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How ICM Solutions Help Business Comply with SOX Regulations

In July of 2002, the U.S. Federal government passed the Sarbanes-Oxley Act in response to scandals with major corporations involving their reporting practices. The Act, commonly known as SOX, requires companies to submit to financial audits by federal government auditors and be able to supply auditors with detailed and thorough records of internal financial processes like payroll as well as external financial dealings like sales reports. When he signed the SOX Act, President Bush characterized the act as "the most far reaching reforms of American business practices since the time of Franklin Delano Roosevelt." The SOX Act aims to cut down on corporate accounting fraud by requiring these exacting records. While many companies may be worried about how to comply with the SOX Act if they go public, there are automated business process software solutions like SAP or Glocent's automated incentive compensation management software that can easily supply the reports that companies need to stay compliant. Automated business process software tracks financial records of sales and internal records of payroll as well as providing regular reports that can be viewed by users with certain access and created on demand. Glocent helps companies streamline their calculations of sales incentives such as bonus payments, sales commissions and other rewards for increased sales. This innovative software uses raw sales data supplied by other software like SAP software to calculate incentive compensation for each sales representative based on schedules inputted by management. In addition to automated calculations, Glocent provides companies with 100% accurate reports. These reports can be viewed by sales representatives so that they are kept abreast of their earnings, but more detailed reports of company-wide sales incentive activity can be viewed by management and executives or printed out for auditors. These reports are SOX Act compliant, allowing companies to not only manage their incentive compensation but also stay on top of their internal financial reporting.

Transparency at the speed you do business!