Finance

As a financial manager, you need confidence that core financial processes are working as intended. The ability to detect and correct errors in business processes before they become significant is critical to running an effective organization.

Leverage technology to enable the timely identification of patterns, trends, anomalies and gaps in business process and help reduce operational risks, minimize profit erosion and mitigate the risk of fraud-that ultimately impacts an organization’s outcome.

• Increase profitability by identifying opportunities to improve efficiency and effectiveness, contain costs, minimize losses, and improve revenue collection.
• Continuously monitor business transactions to identify control breakdowns and automate workflow for timely follow-up and resolution of potential issues.
• Reduce business risk through timely identification of control gaps and weaknesses that can lead to error, abuse, and fraud.
• Visualize the results of your analysis with sophisticated dashboarding

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Technology to improve cost management and drive operational performance

Close examination of the business transactions underlying financial processes and reporting is needed to uncover risks, control breaches, and opportunities for operational improvements and cost savings.

The ACL Analytics Exchange platform provides a cost-effective way to monitor the operating effectiveness of business processes. Continuous monitoring of business transactions identifies errors, fraud, and inefficiencies by independently checking and validating transactions against specified control parameters and business rules.

Summary reports, available through a browser interface, provide the opportunity to drill down to specific transactions for remediation. Your team can receive timely notification of control breaches so you can quickly review, investigate and resolve potential problems before they escalate. As a result, you can better contain costs and minimize losses.

Take advantage of powerful dashboarding capabilities to help highlight red flags and opportunities for improvement in business operations and raise awareness at the management level.

ACL technology can be applied to core financial and operational processes including:

• General Ledger – Safeguard the core of a company’s financial records:
  Continuously monitor GL transactions to ensure accuracy of journal entries and adjustments, and facilitate closings on a timely basis.
• Order-to-Cash Cycle – Improve operational efficiency and cash optimization:
  Test transactions through the cycle of managing customer information, order entry, pricing, discounting, invoicing, receipts and collections to identify process efficiency opportunities and prevent revenue leakage.
• Payroll – Ensure accuracy of payroll expenditures:
  With 100% data coverage possible, ensure accuracy by monitoring processes such as creating new employees, managing payroll, time & attendance tracking, payroll calculations and payments. Maintain oversight when outsourcing of payroll processing.
• Purchase-to-Payment Cycle – Ensure accuracy to prevent profit erosion:
  Ensure accuracy in vendor maintenance, purchasing, receiving, payables and payments processes by identifying payment errors, duplicate payments and vendor and employee fraud.
• Purchasing Cards – Protect efficiency gains and cost savings by minimizing vulnerability to employee misuse and vendor errors:
  • Efficiently identify red flags such as inappropriate purchases, blocked merchants and P-card abuse to help prevent fraud, error and misuse.
• Travel & Entertainment Expenses – Efficiently monitor spending and ensure policy adherence:
  Reduce operating costs by addressing challenges of inaccurate expense reports programs and limited visibility into consolidated spending patterns. Monitor expenditures for split transactions, over-limit expenses and use of blocked merchants to control and optimize T&E spend.

Highlight red flags with powerful dashboards

• Product Tour
• Insights
• Customer Stories
• Testimonials

• • Brochure: AuditExchange Brochure
  • Data Sheet: AX Dashboard Data Sheet
  • Data Sheet: AX Exception Data Sheet
  • Brochure: ACL Consulting
  • Application Sheet: ACL Data Analytics Applications for Banking and Finance
  • Demo: Introduction to ACL Desktop: Inventory Control Test
  • Training: ACL 260: Testing Internal Controls – Supporting Controls Compliance
  • Training: ACL 501 Understanding ACL: A Manager’s Perspective
  • Video: Continuous Monitoring
• • Webinar: ACL Tutorial: Accounts Payable Phantom Vendor Test
  • Webinar: Analytics for P-Card Programs
  • Podcast: An interview with Laura Flandrick, Managing Director, National Association of Purchasing Card Professionals
  • eBook: Building the Business Case for Data Analytics
  • eBook: Detecting and Preventing Fraud with Data Analytics
• • Video: Q&A with Byron Enamordo, Westfield on working with the AP Department
  • Webinar: An Ideal Alliance, featuring AP Manager at Emergency Medical Services Corporation
  • Podcast: US Air Force accounting group finds over $1.4 billion using data analytics
  • Podcast: An interview with Rick Swartwood, Senior Finance Manager, Shared Services, Lockheed Martin
  • Podcast: An Interview with Gerrit Buitendag, Director of Accounting, Lafarge North America
  • Video: An Interview with Jason A. Gross, Siemens Financial Services Part One
  • Case Study: Siemens Financial Services
  • Case Study: Emergency Medical Services Corporation
  • Case Study: Vestas Wind Systems
  • Case Study: The Westfield Group

• “We are looking forward to expanding the use of continuous monitoring solutions and achieving similar results in other critical business areas”
  – Robert Gutholc, Director Financial Controls, Memorial Healthcare System

  “ACL AuditExchange delivers secure data access with top-notch quality assurance. It’s helping us to improve efficiency and cut costs.”
  – Gerrit Buitendag, Director of Accounting, Lafarge

  “We save 1,500 hours annually in report processing time and have standardized our most frequent control testing tasks, allowing us to conduct a more thorough analysis of our high-risk business areas.”
  – Gabriela Garayar, manager of accounting and tax assurance, Finance , BankBoston Argentina

  “By independently comparing and analyzing data from Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Supply Chain Management (SCM), or other enterprise applications, ACL technology enables audit, financial, and controls professionals to gain immediate insight into the transactional data underlying their business processes and financial reporting.”
  – Katharine Janisch, General Manager, Risk & Internal Audit, AngloGold Ashanti

  “As a result of the continuous monitoring of data using ACL, we have improved merchandise turnover rates, reduced our payment time to suppliers, and saved the company millions of dollars. These are critical issues for any retail business, and ACL Audit Analytics has made it possible for our company to gain a competitive advantage by solving them.”
  – José Dimas Gonçalves, CFO, Sonae Distribuição Brasil

  “ACL technology enables us to achieve greater transparency across all our financial transactions.”
  – Tino Hansen, Head of Process Compliance & Senior Specialist, Vestas Wind Systems

  “The use of audit analytics and continuous controls monitoring technology from providers such as ACL enables P-Card professionals to mitigate risk. We look forward to ACL’s contribution as an industry leader in promoting the use of technology as a best practice.”
  – Laura Flandrick, Managing Director, National Association of Purchasing Card Professionals