The benefits of Infor Approva Continuous Monitoring software are tremendous, which explains why every organization and company needs it. In this piece, we’re going to review some of the key aspects of the program, plus how it works to benefits the user. Hopefully, after reading, you will make an informed decision before getting it for your company.
Overview of Infor Approva Continuous Monitoring Software
One thing is for sure, businesses across the world spend millions in developing and documenting processes, policies and controls when they have very little visibility or clue of whether or not these processes are being followed. They can’t monitor or test them in a cost-effective manner, so they choose to do things the manual way, which is not always the best approach when it comes to handling business processes.
It is because of this reason that Infor Approva Continuous Monitoring was created, to automate the processes of monitoring and testing controls. The reason why it’s so effective is because it automatically identifies exceptions as well as control breakdowns in critical application systems. By troubleshooting and correcting issues in real time, organizations reduce their risk to loose while automating their compliance obligation at the same time. By doing so, they are able to eliminate waste.
Issues that touch on financial matters are very sensitive, and need to be handled with great care. There’s no room for mistakes here, especially where financial reporting is concerned. But there’s no need to ride of guesswork anymore, because this application handles matters relating to finances in an efficient way.
- This application has been shown to reduce risks associated with financial reporting errors. These are errors that have cost companies in the past. There’s no reason to repeat such errors at a time when great applications such as Infor Approva Continuous Monitoring are available.
- Amazingly, this application helps to identify, prevent, or even reduce cases associated with cash leaks in a company. Again this feature is meant to protect companies from losses.
- Now businesses all over the world can formulate policies and procedures while making sure that they are enforced in a cost-effective manner.
Every company has to have a good auditing system in place. The problem is that most of them have an average auditing system that does not cover every loophole. This software guarantees the following things:
- It reduces the cost and time associated with compliance obligations as well as external audit.
- It enhances quality and efficiency of internal audit processes.
- It also takes into account problems associated with finding IT security.
- Improves effectiveness and efficiency of how user access rights are managed.
- And finally, it ensures that audit findings are worked on.
As you can see, this software touches on every bit of finance and auditing, which is the reason why it’s favored among other software of its category. And when it comes to automated control monitoring, it does more than what the human hand can do.
Let’s see how effective it is when it comes to automated control monitoring:
- It has been shown to reduce audit and compliance fee by a large percentage, hence saving organizations from footing bills associated with such tasks and processes.
- It picks up any accounting error that might exist in the system. Again this feature is geared towards saving on costs.
- It completely eliminates any cash leaks that may exist in the system.
- And finally, it mitigates any excessive risk that the company involved is bound to incur as a result of inefficient monitoring.
Continuous Auditing and Monitoring
Because it’s an automatic monitoring solution, this application boosts overall financial governance in an organization. It also lets organizations implement continuous auditing programs within their framework.
Companies design their own financial controls, and they expect them to work according to their guidelines. However, human processes are never error-free, and this is where continuous monitoring comes in. The software ensures that financial controls work as designed, and that transactions are processed in a consistent manner.
The fact that it identifies exceptions and control violations as they occur means that the finance people can always mitigate or address issues whenever they arise.
And when it comes to auditing, this software eliminates the need for manual sampling by automating processes of internal audit within organizations. It tests 100% of transactions while monitoring controls in a consistent manner. The end result is that companies save on costs related to auditing while improving the quality of audit.
Capabilities of Infor Approva Continuous Monitoring Software
Apparently, it’s the only software that lets finance, audit and IT users use a common platform in which they can independently manage key controls within their respective systems.
Users can also investigate exceptions right away, flag them and drill data by getting a 360 degree overview of related information, collaborate with other departments and solve issues in case they arise–thanks to its intuitive interface that makes it possible to do all this in the shortest period of time.
There are configuration dashboards and personalized reports that have been designed with the sole intent to suite the audience and their goals.
Within this interface, users can identify, analyze and resolve problems as they occur. It’s a menu-driven interface that lets users create and edit their own rules.
There were reports that a telecom company saved almost $2 million when they used this software. They did it by flagging purchases that didn’t take advantage of available discounts. They were also able to prevent additional purchases that did not circumvent the company’s policies.
At the same time, a manufacturer of construction equipment was able to reduce the number of orders that were delayed and required manual re-work by almost 60%.
And lastly, a company in the Midwest United States reduced financial reporting anomalies by 50%. Furthermore, they were able to monitor some employees who could take advantage of free samples. The software worked by helping them identify suspicious orders and excess shipment.
Definitely this application does a great job when it comes to bringing down costs associated with auditing and monitoring key processes in a company. Therefore, it would only make sense for businesses that want to maintain a competitive edge to use Infor Approva Continuous Monitoring software.