Infor, a provider of business application software serving more than 70,000 customers has announced the availability of Infor Lawson Close Management and Infor Lawson Reconciliation Management, two new applications that further extend Infor’s financial capabilities in the market. These two new applications are aimed at freeing staff from manual administrative tasks and inefficient paper processes to provide more value-added support through an organization, helping to improve efficiency, quality of outcomes and ultimately bottom-line results. Infor’s financial applications are flexible and specialised to the needs of organizations across a wide variety of industries such as banking and insurance, non-profit, oil and gas, professional services, retail, public sector, hospitality and healthcare.
“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 Lawson’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.
“The applications provide greater control and visibility into the status of our financial close cycle and reconciliations which will help Bon Secours to manage these functions more effectively and identify opportunities for continued process improvement.”
Infor Lawson Reconciliation Management helps provide reasonable assurance of the accuracy of an organization’s financial data, which when done without proper technology in place can be a complex, tedious, time-consuming, and highly manual process. The solution streamlines reconciliations and close processes, resulting in additional time for finance staff to support more value-added tasks, and enabling improvements in the accuracy and timeliness of financial reports, and increased visibility into monitoring status, performance, and compliance metrics.
“These modules will allow our organisation 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.”
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 effectively produce financial and regulatory reporting in a timely and accurate manner, and ultimately close faster.
“In order to properly manage increasing regulatory initiatives, such as the Sarbanes-Oxley Act (SOX) and International Financial Reporting Standards (IFRS), which can make the reporting process highly labor intensive and expensive, many organizations are turning to more automated solutions to meet their audit, compliance, and regulatory requirements, and free up their finance staffs so that they can support more important responsibilities,” said Diane Johnson, industry and solution strategy director, Infor. “We developed Infor Lawson Reconciliation Management to give our customers a comprehensive system that would allow users to have greater control over the quality and confidence of financial statements.”