Back
Emagia Announces Solution For Sarbanes Oxley Compliance Around Enterprise-Wide Cash Flow Processes
Leading Enterprise Cash Flow Management Software Vendor Provides Solution For Ensuring Compliance and Strengthening Internal Controls for Accounts Receivables and Accounts Payables
Santa Clara, Calif. February 5, 2004 - Emagia Corporation, the leading provider of Enterprise Cash Flow Management software, today announced the availability of its Sarbanes Oxley compliance solutions for receivables and payables management. This new solution focuses on delivering real-time visibility into cash flow operations, automating auditing processes and ensuring compliance to Sarbox reporting standards.
Sarbanes Oxley is a Congressional act introduced in 2002 to combat corporate accounting scandals and protect shareholders. Sarbox calls for a higher level of accuracy with respect to financial disclosure and reporting from public companies and places a tighter scrutiny on financial statements with certification required from the CEO and CFO. A key component of Sarbox is Section 404, which deals with the concept of internal controls and accurate financial reporting.
Section 404 demands a higher level of assurance that transactions are properly recorded as a pre-requisite to being used in the preparation of financial statements. Of particular focus is the integrity of a company's assets as well as earlier notification of any unauthorized use or acquisition of those assets. Examples of fraudulent statements of assets include restatements of revenue recognition, misrepresenting the liquidity of assets and other false or misleading financial disclosures. "As financial restatements are on the rise, companies need to be more vigilant about internal processes and compliance with Sarbanes Oxley regulations," stated Veena Gundavelli, chief executive officer of Emagia. "Emagia solutions enable finance organizations adhere to these standards of corporate governance with accurate, timely and consistent reporting on receivables and payables. Emagia customers in the process of complying with Section 404 significantly benefit from the tight control of cash flow processes, the detailed audit trail of transactions, and the ability to ensure the highest quality in financial reporting."
About Emagia
Emagia Corporation is the leading provider of cash flow management software solutions that streamline and automate cash flow processes for medium-to-large enterprises. Emagia solutions allow companies to realize significant benefits including maximizing cash conversion efficiency, facilitating strong internal controls for financial reporting and improved returns from cash flow management. Headquartered in Santa Clara, Calif., Emagia products integrate with SAP, Oracle, BaaN, PeopleSoft and other back-office financial systems.
Contact Information
Media contact: Lou Mohanty, Emagia Corporation, (408) 492-8886.
Julie O'Grady, Emagia Corporation, (650) 321-6919 or
pr@emagia.com.
For general information, call 866-
EMAGIA-1 or visit
www.emagia.com.
Emagia is a registered trademark of Emagia Corporation.
