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Budget and Financial Internal Control Application(BFIC)

Corporate and Federal Agencies not only need insight to ERP controls, they need to have constant Financial issues identified and addressed on a real-time basis according to their CFO, local, state and Federal guidelines.

Currently Financial Analysts, Accountants and Managers must complete variance analysis, and monitoring of thousands of financial transactions a day in a Core Financial Management System as well as complete required daily functional tasks. This is a known issue and has continued to be a problem for years at many companies and agencies.

The mandatory day to day financial analysis, monitoring and reconciliations for a Corporation and Federal Agency is very detailed, tedious and time consuming. This is due to the level of analysis, monitoring, and reviewing of ERP Transactional postings to include such daily issues as funds management which must be identified, researched and corrected.

A process and application was developed which led to the identification, analysis and correction of Financial Data Integrity issues in ERP and 3rd Party Interfaces by Alexton Incorporated and used on a daily basis. Understanding the posting process in an ERP and Financial Accounting allows an automated internal control approach to be developed which identifies variances and incorrect transactions in the ERP, and provides continuous monitoring which would prevent Financial posting errors to go unidentified in a real time matter.

The Budget and Financial Internal Control Application not only has the ability to import ERP and 3rd party data, but also has the ability to monitor financials, perform data analysis on required Financial data, and produce financial reporting that cannot be done with the majority of ERP Systems.

The Automated Financial Application has two versions based on the clients requirements: a) a standalone version and b) SQL Server database backend to allow real-time data retrieval from the ERP, 3rd party applications and manual spreadsheets. The application was modified based on the history and requirements provided by Local, State and Federal guidance and also years of hands-on Financial Experience.

Due to the configuration of the tool and with Alexton’s knowledge of Local, State, Federal, and your company/agency Policies/Procedures, Alexton has the ability to integrate those policies with our application to provide continuous financial management on a real-time basis.