INDUSTRY FEATURE

Accounting practices
Compliance made easy
Mandated transparency and compliance regulations have required financial institutions to reengineer their bookkeeping practices. It is a particularly challenging task, given the complexity of accounting at the corporate level. Accounting practices vary greatly between countries, making results difficult to compare, while differing practices within companies make consistent, compliant results even more difficult to achieve. Not anymore. Regulations passed in the last few years, including IFRS, Sarbanes-Oxley and Basel II, are compelling companies throughout the world to adopt common practices while ensuring that they fully share information with investors.

Of course, there are other benefits when upgrading old accounting systems:

• Centralizing accounting software logic simplifies cross-enterprise maintenance of accounting applications and renders practices more transparent and easier to audit
• Direct, centralized management of accounting rules provides a better understanding of profit-and-loss analysis of financial products
• Improving mark to market ensures assets better match market values

ILOG JRules provides the answer to companies’ new accounting needs. This market-leading business rule management system (BRMS) facilitates the writing and deployment of accounting systems based on business rules. ILOG JRules brings business users into the picture for faster, more accurate rule creation and deployment, while providing IT managers with the most advanced tools for building and maintaining automated applications. They are also backed by one of the fastest rule engines on the market. Capable of processing more than 10 million transactions daily, ILOG JRules smoothly handles much more detailed financial data and applies the highly complex conditions mandated by the new regulations.

ILOG JRules is helping accounting managers reach goals that include:

• Greater control for accountants to ensure the correct implementation of rules
• Faster deployment of rules into accounting systems to achieve immediate compliance
• Far easier interaction with accounting systems through intuitive, user-friendly interfaces