Chesapeake?s T-Recs Enterprise Offers All-in-One Financial Governance Solution

Chesapeake System Solutions, Inc., an industry leader in providing integrated software solutions that simplify the complexities of financial and treasury management operations, today announced the availability of a powerful, all-in-one application that helps organizations comply with the Sarbanes-Oxley Act of 2002 (SOX) and other corporate financial governance standards. T-Recs Enterprise, which stands for Total Reconciliation Solution, gives corporations the ability to satisfy the broad requirements imposed by these regulations, which include implementing internal controls and procedures for financial reporting and attesting to their effectiveness. Most applications automate either a review-and-approval system or a matching process. T-Recs Enterprise integrates all the functionality required to automate both processes and can reconcile cash and non-cash accounts.
 
T-Recs Enterprise, which operates in a platform-independent environment, can handle daily transaction volumes ranging from the thousands to the tens of millions. The application offers unparalleled scalability and configurability, allowing firms to implement exception management and resolution procedures that align with their corporate structures rather than transition to strict, software-prescribed roles. T-Recs Enterprise can generate reconciliations automatically based on fiscal calendar(s) and alert company-identified roles when reconciliations are ready to be reviewed, approved or are overdue. Notably, the solution walks each assigned role through the user-defined work flow tasks associated with the reconciliations. T-Recs Enterprise also can create audit trails to attest to the effectiveness of financial controls and alert management to potential areas of material weakness. The solution generates a full complement of management reports and readily supports the creation of company-unique reports.
 
Other key features T-Recs Enterprise offers include: 

• Intuitive information display using customizable dashboards
• Multiple language capability (including Chinese and Japanese) based on dual-byte Unicode source codes, allowing firms to roll out globally as one version and merely customize user interfaces and reports 
• Automated data file parsing and import 
• Automated matching, whereby separate, company-defined matching rules can be implemented for each individual account 
• Multiple currency capability 
• Encryption and data-masking functionality 
• Data mining and business analytics

Kathleen Wynn, Senior Vice President, Chesapeake, says, “Companies subject to the Securities Exchange Act face an enormous challenge in complying with the broad standards SOX and other regulations impose. Performing all the requisite tasks can create a tremendous human resource and financial burden, which many software offerings cannot alleviate because they only offer partial financial governance solutions. Firms find themselves purchasing several expensive applications that do not interface and thus create data reliability issues. We sought to bring to the marketplace an all-in-one solution that is robust, feature-rich and customizable to the way firms conduct their business. T-Recs Enterprise achieves all these objectives and is affordable, making it the ideal turnkey solution for small and large firms.”
 
About Chesapeake System Solutions, Inc.
Chesapeake System Solutions, headquartered in Owings Mills, Maryland, is an industry leader in providing integrated software solutions that simplify the complexities of financial and treasury management operations. Whether providing automated means to reconcile cash and non-cash accounts, manage corporate treasury functions, analyze bank account information or track unclaimed property, Chesapeake’s suite of products not only responds to specific financial needs but also incorporates those essential higher-level functions of financial governance, financial performance and regulatory compliance through built-in provisions affording internal controls, data security and process oversight. Since 1993, Chesapeake has helped national and international organizations of every size improve productivity, lower costs and document compliance with regulatory requirements including Sarbanes-Oxley and PCI Standards. Chesapeake offers leading-edge solutions, the latest technology and unparalleled customer support.

For more information about Chesapeake and its solutions, please visit www.chessys.com or call 410-356-6805.