New CyberShift solution to provide employee data, real-time reporting capabilities
Parsippany, NJ — December 3, 2003 — With regulators requiring greater consistency and transparency of financial data, many executives are turning to technology solutions to help streamline and ease compliance requirements of federally mandated regulations.
In response, CyberShift Inc., a provider of workforce management software and services, said it is now helping chief executive officers and their chief financial officers comply with strict new financial reporting rules by providing accurate and instant employee data that can impact quarterly numbers and withstand audit scrutiny of internal controls and processes involved in financial reporting.
In reaction to the Enron and WorldCom accounting scandals, the accounting reform and investor protection legislation known as the Sarbanes-Oxley Act holds CEOs and CFOs personally responsible for the accuracy and representation of company performance.
"Web-based workforce management solutions offer real-time reporting capabilities that contribute to the overall management of data throughout an organization," said Robert Farina, CEO of CyberShift. "Accurately tracking employee time and attendance has a direct impact on an organization's bottom line and ensures reliable financial reporting and forecasting as mandated by Sarbanes-Oxley."
Designed for complex organizations with more than 1,000 employees, CyberShift said the Web-based Workforce Management Suite provides decision-makers with tools to better monitor and manage worker productivity and performance through time management, scheduling, leave management and labor distribution capabilities.
Sarbanes-Oxley guidelines state that information from all systems within an organization be reconciled, calling for companies to assign different employees to administer program changes, test changes and then move the changes into production.
To prevent error and fraud, this task calls for a different person to perform each activity. Because the CyberShift Workforce Management Suite uses a rules-based engine to apply business rules, pay rules, scheduling and other work standards to time data captured by the system, the provider said the solution enforces and applies scheduling rules to ensure the right skilled worker is assigned the right task at the right time, thereby adhering to Sarbanes-Oxley.
Industry analysts confirm Human Capital Management (HCM) applications like the CyberShift Workforce Management Suite are becoming increasingly important to companies looking to document their processes and establish appropriate regulatory controls.
According to an article by Monica Barron published in The AMR Research Alert, August 21, 2003, "HR organizations can and should be using their HCM applications to support their companies' Sarbanes-Oxley Act (SOA) activities and other corporate governance programs."