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Analyst Firm Releases Report on the Role of Technology in Assuring Sarbanes-Oxley Compliance for Accounts Payable Processing
The Sarbanes-Oxley Act has not only helped organizations comply with stringent compliance requirements, but in many cases has also helped them dramatically improve their internal efficiency.
LIVE Panel/Roundtable: Wednesday, April 5, 2006 2:00 PM EST
Charlotte, NC – March 6, 2006 – Along with the fourth anniversary of the enactment of the Sarbanes-Oxley Act of 2002, comes the second anniversary of the actual SOX reporting requirements; June 15, 2006.
In the report, "Imaging & Workflow Automation: Moving toward a Paperless Organization" PayStream's analysts highlight the benefits of document imaging & workflow (IWA) solutions in Accounts Payable and offer insights into their impact on approval processing as well as Sarbanes-Oxley compliance initiatives.
Dealing with the Costs of Compliance
As the June 15th deadline looms, organizations are scrambling to tie the loose ends in their SOX compliance processes. Smaller public companies, those with a market capitalization of less than $75 million, have won a brief reprieve from SOX compliance; however, the estimated 5,000 companies still on the hook are seeking ways to minimize the impact of compliance while harnessing the value of the data gathered.
In a recent survey, companies reported a 42 percent decline in SOX compliance costs, much of that decline can be attributed to improvements in documentation processes and improved financial and process controls, according to PayStream Advisors.
“As organizations wrestle with the reality of Sarbanes-Oxley compliance, they are turning to technology and automation options to alleviate some of the pain. Our recent Financial Automation Survey revealed that SOX has increased interest in new financial automation technologies at more than 60 percent of organizations surveyed”, noted Sush Koka, Senior Research Analyst at the Charlotte, NC-based firm.
“We believe that IWA solutions can facilitate the compliance process and reduce costs by providing comprehensive audit trials and by simplifying the review of internal controls,” Ms. Koka offered.
PayStream’s IWA Buyer’s Guide
PayStream Advisors studies providers of financial products, services and technology and publishes reports to help finance managers make purchasing and automation decisions. The 75-page Imaging & Workflow Automation (IWA) report is aimed at corporate decision makers who want to learn about opportunities in imaging & workflow and are interested in evaluating service providers for their accounts payable and purchasing departments.
In addition to an overview of IWA technology and trends in the accounts payable automation industry, the report includes profiles and comparative analyses of eight leading providers who are shaping the industry — Archive Systems, BasWare Corporation, EMC Captiva, EMC Corporation, Hyland Software, Inc., ReadSoft, Soluziona and Stellent, Inc.
The IWA solution providers profiled in this report provide a range of solutions and services, including document imaging, business process management and enterprise content management. All of the IWA vendors profiled in this report offer reporting tools and other functionality that aid Accounts Payable departments in the time-consuming and critical Sarbox compliance process. Further, several of the providers offer natively developed and integrated Sarbanes-Oxley compliance modules.
Driven by the demand for cost containment and efficiency, PayStream expects tremendous growth in the market for imaging and workflow solution, specifically in AP. PayStream expects this market to exhibit a compound annual growth rate (CAGR) of 13.4 percent over the next five years.
"Imaging & Workflow Automation: Moving toward a Paperless Organization" is available in PayStream's Report Library.
About PayStream Advisors, Inc.
PayStream Advisors is a technology research and consulting firm that improves the way companies plan, evaluate, and select emerging technologies to achieve their business objectives. Our services are designed to minimize risk and maximize the value associated with technology investments. PayStream Advisors assists clients in sorting through the growing complexities of IT applications related to financial automation with the goal of making objective, analytical, and actionable recommendations. For more information, call (888) 436-4335 or visit paystreamadvisors.com.
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