The Sarbanes-Oxley Act (SOX), which was introduced in 2002, is designed to help increase corporate responsibility, stop accounting fraud, and improve financial disclosures. Under SOX, accounting and auditing firms need to exercise tight control over financial reports and transactions, such as document controls, disclosure methods and executives’ approval. Companies who fail to comply with SOX can result in serious penalties, including:
- Fines ranging from $1 million to $5 million
- Prison terms up to 20 years
To comply with SOX, accounting and auditing firms must develop efficient reporting and disclosure methods, maintain reliable internal controls for information security, and demonstrate these points. Because of this, many companies invest in Enterprise Content Management (ECM).
ECMNOW! from Digitech Systems
With paper documents, it is not only hard to remain compliant, but also demonstrate that compliance. ECMNOW! makes it much easier to produce mandated annual disclosures and quarterly updates for shareholders and the U.S. Securities and Exchange Commission, establish a controlled information security strategy, and demonstrate compliance.
- Annual Discolsures and Quarterly Updates: Digitech Systems’ PaperVision® Enterprise and ImageSilo® simplify information disclosures for reporting processes.
- Information Security: ECMNOW! enforces strict security policies and procedures, such as customizing access to files and improving auditing to maintain a record of all disclosures.
- Demonstrate Compliance: ECMNOW! eases the burden of manually monitoring systems and provides simple reports to evaluate procedures.
Additional Benefits of ECMNOW! from Digitech Systems
With ECMNOW! you cannot only ensure SOX compliance, but also do so while saving money and improving operational efficiency.
“Companies have cumulatively spent billions on SOX thus far and are continuing this spending, according to AMR Research surveys. In the latest study, 42% of respondents reported that, despite the expense, the primary benefit of good governance, risk management and compliance practices is streamlining business processes.” – PR Newswire
Maryland Digitech Systems Value-Added Reseller
Digitech Systems (www.digitechsystems.com) offers its comprehensive Enterprise Content Management (ECM) product suite exclusively through its Value-Added Resellers, like Micro Records.
If you would like to learn more about ECMNOW! from Digitech Systems, please contact Micro Records Company, Inc. by calling 877-410-SCAN or visit MicroRecord.com!