It’s difficult to claim that you are compliant with internal or external rules and regulations if you don’t have a good base to start with. Take the concept of the accurate value of your customer contracts for instance or exposure due to vendor contracts, both part of any Sarbanes Oxley regulations (SOX). It’s hard to imagine having complete confidence in those values or exposures, defined as no more than 5% deviation by SOX, if you don’t have confidence in the collection of supporting documentation.
The focus on customer contracts should take precedence and probably does already in terms of recording the contract terms in your billing system. But the effort for the most part is still a manual data entry process unless it’s a B2C relationship and all executed digitally online. Having those contracts to support the revenue is still very likely a messy, disorganized affair with some digital and some paper, some in the cloud and some on the network or attached to the ERP. An impossible task to corral it all right?
Continue reading “Mission Not Impossible”
When two people seem very happy together, it’s “a match made in heaven.” When something just works exactly as you expect it to, you will hear someone say “bingo” or “the stars aligned.” More recent versions of this would include “life is good.” They are all just sayings that express the fact that something went right.
We won’t provide examples of common sayings when things go wrong. That could be humorous, or it might offend some people. Your employees should have “life is good” moments daily to the point where its just the way it is. They should quickly find a document that someone requested at the very end of the day. They should pull a collection of documents together that support an important compliance report in minutes not hours or days. How do you get there?
Continue reading “Match made in heaven”
As a follow up to our last post about having a system of record to make audits seem like a walk in the park, there is more to it. Recall that a system of record document management solution holds the confirmed supporting documentation for your critical company data, such as, transactions, client accounts, vendor contracts, etc. If your current file storage solution is not working and you want to convert it to a system of record there are a few things that are required.
Like all good things, it will take some effort on the front end. But as we stated in the last post, it is well worth it. And the value is more than just having a better audit experience. Its worth it because you also have better information at your fingertips and that leads to better decisions. So what’s required? Be humble because you will likely learn that your organization is not perfect, be diligent and have some fun because you will discover nuggets of gold.
Continue reading “Not so fast with “bring on the auditors””
Does the thought of going through an audit scare you? What is an audit? According to The American Heritage Dictionary, an audit is – An examination of records or financial accounts to check their accuracy or confirm adherence to policy or regulation. And what does an auditor do? Performs verification and substantiation procedures. And what types of audits are there? Financial, compliance, internal, security and many more.
Continue reading “Bring on the auditors!”
Audits are not something that most of us enjoy going through. Not for nefarious reasons, but mostly because of the extra time demands and that feeling of uncertainty about providing the required information. Your accounting system or ERP has been designed to collect and keep your transaction information. However, can your auditor verify and substantiate the transactions or adherence to policies by matching it to your supporting documentation? If not, you need to take a system of record approach to documentation and you’ll say “bring on the auditors”.
Has anyone experienced the dad who angrily says ‘where’s my screwdriver’, because it wasn’t put back where he thought it should be. Are some of your family members more organized than others? Is one more detail oriented or creative or devil-may-care? Maybe if your house was a lot smaller, say one room, you wouldn’t have this problem.
Ok, blow that up by 1,000 work associates and think about your critical information. You can’t make that “house” smaller. No HR department can choose work associates who all think and work alike. And you can’t effectively force a single method. What can be done to give users a reasonable chance to avoid wasting time looking for that screwdriver? Or more importantly, avoid a negative compliance or audit situation.
Continue reading “You need a smaller house”
There was a time when all important company information was on a shelf or in a file cabinet. Well organized companies could be fairly satisfied that people could find legal documents in the legal department and accounting files in the accounting department. And with photocopiers and overnight delivery services, documents could even be shared. When the department appointed a czar to manage their stash of documents, it all seemed to work even better.
But we all know how the story ends. The czar retired, the company bought four other companies, people forgot the alphabet and this new-fangled computer thing arrived. Then people weren’t so happy. Documents weren’t easy to find. However, with email and the internet, documents did become easier to create and share, a bright spot. So no, file rooms are not making a comeback, not really in a physical sense.
Continue reading “Are file rooms making a comeback?”
With all the complexities in the world, how do you determine what to focus on in 2022? HR and employee issues concerning remote work and wellness? Office or retail space utilization? Supply chain issues? Inflation and pandemics? World events that could cause disruption? Blockchain, artificial intelligence, green energy and on and on? And don’t forget the needs of your customers.
What’s needed is a simple How To Guide to manage this overwhelming challenge to your resources. There is an old saying paraphrased as “don’t build a house on sand”. In other words, use your resources to build a solid foundation. Then you will have the ability to manage a myriad of risks and harness amazing opportunities when they come. Here are four tasks to help your company Succeed in 2022 and Beyond.
Continue reading “Don’t Let Complexity make you Complacent”
Two weeks ago I attended the Realcomm IBCON Real Estate Technology Show that was held in Scottsdale and it was very well done given the Covid restrictions. There were many vendors with fantastic solutions for everything from monitoring building systems to managing the due diligence process. Based on my observations, all of the vendor offerings had a dashboard and very nice reports to help users digest the wealth of information these solutions gather and provide.
This week I had a good conversation with a colleague about a potential need for workflow. As I listened to the concept it occurred to me that part of what was needed was reporting, maybe even a dashboard. However, part of the need would definitely also benefit greatly from workflow. So what’s the difference between reporting and workflow and what scenario would lead to a preference for one over the other?
Continue reading “Report v Workflow”
Business is full of risk and yes, I CAN live with it. In fact, having a risk management approach to your business can be hugely beneficial. Once you have identified the risk and calculated the amount of risk, you can either assume or avoid the risk. If you assume the risk, then it is imperative to navigate or manage that risk.
Most businesses manage a variety of risks usually around customer, vendor, market or government. Lately that has expanded to include environmental and social media risk. It turns out that beyond being excellent tools for improving efficiency and enabling remote work, document management and workflow are risk management tools as well. Here are some thoughts on how the two work together and how these tools will help you Identify, Calculate, Assume and Navigate the risks to your benefit.
Continue reading “Risk – Identify, Calculate, Assume, Navigate”
How can artificial intelligence (“AI”) help you? Cleaning out the garage or basement? Reorganizing your closet? Organizing your family photographs? Some readers are experiencing anxiety just reading those words much less actually trying to complete those tasks. But AI is not going to help in those scenarios.
Here’s another anxiety generator – reorganizing and cleaning out your company file server. Imagine how good that would feel, especially if AI did it all. Sorry, but that is not likely to happen either. At least not on its own. But you if you want to achieve the significant benefits of well organized, accessible information, here are some tips for such a large, complex project.
Continue reading “Wow that’s messy”