Achieving and maintaining compliance with the Sarbanes-Oxley Act (SOX) is a top priority for publicly traded companies. This post shows the ways in which cloud accounting software Sage Intacct assists with navigating SOX compliance complexities…
SOX mandates rigorous financial reporting and tight internal controls, helping organisations to enhance transparency, protect investors and ensure the integrity of financial information.
Sage Intacct is a robust, comprehensive cloud-based financial management platform with an extensive range of powerful features including advanced reporting and analysis.
Here are 8 ways Sage Intacct enables easier SOX compliance:
SOX compliance places a strong emphasis on data security and restricting access to financial data. Sage Intacct employs strict access controls, role-based permissions and encryption to safeguard sensitive financial information.
With user-defined roles and permissions, companies can be sure only authorised personnel have access to critical financial data.
Sage Intacct allows businesses to establish robust internal controls by implementing approval workflows. These workflows require multiple layers of approval for financial transactions and to make changes, ensuring compliance with SOX regulations and the accuracy of financial data.
An integral component of SOX compliance is maintaining an accurate and comprehensive audit trail. Sage Intacct’s audit trail feature tracks changes made to financial data, providing a clear record of who made the changes, when and why.
Implementing process checklists in Sage Intacct supports the segregation of duties, ensuring no single individual has control over multiple steps of a financial process.
Roles and responsibilities can be defined and assigned to specific team members, preventing conflicts of interest and unauthorised actions. This greatly reduces the risk of fraudulent activities and errors that could impact financial reporting accuracy.
Accurate financial reporting is at the core of SOX compliance. Sage Intacct’s real-time reporting and analytics capabilities empower companies to generate accurate financial statements quickly, reducing reporting errors and enabling the timely communication of financial information to stakeholders.Watch our Preparing for Digitalisation Video:
SOX compliance involves effective management of financial documents and records. Sage Intacct offers a centralised document management system that allows companies to store, organise and access relevant documents securely.
This simplifies the retrieval of supporting documentation during audits and ensures data integrity.
Sage Intacct supports SOX compliance by automating key financial processes, such as journal entries, reconciliations and financial close activities. Automation reduces manual errors and ensures consistency in financial data, contributing to accurate reporting and compliance.
Sage Intacct undergoes regular third party audits and certifications, such as SOC 1 Type II, to demonstrate its commitment to security, privacy and compliance. Utilising a cloud-based solution with these certifications helps organisations meet SOX compliance requirements by leveraging a platform that holds data protection as high priority.
Find out more about Sage Intacct’s powerful capabilities for your business:
Arrange a Call or Demo here.
You can also find out more about UK SOX Compliance in this external article on the BDO UK website.
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