Approva Corporation - Continuous Controls Monitoring Software

Approva’s Approach

Approva automates monitoring of vendor, material and customer master data across your IT systems so you have confidence that all of your processed invoices, payments, sales orders and goods receipts are legitimate. Approva can also take a snapshot of your master data and then identify unauthorized changes from that baseline.

Approva monitors field-level details for duplicate and missing data, inappropriate use of fields (e.g. “alternate payee”) and configurable settings (e.g. automated enforcement of 3-way match).

Key Benefits

Reduced Expenses

Approva reduces procurement expenses by ensuring that underlying data is accurate. This reduces unauthorized and duplicate payments and ensures that vendor discounts are utilized appropriately.

Improved Financial Reporting Accuracy

Approva eliminates errors at the source so that small mistakes do not compound over time and trigger manually intensive reviews during the financial close process.

Reduced Audit Preparation Time

Approva enables you to baseline your vendor, material and customer master data. Out-of-the box reports enable you to easily demonstrate to auditors that the master data which drives your procurement and accounts receivable process has not been compromised or changed inappropriately.

Approva’s Approach

Approva automates controls testing and monitoring for your accounts receivable processes. Continuous monitoring and analysis ensures orders are accurate and automatically identifies exceptions to corporate policies including inappropriate changes to configuration settings and vendor master data. The net result is increased confidence that all of your shipments and customer payments are accurate so you can maximized revenue and reduce order processing transaction costs.

Key Benefits

Suspicious Shipments

Immediately identify suspicious orders. Approva can automatically identify credit extended to customers without proper approvals, shipments to blacklisted customers and late payments which violate contract terms.

Reduced Excessive Discounts

Identify orders with excessive discounts including orders lacking proper approval, discounts offered to customers with poor payment history and orders with improper payment terms.

Reduced Transaction Costs for Orders

Automated monitoring catches mistakes when they occur. Fixing problems up front is much less time consuming and costly than tracking down errors long after the fact. In addition, time consuming manual audits can be virtually eliminated as auditors rely on Approva's continuous monitoring capabilities.

Approva’s Approach

Approva automates controls testing and monitoring for your accounts payable processes. Continuous monitoring and analysis ensures purchasing-related transactions are accurate and automatically identifies exceptions to corporate policies including inappropriate changes to configuration settings and vendor master data. The net result is increased confidence that all of your processed invoices, payments and goods receipts are accurate and legitimate.

Key Benefits

Reduced Loss from Inappropriate Payments

Immediately identify waste and loss from duplicate, suspicious and fraudulent payments. Approva can also automatically identify rogue purchases with non-preferred vendors which do not take advantage of available discounts.

Reduced Overpayments

Identify overpayments which do not take advantage of negotiated vendor discounts. Approva’s solution also helps you negotiate more favorable supplier discounts by gaining visibility into your true spending volumes.

Reduced Transaction Costs for Purchases

Automated monitoring catches mistakes when they occur. Fixing problems up front is much less time consuming and costly than tracking down errors long after the fact. In addition, time consuming manual audits can be virtually eliminated as auditors rely on Approva’s continuous monitoring capabilities.

Approva’s Approach

Approva consolidates all p-card related data and enriches it with related information. Continuous monitoring and analysis ensures expenses are valid and automatically identifies exceptions to internal policies and external regulations that result in fraud, waste or compliance risk. Automated reconciliation and workflow capabilities simplify exception management and ensure issues are addressed in a timely and appropriate manner.

Key Benefits

Reduced Waste & Fraud

Immediately identify waste and fraud such as duplicate payments, late fees, split transactions and other misuse. Approva can also automatically identify rogue purchases with non-preferred vendors which do not take advantage of available discounts.

Increased Rebates & Discounts

Grow your rebates program by increasing dollar limits, transaction limits, and adding new MCCs and card users with the assurance that 100% of p-card transactions are being monitored. Approva's solution also helps you negotiate more favorable supplier discounts by gaining visibility into your true spending volumes.

Reduced Monitoring & Admin Costs

Automated monitoring eliminates costly and time consuming manual audits and ensures 100% of transactions are reviewed. P-card holders also spend less time on administrative tasks since many processes, such as reconciliation, are automated.