A joint study just released by Synygy Inc., finds
that, Sarbanes-Oxley Act notwithstanding, companies
still need to assess the financial controls in place
within their sales organizations.
A joint study just released by Synygy Inc., finds
that, Sarbanes-Oxley Act notwithstanding, companies
still need to assess the financial controls in place
within their sales organizations.
The cross-industry survey of twenty-six global
companies finds that for most of them the segregation
of duties between functions managed by sales and
finance is a concern in terms of Sarbanes-Oxley Act
compliance. Specifically:
81% of respondents say that sales compensation plan
documentation is not keeping pace with changes in how
compensation is being paid
54% are using homegrown systems and spreadsheets or
manual methods to calculate sales compensation results
and payments
65% say that strict processes are not in place or are
over-ridden as far as sales making or requesting
credit adjustments or data modifications without
oversight by finance
"The research reflects what we are hearing in our
discussions with sales executives, which is that there
is increasing complexity in the management of sales
compensation within large companies," commented Mark
A. Stiffler, president and CEO of Synygy. He added
that "while there are internal demands for speed in
problem resolution, most sales systems and internal
processes cannot keep up—leading to a patch-work
solution laden with hidden, full-scale risk to the
accuracy of a company's financial results."
Stiffler also notes that sales executives, sensing the
lack of integration between their sales and finance
departments and the resulting splintered approach to
many financially-
increasingly turning to Synygy for integrated sales
operations solutions as a means of both limiting
exposure to financial risks and improving the
effectiveness of sales forces and sales channels.
Andrew D. de Lannoy, managing director of Gupton
Marrs, notes, "Revenue recognition, sales performance,
and sales compensation practices together comprise
significant control risks both internal and external
to an organization. The research shows that executives
of large companies, perhaps even more than they
perceived to be the case, need to be attentive to
potential points of exposure in these areas." de
Lannoy says though that awareness of the issue is on
the rise, "Executives at companies approaching Gupton
Marrs not only see the need to introduce transformed
control systems, they see the opportunity to use such
systems to improve performance significantly as well."
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