounts.

T-Recs Enterprise, which operates in a platform-independent environment, can handle daily transaction volumes ranging from the thousands to the tens of millions. The applicationoffers unparalleled scalability and configurability, allowing firms to implement exception management and resolution procedures that align with their corporate structures rather than transition to strict, software-prescribed roles. T-Recs Enterprise can generate reconciliations automatically based on fiscal calendar(s) and alert company-identified roles when reconciliations are ready to be reviewed, approved or are overdue. Notably, the solution walks each assigned role through the user-defined workflow tasks associated with the reconciliations. T-Recs Enterprise also can create audit trails to attest to the effectiveness of financial controls and alert management to potential areas of material weakness. The solution generates a full complement of management reports and readily supports the creation of company-unique reports.

Other key features T-Recs Enterprise offers include

Intuitive information display using customizable dashboards
Multiple language capability (including Chinese and Japanese) based on dual-byte Unicode source codes, allowing firms to roll out globally as one version and merely customize user interfaces and reports
Automated data file parsing and import
Automated matching, whereby separate, company-defined matching rules can be implemented for each individual account
Multiple currency capability
Encryption and data-masking functionality
Data mining and business analytics

Kathleen Wynn, Senior Vice President, Chesapeake, says, “Companies subject to the Securities Exchange Act face an enormous challenge in complying with the broad standards SOX and other regulations impose. Performing all the requisite tasks can create a tremendous human resource and financial burden, which many software offerings cannot alleviate because they only offer partial financial governance solutions. Firms find themselves purchasing several expensive applications that do not interface and thus create data reliability issues. We sought to bring to the marketplace an all-in-one solution that is robust, feature-rich and customizable to the way firms conduct their business. T-Recs Enterpriseachieves all these objectives and is affordable, making it the ideal turnkey solution for small and large firms.”

Share or bookmarklet this web page at: