Save time and resources with Approva
January and February are known to be when auditors make their rounds in businesses, catching what the company didn’t see. Wouldn’t it make the New Year a bit less stressful if you had taken care of these issues beforehand? What if there was a way to ensure the process went smoother?
Approva is the solution to end the majority of your auditing woes. With its ability to detect, mitigate and monitor duplicate payments, your company can save extensive amounts of time and money.
In the 2013 Infor White Paper Detecting and Preventing Duplicate Invoice Payments document (attach document), research found that "On average, approximately 0.1% to 0.05% of invoices paid are typically duplicate payments—which for a medium-size organization with annual costs of $100 million over a three year period, could represent a loss of $300,000".
Most companies (64% according to the Infor document) use manual processing to attempt to catch duplicate invoices. This leaves multiple invoices missing or never recovered and you in the money-losing dark. Leaving it up to your team may seem like it’s safe and economical, but aside from simple keying errors, there is an alarming amount of unethical employees that will slowly take advantage of their duty and end up losing more money than just the duplicate invoices.
In 2011, Infor stated that Approva is “The only application that monitors all four layers of controls: User access, master data, transactions and system configuration.” This brings us to the next utterly appeasing aspect Approva offers: segregation of duties.
Now that Approva has provided a safety net and filter for duplicate payments, it also manages who in your company can have access to what. If a duplicate invoice is flagged, the notification goes to a designated employee. If that employee disregards the notification, an alert is sent to his manager and so on, climbing the duties ladder until it is taken care of. Those unethical employees mentioned earlier wont have the access to steal any money, and if they discover a way to change a routing number, that too will be flagged by Approva.
In Gartner’s 2008 MarketScope for Segregation of Duty Controls Within ERP and Financial Applications report (attach report), Approva was listed as a “Strong Positive,” which was the highest possible rating out of seven competitors. Approva’s press release explained the Gartner report assessed vendors on certain key dimensions including: SOD analysis, compliant provisioning, transaction analysis, emergency privilege management, role management and privilege attestation. Gartner considers companies receiving a “Strong Positive” rating to be “providers of strategic products, services or solutions".
Prashanth “PV” Boccasam, Founder and CEO of Approva responded to the acclamation by saying, “User access controls are the foundation that strong financial processes are built on and it is clear that continuously monitoring these controls remains a significant business challenge for many companies around the world. Approva’s continued innovation makes us the standard that companies and their auditors look to when it comes to identifying risk and monitoring controls across their enterprise".
So if you want to make your auditing season a breeze, safeguard your financials and minimize risk, sign up for a free demo by emailing firstname.lastname@example.org. Read even more about Approva here.
Duplicate Invoice White Paper
Gartner SoD Analysis 2008