New solution enables more efficient close, accurate financial reporting
October 1, 2019—Atlanta, Georgia—Oversight Systems, the world leader in employee spend management, today announced the launch of its new General Ledger module, expanding its AI-powered audit and risk management platform, which supports enterprise-wide spend management and spend optimization. The new General Ledger solution continuously monitors 100% of an organization’s journal entries, quickly detecting errors and anomalies to prevent fraudulent activity, improve the accuracy of financial statements, and increase the efficiency of the close process.
According to a trend report released by Audit Analytics, the reissuance of financial restatements increased in 2018 after a 12-year decline. And, roughly 40% of the restatements disclosed by publicly traded companies had an impact on earnings.1
“Managing and auditing journal entries is a tedious process for many organizations, especially manual entries that are often outside of typical process reviews,” said Terrence McCrossan, CEO of Oversight Systems. “By automating the analysis and validation of all journal entries, Oversight’s General Ledger solution removes the risks presented by human error, insufficient controls, and outdated processes.”
Oversight’s General Ledger module streamlines journal entry validation by catching errors, such as duplicate or mis-matched entries, and detecting suspicious entries that could indicate potential fraud. Using AI, the software learns an organization’s normal posting activity to spot atypical entries, including intra-company transfers and pre-paids that don’t follow expected norms. When errors or potentially fraudulent activity is detected, staff is alerted to take action.
“Our proven AI-analytics scrutinize all journal entries, including manual and non-standard entries, to pinpoint financial risks that often elude detection,” said McCrossan. “With Oversight, organizations are now able to transform their financial audit and risk management practices for all areas of employee spend. Now, that also includes analyzing General Ledger entries to ensure they conform to expected norms.”
For more information about Oversight’s General Ledger solution, visit https://www.oversightsystems.com/solutions/general-ledger
About Oversight Systems
The world’s largest brands and government agencies trust Oversight to identify employee-initiated spend risk no matter where it resides in their enterprise. Oversight’s AI-powered audit and risk management platform looks across spend categories and source systems to identify and prioritize risks that otherwise go undetected in traditional compliance and managerial reviews. By identifying process breakdowns and making corrections early, Oversight helps create a culture of compliance that reduces out-of-policy spending by 70% while maximizing audit efficiency and eliminating cash leakage enterprise-wide. Visit www.oversightsystems.com
1Audit Analytics Trend Reports. “2018 Financial Restatements: An Eighteen Year Comparison.” August 26, 2018.
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