The Sarbanes-Oxley Act, also known as Sarbox and SOX, came about in 2002. This is a federal law that was enacted in to revise and set new standards for publically traded companies. In light of large corporate scandals like Enron, WorldCom and Tyco, the Sarbox bill was created to protect shareholders who were losing large amounts of money due to these scandals.
The SOX act has eleven different stipulations that range from board responsibilities to criminal punishments. The Securities and Exchange Commission (SEC) is the overseer of the enforcement of the SOX act.
The Sarbanes-Oxley Act outlines eleven requirements for publically trading companies to abide by with regard to financial reporting processes. These are called titles.
Title I is the Public Company Account Oversight Board (PCAOB) which is board that was developed to oversee accounting companies that provide audits to ensure appropriate reporting.
Title II is the auditor independence requirement. This says that auditors of a company must be external and in no way related to the company being audited.
Title III is the corporate responsibility statute. This mandate says that corporate officers and executives are personally responsible for accurate financial reporting. This means that executives can be personally held liable for irresponsible reporting.
Title IV is the enhanced financial disclosures requirement. This limits and outlines what reporting is required for various financial transactions. This eliminates the ability for companies to hide behind shell companies, stock transactions, off-balance-sheet transactions, etc.
Title V is the analyst conflicts of interest. This makes it mandatory of security analysts to disclose any possible conflicts of interest so that investors can have transparency.
Title VI is the commission resources authority. This gives the SEC authority to oversee the SOX act and allows securities analysts to be barred from practice should they disobey SOX.
Title VII is the studies and reports requirements. This allows the SEC and Comptroller General to conduct studies of various companies and report their findings openly.
Title VIII is to corporate and criminal fraud accountability and title IX is the white collar crime penalty enhancement. Both outline the criminal punishments available should a company break the SOX act.
Title X is the corporate tax returns requirement that forces the CEO to sign off on the tax returns of the company.
Title XI is the corporate fraud accountability that targets fraud and record tampering in a corporation as well as punishment for doing so.
On Thursday we will take a look at how having a Purchasing Software in place can help you stay compliant.
Certification by the American Purchasing Society is available to workers in the purchasing industry whose companies belong to the American Purchasing Society as well as companies that are not members of this organization but whose workers are seeking certification. The American Purchasing Society requires that certification applicants must have three years of experience in purchasing or a college degree and two years of purchasing experience. Applicants must also have references from suppliers as evidence of the applicants’ work experience in this industry. The American Purchasing Society also requires that applicants take courses and pass an examination. Applicants who already received the Certified Purchasing Professional title can go on and seek certification as a Certified Professional Purchasing Consultant (CPPC) or as a Certified Professional in Supply Management (CPSM). Once you receive the certification you’ll have to renew it every five years.
The Institute for Supply Management offers the following certifications; Certified Professional in Supply Management (CPSM), Certified Professional in Supplier Diversity (CPSD) and Certified Purchasing Manager (CPM). In order to become certified by the Institute of Supply Manager for the title of CPSM, you’ll need three years of purchasing experience and a business-related bachelor’s degree. You’ll also have to take three CPSM exams. The Certified Professional in Supplier Diversity is a certification for purchasing managers who specialize in bringing diverse suppliers to companies. Applicants for CPSD certification must pass the CPSD exam and have five years of work experience.
Here is a comparison of these two programs. The American Purchasing has a relevant and diverse list of courses. For example, the American Purchasing Society offers a course in Green Purchasing and Sustainability, which discusses the issue of finding suppliers who value sustainable business practices. The Institute of Supply Management offers the Certified Professional in Supplier Diversity, which is good for purchasing managers who want to focus on bringing diversity to the company’s purchasing practices.
In conclusion, both certification programs offer high quality courses and both programs allow you to take courses online, which makes the certification process flexible. Both certification programs are also affordable as they both offer discounts to their members although non-members may pay a higher cost for the certification. Finally, these programs offer around-the-clock technical support.
If you love business careers, you should consider a job as a purchasing manager. The purchasing manager is the person whose primary goal is to buy the supplies that are needed for the company he works for. A purchasing manager seeks out vendors to provide the company’s supplies, negotiates with the vendors regarding the prices of the supplies, manages invoices and ensures that the right number of goods is delivered to the company. The purchasing manager plays an important role in a business and this is why some companies prefer or require that purchasing managers get certification.
