Movaris Inc.

• Position: FINANCIAL CLOSE

Movaris Inc. has released the latest module in its OneClose suite, Account Reconciliation, which the company says eliminates material weaknesses and deficiencies created by reconciliation problems, trims associated labor costs by up to 40 percent and boosts the accuracy of financial results.

Account Reconciliation joins Movaris' other products, Financial Close and Sarbanes-Oxley Compliance. All three are available in an enterprise-wide license format.

According to San Jose.Calif.-based Movaris, one in five material weaknesses reported in the year ending in July was created by reconciliation problems. Information that exists in two or more systems or locations are frequently fraught with variances, and a typical large company may need to complete 10,000 reconciliation actions in order to close its books, most of those highly manual, says Movaris President and CEO Eric Keller. It's not uncommon that 1 to 2 percent of accounts don't reconcile, he adds.

Account reconciliation problems have caused material weaknesses at large firms such as Eastman Kodak Co., Revlon Inc., H & R Block, Nortel Networks and Dana Corp., according to Movaris. In general, finance teams lack visibility and...