Industries and Departments
It doesn’t matter if you are responsible for a specific business function within your organization or the company as a whole. exMon is tailored to your specific needs and monitors the processes and data you care about.
The financial controller in every business is responsible for the accounting operations of the company. This includes the production of financial reports, maintenance of a system of accounting records and a set of controls and budgets designed to mitigate risk, enhance the accuracy of accounting records and comply with GAAP and internal financial reporting standards.
For every financial controller, exMon is a great tool to automize internal controls. The controls are executed regularly and accurately, with 100% coverage of the data. This ensures that exceptions to the controls are flagged in a timely manner before they escalate into bigger costs.
Examples of controls:
- All postings on closed periods.
- Postings to wrong departments. For example, marketing posting on the IT department
- Unusual currency for a vendor. For example, a vendor configured for Euros but an invoice is in USD.
- OPEX postings that should probably be CAPEX
- Unusual appreciation and depreciation
- Consolidation between ERP and POS. For example sales, products (attributes such as price), and customer discounts
- Missing product or vendor attributes in the ERP system. For example inventory posting group, product posting group or business posting group.
- Budget compared to actuals. eg. sales, inventory, cost, contribution, investments
Separation of duties
- Invoice approvals that should have two approvers
- Posted invoices that should have two approvers
- The same person approves a new hire and approves salaries
- Vendor invoices close to the due date
- Invoice approvals in a timely manner
- Duplication of invoice ID and vendor
Fraud and misuse
- Unusual salary changes
- Vendor bank account changes
- All changes to vendors and customers by people outside the finance team