Business management trends and practices change every few years and if you want to be the best purchasing manager you can be, then a purchasing manager certification will benefit you. Purchasing manager certification courses allow you to learn the latest techniques that purchasing managers use to grow their companies’ success. The certification courses will also give you access to people who can help you improve your job.
Purchasing manager certification also gives you the credentials you need to get your foot in the door as a purchasing manager. If you just graduated from college and you’re applying for a purchasing manager position, you’re competing with other purchasing managers who are both experienced and certified. However, if you apply as a certified professional purchasing manager, your resume will look good to employers.
Another benefit of purchasing manager certification is that it keeps your company from being scammed by potential vendors and suppliers. This is because there are fraudulent suppliers that seek to provide substandard products to companies and at excessively high or excessively low prices. In addition, some fraudulent suppliers may try to add hidden fees in addition to the regular prices for the supplies. When you take certification courses you’ll have a better idea of how you can avoid shady practices and fraud when dealing with suppliers.
You become a mentor to employees who work under you when you have purchasing manager certification. For example, if you work as a certified purchasing professional and your supervisor has asked you to become the senior manager of the company, you’re in a better position to train the new purchasing manager and his assistants effectively. The new purchasing manager will learn from your expertise. In conclusion, purchasing manager certification allows you to learn the basics of this industry and apply it to your job.
What many SMB'S do not know is that inventory software, is a fundamental business tool. The benefits are almost endless, and staying in control of all of your vital inventory has never been easier or made more convenient. The automated materials management feature is easy to incorporate into any SMB organization. You have full control over your materials management process with the warehouse management software and the material management software. This software can run with other modules making it an integrated system or in a stand alone unit. It really is fantastic and very precise.
The ePMX software has a tracking system that is automatically updated where your on-order inventory balances are concerned. This is great when you are placing a purchase order, because the software updates the on-hand balances as the items are received. Having an up-to-the-second status recording every single inventory item that you have as well as the most up-to-date stock information at all of your warehouse locations is a critical tool the ePMX software provides you.
Worry no more about e-procurement solutions either. There are key management features included in the ePMX software; Statics on the inventory control and reorder points are in full control, stock levels are always up to date, and reorder quantities are also under control. This software just makes sense.
Requisitions are automatically created if you incorporate the ePMX requisition module. All of your issues can be easily handled from receipts to returns and more. Transfers and adjustments from warehouse to warehouse are no problem either. The excellent thing is that there is only one inventory screen for inventory transactions.
Tracking inventory by consumers, departments, ledgers, charge accounts, projects and dates is just as simple. This software organizes and empowers your SMB organization with its kit file and instant tracking features. There is also an online inquiry feature that tracks the balances from all of your warehouses. The list goes on and on about why ePMX Inventory Management Software works for SMBs , but you really have to see it for yourself.
Why not consider a free trial today?
In most cases, SMBs are likely to have quite a few vendors for every type of product that may be needed from time to time. Multiple vendors imply that there are multiple vendor catalogs that any SMB would have to consider while purchasing and in the process spend time and money. Trying to browse through multiple vendor catalogs from different sources would not only be time consuming but would certainly have administrative costs for an SMB.
The ePMX Punch-Out module adds a new dimension to purchasing software. The ePMX system itself is a highly integrated and resourceful platform that caters to almost every purchasing requirement for SMBs. With the ePMX Punch-Out module, the entire experience of tackling vendor catalogs and purchase controls have become easier and save both time and money.
How the ePMX Punch-Out module works is pretty simple, but some of the simplest things are often the most helpful. While on the Requisition page of the system, one can access the websites of different vendors from within the software. The abundance of external vendor catalogs are linked to the central requisition system and purchase control of the ePMX software. Once you are done browsing through the multiple vendor catalogs, there is a Punch-Out feature which can enable one to choose the items from specific vendors that are to be requisitioned.
Once the desired items and vendors have been selected, the ePMX Punch-Out system pulls back all the selected items and all the information back to the ePMX software and displays accordingly on the Requisition screen. The remaining steps fall right into line as if any other traditional requisition had been placed. The items can be reviewed and once they have been approved, a purchase order is generated. Just like any other requisition records, purchase orders and various stages of the orders and delivery, the Punch-Out records are also centrally recorded and can be accessed at any point of time.
