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News < Back Sarbanes Oxley : Auditing : Sarbanes Oxley 35,000 Hours To Achieve Initial Compliance
With public companies literally spending millions upon millions of dollars in technology upgrades and company hours, many will continue to struggle with the resource requirements and costs associated with the ongoing compliance of Section 404. The reason, according to experts at expense management firm Cadence Network, is that most public companies do not have the time, internal resources, or expertise to handle the complex demands of Sarbanes-Oxley. The average public company spent between 12,000 and 35,000 hours of internal time just to achieve initial compliance, and estimates put the number significantly higher to maintain compliance without implementing technological advances. According to the July 2004 issue of the PricewaterhouseCoopers Management Barometer, PricewaterhouseCoopers Partner Mike Willis said, ?In the midst of an information revolution, it is amazing how much time and energy is still expended manually obtaining, assembling, and assessing the data needed for management analysis.? Cadence Network executives agree, and insist that spending this kind of time can distract a company from focusing on their core competencies and is an unnecessary drain on business profitability. Cadence offers an alternative for companies through its outsourced management solution of utility, water, telecom and waste expenses that is Sarbanes-Oxley compliant. ?Time is money, and Cadence is all about keeping time,? Cadence Network CEO Jeffrey Hart says. ?By instituting automated outsourced solutions that provide the necessary documentation to guarantee compliance on a long term operational basis, CFOs can enhance operational effectiveness and substantially reduce the ongoing costs involved with compliance. Leveraging the Cadence solution, multiple site businesses executives can lower their cost of achieving and maintaining Sarbanes-Oxley compliance by outsourcing their utility, water, telecom and waste invoice processing, improve their business decisions and the use of their finite capital, have unparalleled access to in-depth information reporting and analytics, and dramatically improve their budget forecasting accuracy.? Furthermore, Hart explains that the Cadence solution monitors and audits all incoming energy, water, telecommunications, and waste management invoices for multiple sites. Cadence documents and alerts users to any errors and drives the resolution of those anomalies. We also provide for the most accurate and cost effective procurement of these resources throughout geographically dispersed areas. In addition, a vast, actionable database of usage is automatically developed; enabling senior management to spot inefficiencies and waste and take corrective measures immediately. Leading performance management research group Ventana Research recommends that finance leaders utilize software to automate the documentation process, ensuring that reporting systems reliably capture information about processes. Further, the group suggests finding ways to automate the documentation process to cut the resources devoted to achieving ongoing compliance. More than half of all major United States businesses are considering purchasing new technologies over the next 12 months to improve their current reporting infrastructure. Hart explains that the easiest and most cost effective technology spend is a comprehensive expense management solution. ?Those businesses utilizing the Cadence solution have a distinct competitive advantage,? Hart adds. ?Time can be spent on corporate objectives and core competencies, rather than scrambling to attempt to manually document and gain business intelligence from thousands of paper invoices.? Cadence Network, Inc. is an expense management firm that delivers comprehensive expense management solutions for chain store and multiple site businesses in the banking, government, restaurant, retail and grocery industries. The people and products of Cadence allow successful businesses to monitor and manage the third largest costs of doing business - electric, gas, water, sewer, trash, lease and telecommunications. The solutions designed are customized to address the unique business requirements of companies with many sites and many departments managing many vendors across many geographically dispersed locations. Cadence offers accounts payable outsourcing, web based software applications and professional services. 
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