Harrogate, United Kingdom, September 29, 2006 --(PR.com
)-- CODA Group, the finance systems specialist, today announced its Fast Close has achieved “Certified for SAP NetWeaver®” status. CODA’s business package for Fast Close integrated with the SAP NetWeaver platform helps make the financial period-end-close process even more efficient and controlled for users of SAP® solutions.
To achieve Certified for SAP NetWeaver qualification, CODA has demonstrated that Fast Close iViews are integrated successfully with the SAP NetWeaver Portal. ERP solutions such as the mySAP™ ERP application manage the financial data, but the nature of many of the tasks involved in closing means that much of the period-close process takes place outside of those systems, making it a highly manual process. Fast Close was designed to address this business-process need.
In most organizations, month-end processes involve the finance department completing thousands of manual tasks, which means it can be inefficient, difficult to audit and prone to human error. In a recent survey conducted by CODA of senior accountants, 51 percent of respondents said they still rely on downloads into spreadsheets and reconciliation with key systems to ensure that all month-end tasks are carried out. The second most popular method was accountants posting their own journals, and 27 percent are still using paper tick lists. Only five percent said that the tasks required for completion of month-end processes are fully automated.
CODA believes that a solid period close is the cornerstone of good corporate governance because without it, the books cannot be guaranteed accurate. By making all tasks in the process visible and auditable – manual and automated, inside and outside of the core system - CODA’s Fast Close helps manage and reduce the risk inherent in this complex business process.
CODA consultants are being trained specifically to implement the business package for Fast Close in support of SAP NetWeaver Portal Release 6.0 and beyond. Using web services, the Fast Close software can be integrated with SAP applications to help users drive efficiency by automating all parts of the overall business process. Developed by CODA, it uses standard Microsoft Office technologies, of which users are instantly familiar.
“The process of obtaining certification from SAP has been relatively fast, smooth and straightforward, and we look forward to working with SAP more closely in the future,” added Mr. Roche.
CODA creates, markets and implements a complete range of software systems designed specifically to meet the needs of Financial Directors and Finance Departments. These include financial management systems, analysis applications, and business process management and control software to implement compliance solutions. Its service oriented architecture also makes CODA software easy for clients and other vendors to integrate it with their business applications.
CODA was founded in 1979 and has around 550 employees working from 13 global locations. CODA software is designed for multi-currency, multi-language, multi-country, multi-company and multi-site operations, and is used by around 2,600 medium and large organizations in over 100 countries in a variety of markets and within both public and commercial sectors.