With the rapid changes going on globally to our lives and the way we do business and operate as businesses, the process of accessing, monitoring, and managing data is an evolving one. The majority of companies do not have the time or in-house skills to adapt to this new world effectively. It is often not a core competency for your business, but it is for us. What we mean by this:
As teams become remote, segregation of duty becomes less clear, accesses are increased and managers have new all-consuming distractions. This means an increase in errors and “mistakes’ when paying vendors, processing payroll and following policies and procedures across the board.
We have a long history of helping companies to avoid these errors and save money. In the new post Covid world, this is especially important. If you are interested in how we can help you maintain control across payroll, vendors, payments, receivables and more, please reach out and continue reading.
“We have been working with Satori for over three years. We’ve gone through a significant change throughout our existence and we wanted continuous assurance that the control environment in key areas such as Accounts Payable and Payroll remained effective. We implemented Satori’s solution in the Accounts Payable area of our business two years ago and have seen a return on investment of over 300% on duplicate invoice payments alone.”
Satori Continuous Control Monitoring (SatoriCCM) is a solution that delivers on certainty and reassurance. We relieve all the pain, problems, and challenges of quality re-assurance and auditing by providing the expertise, software implementation, training, additional alerts, and ongoing system maintenance.
What you really need to be thinking about in these times:
-> Not paying vendors more than once due to duplicate invoices
-> Not paying fake invoices or suppliers who can slip through in the chaos
-> Ensuring payroll is correct
-> Generally, saving cash from slipping through the cracks that appear during a crisis.
CCM does everything to detect the exceptions, so you can focus on managing them and saving money. SatoriCCM is an application-based solution that extends beyond specific business processes such as Purchase-to-Payment or Payroll. Rather, we offer a service capable of monitoring ALL transactional processes and business systems.
It works across all data sources and processes. For instance, to identify “ghost employees” we would match security data against employee data. SatoriCCM integrates seamlessly into your existing data sources such as SAP or Oracle Financial – virtually any data source. It is totally transparent and fully automated so you see what actions are being taken to remedy the identified problems.
This results in reduced response times. Ultimately this equals business improvement and Total Business Assurance.
EXCELLENCE AND VIGILANCE
SatoriCCM is more than auditing – it is empowering. We recommend focusing initially on areas with frequent exceptions which would yield the highest ROI, and over time progress to encompass more sophisticated challenges.
We start with the most common issues like duplicate payments, invalid master data, and overpayments. As these problems diminish over time, we move on to other areas, such as GST breaches, ghost employees, employees, and vendors with identical mobiles phone numbers, addresses, or bank account details.
ONE OF OUR CORE VALUES IS TRUST
It may be surprising, but there IS no shortage of data exceptions in your average company.
What happens to these exceptions? Who follows them up? What was the cause? What were the responses and actions taken? How long did it take and who took responsibility for the exceptions?
You need to have certainty and reassurance that every exception is processed and managed to the best of the company’s ability. SatoriCCM will alert you to the exceptions, you simply need to act on the alerts and resolve them when and if they occur.
Learn how to successfully implement continuous control monitoring here.