With the ePMX Punch-Out module SMBs can not only get quick access to multiple vendor catalogs, but can still have all the purchase controls integrated within the system itself. Moreover, by having the ability to browse through several vendor catalogs simultaneously, one can easily enable choose the lower priced and the best product. With the superior interface and seamless functioning, the ePMX Punch-Out module can be conveniently operated without a lot of time involvement or complication.
SMB's can greatly benefit from having ePMX software. It is the best way to handle all of your automated purchasing options just to name one benefit of many. You no longer have to deal with the hassle and complications that can be extremely tedious to say the least. Having control of your spending is a freedom that you can finally have, and your business can only improve from such luxuries. It is a fundamental business tool that everyone should have whether you are running a small business or a fortune 500 company. The ePMX software has been rated number one in useability.
The software has been around since the mid-eighties and it has made steady improvements. It has come to be the leading software of its kind. It actually conforms to your work style and procedures rather than you having to make adjustments for it. It is an intuitive concept and it is extremely user friendly.
You can finally handle all of your businesses’ vendor contracts with ease using ePMX software. Time is minimized, and this gives you more time to take care of the more important business challenges that you will face throughout your workday by reducing time and efforts usually involved in the whole process. When contract administration is simplified everything seems to run smoother.
You will be able to track vendors as well using this software. The program is fantastic when it comes to ease of use and precision. Speed and accuracy are assets to any business. All of your internal as well as external contacts will be utilized in an affordable and accurate way. Incorporation of these critical business tools is a sure fire way to gain success and in the long-run credibility for your brand.
Work is not only simplified, but the whole process runs much smoother and faster. Everything is guaranteed to be accurate. When mistakes are minimized everyone benefits from the software. This software will help with everything from receiving accounts for open items, multiple recipients, and shipping single orders to partial shipments and more. The entry features are very fast, so you can keep up in a fast paced world.
It is inevitable for a business to fold if they are not keeping up with the modernized way of doing things. This is a program that has been around long enough to gain trust, and it has improved with time by keeping up with and incorporating all of the modern features that you need. Having the ePMX software in your business arsenal can make you a fierce competitor and it will keep you one step ahead of the rest.
If you are trying to get a better handle on managing you assets and inventory, here's a great solution that will help lower costs and reduce or eliminate mistakes and headaches. Asset management software can help you avoid the wasted time spent looking for assets. Asset tracking can show you who a particular asset was checked out to for a quick way to track it down. Asset accounting will provide you with the ability to quickly generate reports for fixed assets and inventory to find out what's missing or moved. The ePMX Asset Manager Module can solve all these problems, provide these benefits and more all while eliminating the costly mistakes that others without asset management software constantly encounter.
Looking for lost or missing assets can eat up a lot of time costing you money. If you have an asset tracking system in place, you can greatly reduce, and in some cases completely eliminate many of these issues. It all comes down to whether or not you have a system. If you don't, you'll be blind to what the real status of them may be. It will also be extremely difficult to generate any kind of accurate data that shows you or others what the state of your assets are or even if anyone knows where they are.
With asset tracking, you can quickly find out who to talk to about any of your items. You can see who checked an item out and when and then see who checked it in. The ability to put a contact to an asset is invaluable in saving precious time.
With asset accounting, audits are quick. You can easily generate reports showing the status of inventory and fixed assets any time you need to. If an item has physically been moved a new report will show all the details and where it can now be found. In the rare case of a missing item its history can be reviewed for clues to where it might be found.
Systems such as the ePMX Asset Manager Module provide everything in one place. The service records for any asset can be quickly looked up and vendor contacts for every single asset are at your fingertips should you need their help. Even user entered operation information can be looked up to help someone who's unfamiliar with a given piece of equipment.
As you can see, the ePMX Asset Manager Module can eliminate the headaches of asset management and make you look like a star.
When it comes to RFQ or Sourcing Software, here's what every SMB needs to know. Request for proposal software can help PO managers rein in spending and gain control of the ordering process. There are many benefits that e-procurement can provide your business. You can slash the time you're now spending in half. By following the information set out here, you'll save time, money and headaches while better managing your spending.
With Request for Quotation software, you can eliminate the chaos inherent in purchasing and enjoy organized control over the whole process. Sourcing software ensures your purchasing is optimized saving you money and even time. A Web-based RFQ system provides managers with reporting that gives them increased purchasing power that they never had before. Now that you've seen a high level overview of how a system like this can help your SMB, lets drill down to even more specific benefits.
