Hyland Software’s OnBase Platform
Hyland Software has successfully deployed the OnBase platform at over 10,000 companies worldwide to solve a variety of complex business challenges. OnBase, which is an ECM (Enterprise Content Management) platform, has received numerous awards and is considered by Gartner Research to be a leader in the ECM category’s magic quadrant.
Hyland created the AFRM® module of the OnBase platform in 2008 to address a largely unfilled need in the financial market. Accounting and Finance depatments did not have a comprehensive solution to manage the accounting close and financial reporting process and Hyland was determined to create the best solution to address this issue.
For over three years Hyland’s developers, IT resources, finance department and contributing experts have developed a solution which we believe is the best offering in the market place. Hyland successfully used the solution internally on its own accounting close since August of 2008, completing two years of internal use PRIOR to releasing the product for commercial use.
The acceptance in the market place has validated all of the hard work and effort which has been invested in creating a solution that is powerful, easy to use, and very effective.
Silicon Valley Accountants was proud to be a participating member of the development effort and continues to collaborate with Hyland in the deployment and implementation methodologies.
This is truly a solution you have to see to appreciate.
The number one source of errors in the accounting close is omission. Auditors are always concerned with the completeness assertion of the close. AFRM® virtually eliminates omissions by creating a checklist of every significant activity such as tasks, journal entries, meetings, analysis and approvals required to complete the close. AFRM® tracks the status of every task from begining until completion. Has it been started? Has it been reviewed? Has it been posted? Has it been completed? When every item is reviewed and completed, your close is complete.
Find the right document when you need it.
Using Hyland Software’s world class OnBase Enterprise Content Management (ECM) system, AFRM’s® context based document retrieval presents the user with the correct version of starting templates or prior month documents as the team member completes a task. OnBase’s document management capabilities eliminate the need for file shares, searching for a document’s location, security of documents and the ability to file and retrieve the final version of the document.
Provide real time status of every task in the close.
Manager dashboards provide a real time snapshot of the close, including those tasks which are behind schedule. By allowing managers to see every task, and know if it has been started, completed, reviewed, or closed, AFRM® allows for active management of the close process. With AFRM® there is no guessing about whether the close is on schedule…the data will give you all the answers, even which groups or people are ahead or behind schedule.
Actively manage the process.
AFRM® gives managers the ability to re-assign tasks as needed, to add new or ad-hoc subtasks, and to add assignments at any time. Action items identified at meetings may now be included as sub-tasks, tracked and managed to completion.
Integrated documentation facilitates cross training.
Each task’s procedure is presented when the task is reviewed. If this is not enough, the prior period tasks and all supporting documentation is also presented on the same screen.
Reduced stress and less time to close means happy team and better work product.
Continuous improvement allows refinement of close process.
AFRM® gathers the information needed to improve the close process. Every step of the close process is measured. When the task was completed, when it was reviewed and when it was closed. The post close review cycle allows team members to identify bottlenecks and modify tasks and journals to enhance the efficiency of the close. Is there a better way to complete the step? Measure, plan, and optimize.
Workflow is customized to your specific needs.
Every company is different, and each close process is unique. Our consultants will customize AFRM® workflow such that is mirrors your existing close process. The workflow may be further modified as needed to optimize the close.
Prioritize and communicate.
Preparer based dashboard gives each user a complete list of their tasks. Users are able to self manage their tasks in the close so as to make the most effective use of their time. Users are able to set alerts on tasks and journals required to be completed so they are notified when such steps have been completed, thereby eliminating the need for phone calls and emails from team members. This allows near real-time communication of the status of the close and facilitates efficiency by eliminating the dead-time waiting for team members to complete tasks.
Validate and document internal controls for Sarbanes-Oxley and regulatory compliance.