Austin, Texas – ClearOrbit, the leading provider of real-time supply chain execution (SCE) software solutions, announced that its fixed assets track, trace and control module —Advanced Fixed Assets — allows companies using Oracle ERP (Nasdaq: ORCL) to comply with critical aspects of the Sarbanes-Oxley Federal regulation.
Sarbanes-Oxley Section 404 requires management of a public company to include in its Annual Report a statement on the effectiveness of a company's internal control over financial reporting. The company's independent auditor must also attest to and report on management's assertion regarding financial controls.
Companies with large dollar volumes of capital assets or production inventories must effectively track those assets to ensure accurate balance sheets and income statements. Without a fixed assets "track, trace and control" system in place, public companies that manage supply chains or inventory open themselves to Sarbanes-Oxley liability if error-prone processes lead to significant misstatements of inventory or asset positions. ClearOrbit's Advanced Fixed Assets module allows Oracle users to establish and maintain adequate internal control structure and procedures for financial reporting. This innovative software product supports all major versions of the Oracle Applications / E-Business Suite – 11i, 11.0 and 10.7.
"ClearOrbit's Advanced Fixed Assets product allows companies to effectively track asset and inventory items by automatically classifying goods during the receiving process," said Tom Dziersk, President & CEO of ClearOrbit. "Items are labeled or tagged appropriately the moment they enter the facility, and are immediately updated within Oracle Fixed Assets and/or Oracle Inventory. This becomes an extremely cost-effective way of complying with this aspect of Sarbanes-Oxley."
ARC Research Director, Houghton LeRoy commented that "ClearOrbit's Advanced Fixed Asset solution for tracking assets and inventory items using emerging technologies such as RFID is a major step towards controlling and securing critical assets during their entire lifecycle. The solution can help with regulatory compliance requirements but also improves Return on Assets (ROA) by identifying unneeded inventory and increasing utilization of tracked assets."
ClearOrbit's Advanced Fixed Assets module allows companies running Oracle Assets to tightly integrate RF data capture, character-based terminal input, barcode and RFID technologies into supply chain processes. By removing reliance on PC-based Oracle GUI forms, companies can eliminate mistakes, improve throughput and dramatically reduce administrative costs. ClearOrbit's Advanced Fixed Assets module allows users to process key receiving, inventory and asset-related transactions directly on the shop floor, facilitating increased throughput and accurate asset tracking.
Since 1994, ClearOrbit has assisted more than 250 clients in automating and controlling their supply chain execution processes. ClearOrbit extends enterprise systems value with proven Supply Chain Execution (SCE) and Collaborative Supply Management (CSM) software solutions that allow customers to fully leverage their investment in enterprise applications while also gaining additional value by incorporating their trading partners into their supply chains. For more information, visit http://www.clearorbit.com or call us at 800-324-5143.