Financial Data Quality

How To Greatly Improve Your Financial Controls

The financial controller in every business is responsible for the accounting operations of the company.

The tasks of a financial controller include producing financial reports, overseeing accounting, and managing a set of controls and budgets designed to mitigate risk.

The financial controller enhances the accuracy of accounting records and complies with GAAP and internal financial reporting standards.

For every financial controller, exMon is a great tool to automize internal controls. The controls are executed regularly and accurately, with 100% coverage of the data.

exMon ensures that exceptions to validation rules are flagged before they result in additional work or cost.

exon data quality in finance

Examples of controls our customers have implemented:

Postings

  • All postings on closed periods.
  • Postings to wrong departments. For example, marketing posting on the IT department.
  • Unusual currency for a vendor. For example, a vendor configured for Euros, but an invoice is in USD.
  • OPEX postings that should probably be CAPEX
  • Unusual appreciation and depreciation
 

Manual consolidation

  • Consolidation between ERP and POS. For example, sales, products (attributes such as price), and customer discounts.
  • Missing product or vendor attributes in the ERP system. For example, inventory posting group, product posting group, or business posting group.
 

Budget Variances

  • Budget compared to actuals. e.g., sales, inventory, cost, contribution, investments
 

Separation of duties

  • Invoice approvals that should have two approvers
  • Posted invoices that should have two approvers
  • The same person approves a new hire and approves salaries

Approvals

  • Vendor invoices close to the due date
  • Invoice approvals promptly
  • Duplication of invoice ID and vendor


Fraud and misuse

  • Unusual salary changes
  • Vendor bank account changes
  • All changes to vendors and customers by people outside the finance team

Ready to see more?

See how exMon Data Quality can help you fix and maintain quality financial data.

Manage all your budgeting and forecasting processes. Find issues and missed submissions before its too late.

Our customers in retail use exMon to monitor cash registers and back-office systems. Monitor supply chain processes, inventory levels, and unusually high discounts

Know more about how pharmaceutical companies use exMon to make sure project data is being maintained correctly.

Learn more about how Vodafone is continuously monitoring their data and services with an emphasis on customer happiness, revenue leakage, and fraud monitoring

See how Atlanta Air is detecting fraudulent bookings,monitoring loyalty club transactions, and keeping eye on aircraft maintenance schedules.

Detect irregularities in access to key systems and platforms.

Detect fraud and misuse leaving footprints in your.

Find out how you can better govern your Master Data with the exMon

HOw Can I start Improving My Data?

Schedule a demo

Request a live demo to see how the exMon Data Governance Suite can help your company improve business and master data.

Sign up for a pOC Using your data

We can use your data to demonstrate how our tools can help you improve data quality. 

We set everything up for your environment

We configure the system to your needs and show you how to administer the system yourself.

You start improving your data

Once the system is installed in your environment you can start setting up processes to improve your data.