Maximize ROI on your cloud based Dynamics ERP with SOX compliance support, even if you’re not publicly traded and never plan to go public.
The Sarbanes-Oxley (SOX) Act of 2002 requires public businesses to comply with a set of guidelines regarding financial data. These guidelines protect the markets and investors against risk of fraud, data errors and information breaches. But even if your company is not publicly-traded, you can improve financial reporting, protect your business and raise the potential value of your company with SOX compliant data policies and protocols. You can get an overview of SOX controls for financial systems in this
Nearly 80-percent of survey respondents said they leverage their SOX compliance efforts to drive improvement of business processes that affect financial reporting, according to a
"This year’s survey shows that a majority of companies are not only spending more time and money on reporting requirements, but are also making significant changes to their compliance programs,” said Brian Christensen, an Executive Vice President with Protiviti.
By following SOX protocols these businesses have experienced ancillary benefits across financial reporting such as streamlined reporting processes with fewer errors, higher levels of detail, and tighter controls regarding governance.
Protect Your Business
In today’s corporate IT landscape, getting the most out of your ERP means staying up to date with the latest technology advancements to keep your competitive edge. However, making changes to a financial system such as adding modules, integrations or upgrading to the newest version puts data continuity at risk. SOX Compliant
Since the cloud and SaaS have broadened the ERP user market, businesses of all sizes are looking for solutions to manage complex accounting practices. SOX compliant data centers are subject to regular SSAE 16 Type 2 certification. The SSAE 16 auditory process ensures that
While many cloud data centers maintain SSAE 16 certification, compliance and security also depend on people and processes. Full-service hosting providers who focus on SOX will also protect data systems through
Rock solid recovery policies will help keep natural disasters from becoming business disasters. When it comes to
You may not need to be SOX compliant today, but you still want your financial information to be guarded by the highest standards of documentation and protection. Achieve this by implementing the security controls required by SOX or choosing a cloud partner that has expertise in providing protocols and procedures to comply with SOX guidelines.
Increasing Your Value
Change is the only constant. Even if you can’t imagine selling the business right now, you never know what is waiting around the corner. In order to sweeten the pot for potential buyers down the road, especially publicly traded companies, maintain SOX compliant financial controls and reporting today to secure your company's financial reputation tomorrow.
Keep in mind, going public is always a possibility for the future of your business. Systems maintained through SOX compliant processes encourage underwriter confidence and help pave the way to a more streamlined and successful IPO.
Whether you are planning to go public or not, SOX policies will ultimately benefit your reporting, governance and risk management practices, and tight governance and financial controls make the business a more attractive opportunity to potential investors or buyers. If you are currently running a Dynamics ERP solution in the cloud or you are considering going cloud, vendor selection is critical to ROI of the system. Even if you don’t need a SOX compliant system today, wouldn’t you feel more confident going with a cloud vendor who offers proven uptime, security and personalized support that meet the stringent requirements of SOX?