Did you know that you can achieve a certain level of Security with A/R Collections Software? Securing financial information is critical to all businesses – especially those who need to comply with Sarbanes-Oxley (SOX) requirements. Sarbanes-Oxley is a bill that was enacted as a reaction to a number of major corporate and accounting scandals. The legislation set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It does not apply to privately held companies. However, many SOX requirements represent good business practices for smaller, privately-owned companies. Section 404 of SOX outlines requirements related to the scope and adequacy of internal controls and procedures for financial reporting.
In addition to SOX, there are many other reasons why it is important to secure financial information. For example, companies may want to prevent sales or credit reps from going to work for a competitor and taking the entire customer database when they leave. Or companies may need to restrict access to specific activities such as changing customer credit terms or taking accounts off hold.
Regardless of the reason, securing your financial records is an important consideration and something that you credit departments should be doing today. Security can have an impact on reducing outstanding receivables since it forces companies to think about how they manage business processes and helps to define roles and responsibilities.
A/R Collections Software provide built-in security such as user roles and account assignment to prevent unauthorized access to financial information.