Infor introduces two new applications to improve financial reporting: Infor Lawson Close Management and Infor Lawson Reconciliation Management.
Infor Lawson Reconciliation Management helps provide reasonable assurance of the accuracy of an organization's financial data, which when done without proper technology can be a complex, tedious, time-consuming, and highly manual process. The solution streamlines reconciliations and close processes, enabling improvements in the accuracy and timeliness of financial reports, and increased visibility into monitoring status, performance, and compliance metrics.
"Since deciding to partner with Infor, Bon Secours Health System has been able to assess and document our existing processes and identify, through the use of Infor's new Close and Reconciliation modules, more efficient and effective ways to manage and track key financial functions," said David Larkin, controller, Bon Secours Health System, a beta user for the application.
Infor Lawson Close Management gives users the tools to define their company close process to be able to execute, evaluate and improve the close cycle. It also provides greater transparency in a collaborative environment through the available tasks, ownership, and status capabilities, and is designed to help users produce accurate financial and regulatory reporting, and ultimately close faster.
"These modules will allow our organization to reduce its dependence on paper with the ability to store all reconciliation documents electronically and capture all approvals within the tool. This will reduce the need to print, bind, and store hard copies," continued Larkin. "Also, both internal and external auditors can be provided access to these tools allowing them to audit financial records from anywhere, resulting in additional reduced costs as audits can be more centralized and streamlined. Ultimately these tools should provide a great opportunity to improve the management of our accounting functions and significantly reduce cost for the organization as a whole."