LogicalApps Helps Qualcomm Speed Up Financial Reporting
7/11/07 – Irvine-based LogicalApps, which provides compliance software and solutions, has announced today that mobile technology company Qualcomm has used LogicalApps’ Financial Period Close Automation, or FPCA, solution to speed up its financial reporting in compliance with Sarbanes-Oxley regulations. The Securities and Exchange Commission recently reduced the time large public companies have to file their annual 10-K reports from 75 days to only 60 days. Using FPCA, the companies say Qualcomm is one of the first public companies to comply with this rule, averaging just 38 days to report its annual earnings.
FPCA is LogicalApps’ business process optimization service for the Oracle E-Business Suite, combining software from the company’s flagship ACTIVE Governance solution with customizable business rules, and, according to LogicalApps, “streamlining financial close processes while improving the accuracy of financial reporting.”
LogicalApps says that FPCA prevents many of the problems that can occur during an organization’s monthly or quarterly close due to the large number of disparate financial software modules in use, by coordinating the closing tasks into one comprehensive process and monitoring the process for delays, especially between interdependent steps that can cause bottlenecks.
The company was founded in 2000 and its investors include Sequoia Capital and Mission Ventures.
LogicalApps - www.logicalapps.com
