Alabama Power Improves Compliance with Sarbanes-Oxley and Optimizes Funds Management Using ReconNET and the DataFlow Transaction
Overview
Alabama Power provides electricity to 1.4 million homes, businesses and industries in the southern two-thirds of Alabama. The utility is the second-largest subsidiary of Southern Company, one of the nation’s largest generators of electricity due to competitive prices, reliable electricity supply and unparalleled service.
Challenges
Alabama Power desired tighter accounting controls and improved audit and employee reporting capabilities to better meet Sarbanes-Oxley compliance requirements. Even with a department of six dedicated to month-end accounting, the department was 3 to 6 months behind with reconciliation and reporting. Gathering data was time consuming and errors and exception items were difficult to identify. Bad checks, double-processed refund checks and internal inefficiencies were stumbling blocks to a streamlined process. Audits were difficult and valuable time was wasted researching inquiries and tracking down item histories.
Objectives
Alabama Power wanted to:
- Increase Sarbanes-Oxley compliance
- Improve internal controls
- Catch and reduce fraudulent activities
- Reduce time for period-end close
- Increase staff efficiencies
Capabilities Provided
Alabama Power selected Trintech’s ReconNET system to automate its time-consuming and error-prone manual reconciliations and month-end processes. Alabama Power selected the DataFlow Transaction Network to reduce costs and simplify bank data collection. These systems provided:
- Validated and aggregated data from banks
- Automated transaction reconciliation
- Research and exception management
- Detailed system audit trail
- Standard and customized reporting
Testimonial
“A true audit trail with reports increased the transparency of our financial operations. Having a traceable history of all activity makes it easier to comply with Sarbanes-Oxley. With ReconNET, it’s a no-brainer.” - Marsha Fifer, Accounting Assistant
Other Information
For more information on how you too can improve compliance with Sarbanes-Oxley, contact Trintech today.
