Today more and more companies with international investments appear on developed markets. Successful local companies, in turn, actively expand on European and American markets placing their stocks on the world leading stock exchanges. That is why it's so important for companies of various countries to use effective tools that enable them to report the results of their activities in accordance with the international standards. This will help businesses to present their results in a way suitable for the investors, to get a loan in favorable terms or even to win a chance for an international audit by someone of the Big Four. We can distinguish several effective management tools such as well-defined and accurate financial policy with all the company's business processes marked in detail as well as an enterprise resource planning system. The latter not only accumulates the information about all economical activities of the company, becoming a reliable source for generating financial reports, but also is able to transform the data from one type of report to another. And there's no difference for the system which type of report was the first - local accounting report or the one based on international standards. The data will be entered only once, thus eliminating input mistakes and saving time. The possibility to get detailed real-time reports based on accurate data is also very important because a lot of companies are now voluntarily accepting the demands of Sarbanes-Oxley Act (SOX). The Act was adopted in 2002 for American companies. In 2005 the operation of this Act was expanded on all companies that want to place their stocks on American stock exchanges regardless of their registration. The Sarbanes-Oxley Act is directed on improving the work of financial departments, providing the transparency of banking activities and making the auditors independent. Following the points of SOX helps to prevent fraud, anticipate risks and increase the competitive ability of the company. The main demands to the companies according to this Act are: - Point 302 requires the managers to include their reports in records for inspection. Hence it makes the managers responsible for the given information.
- Point 404 requires that all PLC's include 'internal' reports in their annual accounting. This requirement is the most complicated one within SOX because most of the PLC's managed their flows of funds without using detailed reports. Companies should implement internal control systems, evaluate their vulnerability and define the ways of checking their effectiveness.
- Point 409 limits the time for generating financial reports (including management accounting, budgeting, and financial planning ones).
ERP systems by Microsoft (Microsoft Dynamics™ NAV and Microsoft Dynamics™ AX) are the powerful tools that will enable your company to correspond to all the requirements of SOX and international rules of making business in general. With our systems you will be able to: - Eliminate the paper doc flow and therefore to keep the corporate data integrity
- Provide all departments of the company with the necessary information in time
- Limit the access to the corporate data thus eliminating frauds and distribution of improper information
- Save time and money necessary to prepare detailed reporting and to conduct external audit by independent companies
- Enable top management and company's investors of the company to take real-time management decisions based on relevant information.
Innoware solutions based on Microsoft Dynamics™ platform will enable you to generate reports both according to IFRS and Sarbanes-Oxley Act as well as to the requirements of local legislation. More about Sarbanes-Oxley compliance 
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