New York, NY
April 30, 2009
Today, ProcureStaff announced results of an independent audit performed on the consolidated billing service the human capital management company has provided to some of the world’s largest and most complex organizations since 1996 through its enterprise ERP system. The company anticipates processing over four billion dollars in billings to its customers in 2009. The audit found ProcureStaff’s billing accuracy to be 99.996%.
The company attributes its billing accuracy to three critical solution components. First, direct integration between its VMS and the ERP system ensures that any change to financial data initiated by clients using the ProcureStaff VMS flows directly into the ERP system. Second, as a Six Sigma organization, ProcureStaff employs tools and methodologies throughout the organization to continuously assess billing operations and identify improvements to processes and controls. Third, ProcureStaff’s internal billing data audit team operates autonomously from the billing operations team, reporting directly to the Controller. This internal audit team conducts over a dozen comprehensive automated and manual audits weekly of every client billing file ensuring any data discrepancies are corrected before they’re loaded into the client’s ERP system.
“Companies often overlook all the controls and procedures needed to support the delivery of such high quality billing operations. As part of a public company subject to Sarbanes-Oxley compliance, and as a Six Sigma organization driven by our commitment to continuous improvement, we don’t take these things for granted,” says Charlie Rose, ProcureStaff Controller. “We’re pleased but not surprised with the results of our most recent independent audit. It confirms to us and to our clients the value we deliver through the investment of significant time and resources in the maintenance of our financial controls.”
An example of one such commitment to financial controls since its founding in 1996 is ProcureStaff’s use of escrow accounts for their clients. “For years we’ve been stressing the importance of escrow accounts for client and staffing agency funds,” says ProcureStaff President Larry Kaylor. “It was only after the Ensemble Chimes bankruptcy that our industry realized how critical this is.” With so many private companies in the marketplace providing consolidated billing services without the financial statement transparency that Sarbanes-Oxley requires, Kaylor further stated his concern that, “thousands of staffing suppliers, especially small diversity companies, could be put at risk, which is especially troubling in these difficult economic times. We encourage all VMS/MSP service providers to provide complete financial transparency and to use escrow accounts for the benefit of our industry and the sake of the staffing vendors that support us.”
About ProcureStaff Technologies
ProcureStaff Technologies, a subsidiary of Volt Information Sciences, Inc., is the industry leader in enterprise human capital management technologies, delivering innovation through a single platform for procurement and workforce management. Comprising Consol, the flagship Vendor Management System (VMS) and an array of custom software development services and infrastructure, ProcureStaff Technologies is a world class solution for automating top-quality managed service programs for Fortune 1000 clients. Fully scalable and easily configurable the platform integrates seamlessly with existing ERP software such as Ariba, Oracle, and SAP. Visit www.procurestaff.com