The key benefit is improved efficiency. Sourcing software allows you to create a Request for Quotation (RFQ) from existing requisitions. Because it's Web-based, it can easily be modified by any authorized person right up until it's turned into a PO. A variety of reports can be generated that provide a detailed level of intelligence into the whole process. This not only helps you monitor buying, but gives you insight into trends, how well your vendors perform to your requirements, and historical data as well. There are some specific details of the features and benefits so let’s talk about how this software affects your time.
Request for Quotation (RFQ) software can slash your buying time by 50% or more. That's time that is completely freed up to work on your other projects. Sourcing software can be accessed anywhere you have a browser and Internet access. You can even perform approvals with your mobile device. This software is scalable and customizable to meet your needs so you don't waste your time working in some rigid manner. Choosing a Web-based option allows all updates to be done behind the scenes without you needing to put time into them.
Can you see how Request for Quotation (RFQ) software is specifically made to benefit SMBs like yours? Sourcing software such as this can give you control of buying you have never experienced before, you get a ton of benefits and it slashes your buying time. So put this to use today to save time, money and eliminate buying headaches.
If you’re a business owner you know about the trouble and time it takes to efficiently manage the orders you receive on a daily basis, not to mention all the paperwork that traditionally goes along with it. Advanced technology, such as the ePMX Receiving Module, ensures that the process of receiving orders is now easier. Receiving software, or e-receiving, is a type of software that allows business owners to get information quickly on new shipments from suppliers and provides for the ability to print out receiving tickets, contracts and receipts to give to suppliers.
So how can the ePMX receiving software help your businesses manage its receiving activities better? This software allows you to create more than one receipt for a single order and enter the number of units and prices of the items in the order. The ePMX Receiving software updates your inventory data so you won’t have to deal with hours of paperwork. This software has vendor performance statistics and it includes receiving reports that feature information on your current orders, past orders and invoice tracking.
Another good thing about ePMX receiving module is that you can complete your information on the Internet making it both quick and simple to do. You can have confidence about the safety of your company information because the security features included will ensure that your data won’t be compromised.
The ePMX receiving software is affordable and it quite simply, makes life easier. Consider the fact that this software is easy to set up on the computer and allows you to share information you enter in the software with fellow employees. Traditional paper-based purchasing management often takes a lot of time and creates mountains of stress. Have you ever misplaced a document? What about trying to locate the appropriate paperwork when the delivery is made a day earlier than expected? With Epmx receiving software you can manage your orders properly and reduce waste in the office.
In conclusion, ePMX software makes operations easier for purchasing departments. They no longer have to spend hours or days calling their vendors or wondering how they’re going to prepare accurate purchase orders or receipts. This receiving software uses advanced technology to ease relations between business owners and vendors. The ePMX receiving software does the work for you and you can breathe easier.
The ePMX requisition software transforms the manner in which SMBs communicate within different departments and also the way in which requisitions are made. The primary objective of the ePMX Requisition module is to offer e-requisition that would not only save time to create requisitions or raise purchase orders but also make the entire exercise a convenient one.
Now, the question is how does the ePMX requisition software typically work? Like other interactive software that an SMB may be using already, the ePMX requisition software has a system that has predefined settings. Setting up or personalizing a specific user account would involve creation of a vendor list, the types of items that are normally requisitioned by different departments or individuals, the approval process, setting budget limits or the number of items that can be requisitioned and other aspects.
These settings help speed up the e-requisition procedure and also offer all the checkpoints that an SMB would ideally need to have in place. Now, for the step by step process of how the ePMX requisition software would normally work.
A department or an individual who needs to make an e-requisition simply logs into the system and clicks on ‘Requisitions’ to create a new one. A form would appear with an auto-filled requisition id or number and would have all the details on the page including vendor’s name, the type of item that has to be requisitioned, number of the specific items and price. One can choose items from an already existing catalog or can add an item that is not there. Once an e-requisition has been created using the ePMX requisition software, it can be uploaded and sent for approval. The e-requisition can also be printed.
The e-requisition is then referred to the approvers. The approvers would receive emails notifying of the e-requisition and they can either approve or reject the request with reasons. Whether the e-requisition is approved or rejected, the department or individual who had initiated the e-requisition would also be notified through emails on a real time basis. Alternatively, there is a dedicated section in the requisition software where one can check the status of a pending request.
There are additional features such as capping the budget or items of an e-requisition which prevents undesired requests or purchase orders. The line of approvers also helps every keep the appropriate decision makers in the loop of any e-requisition.