Examples of cash leaks that can be stopped using Approva's P-Card and T&E Insights include duplicate payments, transactions made by unauthorized employees, use of non-preferred vendors and transactions that circumvent corporate policies.
Reston, VA (Vocus) December 16, 2008
Approva Corporation (http://www.approva.net ), the leading provider of risk and controls intelligence software, today announced the general availability of two new products, the Approva Travel and Entertainment (T&E) Insight and the Approva P-Card Insight. These new products enable companies to prevent losses from fraud and waste and ensure that 100% of all transactions are thoroughly audited.
T&E expenses and purchases made with P-Cards are the largest sources of non-routine purchases within most organizations. According to the "Purchasing Card Benchmark Report" from Aberdeen Group, purchases made by US companies using P-Cards grew 24% to $137 billion in 2007. The non-standard nature of these purchases has traditionally made it difficult to effectively monitor these expenses. At most companies, less than 5% of transactions are reviewed. With the release of Approva's T&E Insight and P-Card Insight, organizations will now be able to audit 100% of card and travel transactions, while providing sophisticated analytics of spend behavior, rebates and unrealized saving opportunities.
"While companies scale back on their spending in these tough economic conditions, interest in P-card programs still continues to grow due to the high savings attached to P-cards. These new product offerings enable CFOs to confidently expand their P-card usage without concerns about misuse and fraud. Approva's T&E and P-Card Insights deliver rapid return on investment by automatically identifying suspicious transactions and spending patterns that translate into hard dollar savings," said Michael Evans, vice president of marketing at Approva. "Examples of cash leaks that can be stopped using Approva's P-Card and T&E Insights include duplicate payments, transactions made by unauthorized employees, use of non-preferred vendors and transactions that circumvent corporate policies."
The T&E and P-Card Insights consolidate all of the relevant data from disparate sources and then automate and optimize the reconciliation, audit and remediation processes. Some of the key end user benefits include:
- Continuous Monitoring of All Transactions: Reduce risk of non-compliance by monitoring 100% of your card and expense transactions rather than performing spot checks. Sophisticated n-way matching and correlation technology detects employee attempts to manipulate policies and identifies waste such as duplicate payments and late fees.
- A 360 View of Each Exception: Role-based dashboards enable users, managers, auditors and executives to drill around the data to gain complete visibility into T&E and card spend and identify exceptions to internal policy and external regulations.
- Automated Reconciliation: Card transactions can be automatically reconciled with procurement documents such as invoices, PO's, and general ledger systems to significantly reduce time spent performing manual reconciliations. Users can split purchases into multiple general ledger accounts for proper cost allocation and attach external documents as additional evidence.
- Exception Resolution: Sophisticated workflow automates exception resolution by routing and escalating issues for appropriate follow-up and timely resolution. All activities are captured and retained in an audit trail.
Approva's T&E and P-Card Insights deliver immediate return on investment in the following areas:
- Reducing Waste & Fraud: Immediately identify waste and fraud such as duplicate payments, late fees, split transactions and other misuse.
- Increase Earned Rebates & Discounts: Track and simplify the reconciliation process to take advantage of timely payments for increased rebates and discounts. Automatically identify rogue purchases from non-preferred vendors, which do not take advantage of available discounts.
- Reduced Administration Costs: Reduce the administrative time accounts payable managers and internal audit employees spend researching, analyzing, tracking and manually resolving card and travel expense activity problems with employees.
- Increase Supplier Discounts: Gain visibility into your vendor and category spend to drive consolidation and improve your ability to negotiate more favorable supplier discounts.
- Reduce Monitoring Costs: Eliminate costly and time consuming manual audits and ensure 100% of transactions are audited against internal and external policies and regulations.
Approva® Corporation is the industry-leading provider of risk and controls intelligence software and is the industry standard for half of the Big-4 audit firms. We enable business, finance, IT and audit professionals to automate controls across SAP, Oracle, JD Edwards, PeopleSoft and other legacy ERP applications. Global companies such as Bayer, DirecTV, Discovery Communications, First Advantage, Honeywell, P&G, Pratt & Whitney, Siemens and T-Mobile rely on Approva to reduce compliance risk, increase operational efficiency and flag exceptions to their business controls. Approva has certified integrations with Microsoft, Sun Microsystems, IBM and SAP to provide a holistic GRC solution. For more information, visit http://www.approva.net.