OpenPro and Sarbanes-Oxley Compliance
OpenPro ERP Software is fully compliant with the Sarbanes-Oxley (SOX) Act of 2002
OpenPro offers a complete ERP solution for public companies.
From OpenPro Version 5 to the current version we use a business rules engine. With OpenPro business rules, the system asks if the company is public; if the answer is yes, then the OpenPro ERP Software automatically runs using Sarbanes-Oxley logic.
OpenPro supports most industries with a complete ERP business software solution. The Financial Accounting software supports a closed loop financial flow and offers government accounting software. As a provider of Manufacturing ERP software, OpenPro excels in its MES software and Manufacturing Inventory software. In addition, OpenPro offers a complete retail POS system and distributors benefit from the Supply Chain Management software.
OpenPro is built using open source technology, so both the initial purchase price and the ongoing maintenance expense can be up to 80% less than Windows-based ERP software solutions, while offering a broader range of functionality.
What is the Sarbanes-Oxley SOX Act of 2002?
Effective in 2004, all public companies will be required to submit an annual assessment of the effectiveness of their internal financial auditing controls to the Securities and Exchange Commission (SEC). Additionally, each company’s external auditors are required to audit and report on the internal control reports of management, in addition to the company’s financial statements.Why was the Sarbanes-Oxley Act passed?
The Sarbanes-Oxley Act of 2002, also known as SOX, was passed due to the accounting scandals at Enron, WorldCom, Global Crossing, Tyco and Arthur Andersen.
What companies need to comply with Sarbanes-Oxley?
All publicly-traded companies in the United States, including all wholly-owned subsidiaries, and all publicly-traded non-US companies doing business in the US are effected. In addition, any private companies that are preparing for their initial public offering (IPO) may also need to comply with certain provisions of Sarbanes-Oxley.
When did Sarbanes-Oxley compliance take effect?
All parts of the Sarbanes-Oxley Act with the exception of Section 409 are effective now. For Section 404, public companies needed to have their financial reporting frameworks operational for their first fiscal year-end report after November 15, 2004.
What is the Sarbanes-Oxley Act comprised of?
The Sarbanes-Oxley Act itself is organized into eleven sections, but sections 302, 404, 401, 409, 802 and 906 are related to the compliance of accounting procedures. OpenPro is compliant with all Sarbanes-Oxley accountability standards for corporate boards and auditors and established a Public Company Accounting Oversight Board (PCAOB) under the Security and Exchange Commission (SEC).
What does Sarbanes-Oxley compliance require?
All applicable companies must establish a financial accounting framework that can generate financial reports that are readily verifiable with traceable source data. OpenPro integrated document imaging to all processed transactions. This source data must remain intact and cannot undergo undocumented revisions. In addition, any revisions to financial or accounting software must be fully documented; OpenPro will help with this.
What are the penalties for noncompliance with Sarbanes-Oxley?
Lawsuits and negative publicity; a corporate officer who does not comply or submits an inaccurate certification is subject to a fine up to $1 million and ten years in prison.
Nonprofit and Government
Nonprofit, school and government organizations have their own unique accounting and fundraising demands and we develop systems designed specifically to meet their needs.
To meet the needs of CPA firms and accounting professionals, we offer an array of management and productivity applications. OpenPro is web-based, so a CPA can be connected to all his clients over the web, without costly firewalls, communications programs, etc.
E-Commerce and Web
OpenPro has a built-in E-commerce module to meet the needs of any company; we offer an array of different designs and styles to make your E-Commerce site unique.
Service, Time Tracking, Scheduling and Billing
For Service organizations, you can schedule your service technicians and generate bills from the schedule. This can be used for HVAC, Computer Services, Appliances, and more.
Professional Services Management, Medical solutions
Recording and reporting time is critical to professional services firms (such as lawyers and accountants) to efficiently operate. OpenPro has addressed this need with a calendar that breaks down the time, shows billable hours and generates the bills accordingly. Like everything with OpenPro, remote access is built into the system. OpenPro provides web-based patient information, electronic document control, medical knowledge base lookup and calendar scheduling for medical professionals through our Medical ERP solution. In addition, OpenPro interfaces with portable terminals that run Windows.