Every organisation, whether public or private, faces risks on a daily basis. Whilst many organisations regard their business as unique, many of the underlying, operational processes are similar and as such experience the same risks. Skill or time constraints mean that very few of these organisations are able to check all of the data that they produce each day. Enterprise Continuous Monitoring allows all of this data to be easily within your reach.
Built on world leading ACL technology the pre-built process ready tests are able to monitor all of the data, in a faster time with little human intervention. The predefined analytics continuously scrutinise critical business processes to reduce or even eliminate the risk to the business.
Enterprise Continuous Monitoring continuously monitors these key area of any organisation
Accounts Payable is a critical element of the Finance Cycle within all businesses. With many financial transactions occurring daily, it is important to be able to run simple analytics to provide the CFO, Finance Manager and others who need to know the state of cash flow and liquidity in their business.
Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. It is executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms or payment terms. So, the importance of knowing the sales a business has made, the amount of money received for goods or services and the amount of money owed at the end of each month is critical. Just by running some core tests to look for these accounts receivable trends would be most valuable for those in the accounting or finance department.
Asset management is defined as the “coordinated activity of an organisation to realise value from assets” and as such involves the balancing of costs, opportunities and risks against the desired performance of assets, to achieve the organisational objectives. It enables an organisation to examine the need for, and performance of, assets and asset systems at different levels as well as enabling the application of analytical tests – like the tests we have listed below – towards managing an asset over the different stages of its life cycle.
Cash Disbursements or Payments refers to the outflow or payment of money to settle obligations such as operating expenses, interest payments for loans and accounts receivables during a particular period in order to carry out business activities. These payments are usually paid for in the form of cash, plastic money, check, warrants, and Electronic fund transfers. For context to the analytic tests listed below, these are in reference to those Vendor cash disbursements where payments made to a vendor, usually out of a vendor contract, include disbursements such as mileage claims, Subsistence and Travel claims, etc.
The general ledger is the backbone of any accounting system. Knowing how each account in the general ledger is being used and how the posting occur is critical. Knowledge of the double-entry bookkeeping system helps keep the general ledger in balance.
Human resources is the division designed to maximise employee performance and is primarily concerned with the management of people within organisations. Part of their responsibilities focus on policies and systems and typically include recruitment, training and development, performance appraisal, and rewarding.
Purchase Order Management is a critical element of the Supply Chain Cycle within all businesses. With the order of goods and services, the need to ensure it is being done optimally (efficiently, economically and effectively), it is important to be able to track purchasing patterns and trends to provide the CFO, Finance Manager and others like the CPO (Chief Procurement Officer) who need to know the manner in which goods and services are being procured.
In all companies, the costs of salaries for employees account for a significant portion of the operating costs of a business. Therefore, the importance of knowing that those employees listed on their payroll are valid employees and that they are paying them the right amount of money is critical to keeping the operating costs within the company to an acceptable level. By running some basic analytic tests, greater assurance can be placed on the data contained with the information as they relate to employees and their cost to company.
The essence of business analysis is to enable management to have accurate information on sales in an effort to improve company profit margins. Analysis helps a business come up with a sales strategy and also helps a business know which products are selling and which are not. The use of some tests to determine whether the sales results are aligned to the sales strategy assists the Sales Representatives as well as the Sales Manager to adjust their sales efforts accordingly.
People use the words stock and inventory interchangeably, but they are different. Stock deals with products that are sold as part of the business’s daily operation, while Inventory includes sale products and the goods and materials used to produce them. In ACL Essentials, our reference here is aligned towards the stock – those products that are sold within your business’s daily operations – and as such knowing critical information about your stock listing, negative stock quantities, items with a zero cost price, etc. is valuable to the warehouse manager and stock controller.
As part of the Supply Chain Cycle, Vendor Management serves to ensure that all vendors providing goods and services are approved vendors and have been vetted for compliance against the company vendor management take-on / registration process. Further to this, it is also important to check that no conflict of interest is present between the vendor and employees of the organisation. By running some basic analytics against the vendor management information as listed on the database, validity of those vendors can be properly tested
The newly formed Companies and Intellectual Property Commission (CIPC), herewith referred to as ‘the Commission’ was established through the amalgamation of the Office of Companies and Intellectual Property Enforcement (OCIPE) and the Companies and Intellectual Property Registration Office (CIPRO). Certain information that is provided from data available on CIPC can now be checked with some basic tests that have been written to assist with validation or verification of employees and suppliers.
I don’t think ACL necessarily supports our continuous monitoring strategy as much as it enables it. Without ACL I don’t see us having a continuous monitoring strategy.