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Philosophy » Financial Compliance

Financial Compliance

Description

The goal of Financial Compliance is to ensure that all accounting transactions are treated in accordance to Generally Accepted Accounting Practices (GAAP) prevailing for the relevant country, and that all transactions are recorded accurately and can be audited. Additionally, Financial Compliance addresses controls and separation of duty in pursuit of the aforementioned, to ensure only authorized personnel can perform actions and, that where it would be improper, they are prohibited from doing so (e.g. avoiding the ability of an employee to both set up vendors and make payments to vendors).

For QAD, the goal is also to ensure that Financial Compliance is delivered in the most effective and economical manner possible automating processes and embedding controls within IT systems.

Common Metrics (Top 4)

  1. Days Sales Outstanding
  2. Days Payables Outstanding
  3. Financial Reporting Man Days
  4. Closing Cycle Time

More Financial Compliance common metrics.

Best Practice (Top 5)

  1. Business Process Documentation
  2. Electronic Payments
  3. Collections Management
  4. Electronic Signatures
  5. Shared Financial Services

More Financial Compliance best practices.

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