Automating the “Last Mile” in Financial Reporting: Clarity Systems Releases New Financial Statement Reporting Software

TORONTO, ON (January 30, 2007) – Clarity Systems, a leader in corporate performance management (CPM) solutions, today announced the launch of Clarity Financial Statement Reporting (FSR), a comprehensive solution for the creation of an organization’s external financial reporting processes.

Although preparing financial statutory filings (10K, 10Q, board book, Annual Report, etc.) – is the critical link between the company and its external stakeholders, it has historically been a manual, time consuming and inefficient process. Automating the creation of these documents, for publication and distribution, is viewed as the “last mile” in the financial reporting process. In this “last mile”, organizations typically face difficulties collaborating information in real-time and complications tracking changes and updates. Clarity FSR provides a comprehensive, end-to-end solution for this “last mile” in the financial reporting process.

“It is critical for executives to meet their financial reporting requirements on time with data that accurately reflects the state of their business,” says Mark Nashman, President, Clarity Systems. “By eliminating the manual process, customers can develop quarterly and annual statutory financial submissions in a collaborative environment, with increased speed and accuracy.”

Commenting on the launch of Clarity FSR, Gary Simon, Managing Editor of FSN Newswire and author of a forthcoming book on the Fast Close said, “It is good to see Clarity Systems recognizing a key blockage in the Fast Close process and providing functionality which will help companies issue statutory SEC filings straight out of their consolidation systems.”

Using Clarity FSR, reports are dynamically driven from a central database, while leveraging the formatting capabilities of MS-Word – allowing for the production of highly formatted reports with the appropriate commentary and supplementary notes.
The advanced software provides a collaborate environment while ensuring data accuracy, the use of workflow and audit trails, and providing better internal controls for corporate governance. Furthermore, templates can be re-used for each reporting cycle to speed up the statutory reporting process.

Clarity FSR also supports numerous output options including XBRL, MS-Word, MS-Excel and Adobe PDF.

Clarity FSR is a key component of Clarity 6 – the only Web-based, unified and open corporate performance management solution available on the market. Now with Clarity 6 and Clarity FSR, organizations can achieve an end-to-end solution to accurately plan, analyze and report on organizational performance, with the additional functionality to automate the regulatory reporting process.

About Clarity Systems
Clarity Systems delivers superior CPM software solutions, training, consulting, and advisory services for financial budgeting, planning, reporting, consolidation, and analytics to a large client base across North America and the United Kingdom. With a rich feature set, Clarity 6 is a unified application that offers the flexibility, security, and control needed to meet compliance requirements, make more informed business decisions, and ensure better corporate responsibility. Named as one of Profit’s 100 fastest growing companies in 2005 and a Branham 300 top 100 IT company, Clarity Systems continues to experience a large growth in revenue, expand its client base, and lead the industry as the CPM solutions’ specialist. For more information on Clarity, please visit our website at www.claritysystems.com or call us at 1-877-410-5070.