Customers at Vision:09 - Clarity's worldwide annual users' conference -
get first look at Clarity FSR(TM) 6.5; software that automates financial
TORONTO, May 14 /CNW/ - Clarity Systems today announced general
availability of Clarity FSR(TM) 6.5, a comprehensive, unified financial
governance solution created for the Office of Finance to help improve
financial processes and controls. As a single, unified financial governance
solution, Clarity FSR supports the following critical financial functions:
- Clarity FSR provides advanced functionality to automate the creation
and submission of statutory filings (like 10-Ks and 10-Qs in the USA)
as well as automate key internal documents such as the Board Book.
Clarity FSR improves the efficiency and reduces the risk inherent in
the external reporting process, with key features such as: seamless
integration with source data, workflow, audit trail, validation
rules, collaboration, and compliance checklists.
- Each industry has its own set of regulatory reporting requirements.
Clarity FSR is ideally suited to automate the creation of regulatory
reports to improve the efficiency, reduce the risk and improve the
oversight and control of these critical business processes.
- XBRL is fast becoming the world-wide standard for the exchange of
business information. The U.S. Securities and Exchange Commission has
recently mandated its use for all public companies - based on a three
year phase in program. As the only fully integrated XBRL solution
available today, Clarity FSR is ideally suited to help companies
comply with the SEC's XBRL mandate.
- There are a number of accounts in the trial balance that need to be
reconciled during the financial close process as well as at
predetermined periods throughout the month. Clarity FSR helps
companies automate this reconciliation process in a controlled and
auditable environment. Furthermore, Clarity FSR's account
reconciliation dashboard provides management with effective oversight
to monitor and manage the status of all account reconciliation
- A traditional month-end process has been the norm for identifying
discrepancies between systems and/or within a given system. With
Clarity FSR's Continuous Controls capabilities, users can
automatically identify anomalies within their operating environment -
so that they can react and take action more quickly.
GAAP to IFRS Conversion
- The IFRS accounting standard is being adopted by jurisdictions around
the world. Clarity FSR helps companies transition from local GAAP to
IFRS within a controlled and auditable environment. With Clarity FSR
users can avoid major surgery to your ERP or consolidations system
and still satisfy the IFRS statutory reporting requirements.
Enterprise Risk Management
- Enterprise risk management (ERM) is the art of managing risks while
seizing opportunities related to the achievement of an organization's
objectives. Clarity FSR helps organizations document their risks and
opportunities and assess them in terms of likelihood and magnitude of
impact, so that they can determine a response strategy, and monitor
progress towards risk mitigation.
- Corporate social responsibility (CSR) reporting is increasingly
becoming a mainstream practice and an important mechanism for
organizations to manage performance, communicate value to multiple
stakeholder groups and honor the triple bottom line of People, Planet
and Profit. Clarity FSR provides a comprehensive solution to create
and manage an organization's CSR reports.
As a single unified financial governance solution, Clarity FSR provides
these value propositions to its customers on a single technology platform,
with a single training program, with a common user interface, and with only
one solution to maintain - leading to an overall lower cost of ownership.
Originally launched in January 2007 as a unique solution for automating
the creation and filing of financial reports, with today's announcement
Clarity FSR 6.5 has evolved into a comprehensive unified financial governance
"The underlying architecture of Clarity FSR first lent itself to
automating internal and external reports including filings to regulators such
as the U.S. Securities and Exchange Commission and the UK's Financial Services
Authority," said Mark Nashman, President & CTO, Clarity Systems.
"Since the initial launch of Clarity FSR, we have continually enhanced
the product's core capabilities. With today's announcement we have extended
the power of Clarity FSR to deliver a true Unified Financial Governance
solution," continued Nashman.
Genesis of Unified Financial Governance
The need to enhance financial controls within companies and better report
the results to regulators prompted a leading industry analyst in October 2007
to issue recommendations for CFOs and IT professionals reviewing applicable
technology solutions(1). Clarity FSR 6.5 is a unified solution that delivers
on the financial governance vision outlined in this report.
Clarity Systems delivers software solutions to the Office of Finance. The
company's software helps organisations around the world improve their
budgeting, planning, consolidations, scorecarding and management reporting
processes, and also automates the external reporting processes required to
produce regulatory and statutory reports. Clarity's unified applications help
CFOs reduce risk while simultaneously improving operational efficiency. For
more information, please visit Clarity's website at www.claritysystems.com or
call 44 (0) 2031784038 in the UK or 1-877-410-5070 in North America.
(1) Financial Governance Will Emerge to Enhance Financial Controls and
Regulatory Reporting (Report No. G00152329) by John E. Van Decker and
Nigel Rayner, Gartner, published October 11 2007.
For further information:
For further information: on Clarity Systems, please contact: Dave
Paolini, Communications Manager, Clarity Systems Limited, (647) 242-1184,