Movaris.

• Position: Movaris OneClose introduced

Movaris, a provider of financial performance management and Sarbanes-Oxley compliance solutions, has brought out Movaris OneClose, which the San Jose, Calif.-based company says is the first-ever financial closing solution to link financial controls and close tasks to financial statements. The company says the solution, backed by several process patents, synchronizes the activities performed during the financial close and reporting process. In doing so, it creates a system of record for financial statements, the close and Sarbanes-Oxley compliance.

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Eric Keller, Movaris' president and CEO, noted in an interview that the close is still almost always a manual process, even at very large companies. While sophisticated enterprise resource planning (ERP) and business performance management (BPM) vendors have made vast strides in aggregating data and allowing companies to do analytics, there has been no way to ensure that all of those numbers are meaningful and correct, he adds.

Most companies currently complete their Sarbanes-Oxley internal controls assessment after they close for the quarter or the year, he notes, delaying the discovery of failed key controls. Indeed, re-evaluations triggered by the assessment are a common cause of material weakness disclosures and financial reinstatements.

OneClose also creates the first secure, auditable system of record of this "last mile" of financial reporting processes, from ERP and consolidation activities through EDGAR filings with the SEC, says Frank Mara, Movaris vice president of marketing. This file can be sent as an electronic...