Greater Control and Accuracy of Accounting

Financial regulations like Sarbanes-Oxley in the United States and new international standards such as Basel II and International Financial Reporting Standards (IFRS) have significantly increased the burden on accounting functions. Firms across the globe are turning to solutions featuring ILOG Business Rule Management Systems (BRMS) to help them effectively comply with theses new regulations. ILOG BRMS technology can increase a company’s competitive edge by automating and streamlining accounting posting functions while increasing the control and accuracy of the financial reporting processes. With ILOG BRMS, business events are automatically transformed into detailed accounting information through configurable accounting rules.

An automated approach that easily adapts to change
ILOG rule engines help decrease the strain on resources as accounting staffs are faced with the impact of new regulations, added financial products and process changes. ILOG’s easy-to-maintain business rules can automate accounting functions while ensuring data integrity, making reliable data widely accessible to other business processes throughout the enterprise.

Key business objectives are achieved when finance departments define and manage accounting rules:

• Decreased burden of regulatory compliance
  Using ILOG BRMS for accounting postings enable finance departments to achieve much-needed control, consistency and accuracy over key data. ILOG BRMS is becoming a key addition to enterprise infrastructure as IT systems are being re-engineered around financial disclosure. Business rules can easily be created to handle compliance as well as the tracking and reporting that accompany new regulations.
• Increased efficiency and auditing ability of accounting posting
  With ILOG BRMS, finance departments can achieve automated, accurate and timely transformation of business events into detailed accounting information based on configurable and predetermined accounting rules. This includes an audit trail of the business events that trigger accounting postings in various ledgers.
• Standardized accounting and financial processes
  The increasing complexity of multi-national business operations greatly impacts financial functions. With ILOG BRMS, accounting rules are centralized yet accessible, providing a “single point of truth” that can be shared by specialists covering specific local GAAP requirements. Standardizaton of accounting processes enables shared costs across many business lines while simplifying the task of making changes and updates.
• User-friendly rules creation and management geared for business users
  As business rules increasingly become an essential part of enterprise IT systems, the need grows for solutions that can be managed independently from most corporate software. ILOG BRMS enables business users within the finance department to write business rules via friendly GUIs using familiar business language. The separate rules repository supports full management of rules including validation, testing and deployment.
• Flexible performance and scalability to handle growth
  ILOG BRMS supports high-volume accounting requirements while easily scaling to handle large, growing transaction loads and business expansion. ILOG rule engines can process in excess of 30 million business events per hour, with rules covering US, IAS and local GAAPs. These capabilities enable accounting departments to easily contend with new product lines, mergers and acquisitions, the increasing volumes of algorithmic trading; or quickly implement new accounting treatments.

Technology expertise with a record of success
As the leader in business rule engines, ILOG has helped leading companies in such highly regulated industries as financial services transform their accounting functions into efficient, robust processes that help deliver a competitive edge. Whether enabling firms to re-engineer their financial architecture or contend with challenges such as new regulations, ILOG offers the perfect technology, services and experience.
ILOG accounting rule engines are the frequent choice of accounting solutions application vendors. ILOG and its consulting partners have more than 40 accounting implementations with more underway. In addition, ILOG products are integrated with top middleware solutions like BEA WebLogic and IBM WebSphere.

Next steps

• Contact an ILOG representative

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