Rootstock’s Approach to Meeting SOX Compliance Standards

Overview

About the Client

The client is committed to exploring and understanding the Earth through advanced geophysical methods. With a legacy of cutting-edge research, innovative equipment, and exceptional customer support, they offer a range of state-of-the-art seismographs, magnetometers, and geoelectric instruments. These tools are utilized globally for mineral exploration, oil & gas, unexploded ordnance, and geotechnical studies.

The Challenge            

• The client aimed to integrate SOX Compliance Act requirements into their financial reporting using Rootstock ERP to ensure accurate financial information.
• Having previously worked with Rootstock financials, they partnered with us to implement SOX compliance rules effectively.
• They aimed to design an approval process system utilizing Salesforce and Rootstock to ensure that Journal Entries, Purchase Orders, and Physical Inventory Reconciliation details are reviewed and approved by higher authorities before further processing.

Our Solution

• Designed and implemented a Salesforce (SF) approval process for Rootstock objects, ensuring streamlined and controlled workflows across diverse financial activities.
• Implemented SOX compliance rules through Salesforce approval processes, incorporating multi-level approval steps based on transaction amounts. This setup included manager-level approvals and delegate features to accommodate flexible and secure decision-making.
• Developed custom logic and automation to enforce approval security, restricting approval capabilities to authorized approvers only and thereby enhancing compliance and safeguarding against unauthorized transactions.

Technology Used

Rootstock: We’ve utilized financial module of Rootstock ERP for the processing of Journal Entries, Purchase Orders, Purchase Requisitions, and Reconciliation processes. 
Salesforce: Utilized Salesforce CRM for configuring the approvals as part of the SOX Compliance.

Results

The Impact and Outcome   

• Accuracy in Financial Data: Implementing SOX compliance through Salesforce approvals significantly enhanced the accuracy of financial data, ensuring that all information was thoroughly verified before advancing through the process.
• Approvals from the Right Members: The structured approval process maintained a clear path for approval steps, ensuring data integrity and making the review process more efficient by involving the appropriate approvers at each stage.
• Scalability and Flexibility: The scalable nature of the approval process allowed for the addition of more approvers and approval conditions as needed, providing flexibility to adapt to evolving business requirements and approval workflows.