New order-to-cash software from Approva said to address ongoing Sarbanes-Oxley issues, improve process efficiency and ROI
Vienna, VA — April 4, 2005 — Approva Corp., a provider of enterprise controls management software, is now offering the BizRights Order-to-Cash Insight, which the company said enables organizations to monitor day-to-day operations for suspicious, unusual or inefficient activities and transactions within the order-to-cash life cycle.
BizRights Order-to-Cash Insight uses rules and reports to monitor for exceptions based on the business needs of an organization, division or group of users, Approva said. It has the ability to quickly detect fraud and exceptions to business rules, instead of months after the fact, as an external audit or spot check might.
"Companies are spending enormous amounts of money on compliance. They need a way of turning their investment in SOX into real, bottom line value through business process improvement," said Rick Steinberg, author of the COSO framework. "Companies that see and most importantly, act on the big picture will use these mandates as a catalyst for improving efficiency and reducing risk across their organization."
The BizRights Order-to-Cash Insight monitors for compliance issues, such as revenue and receivables recorded before shipment of goods; efficiency issues and control breakdowns, such as delivery of goods to customers that have exceeded their credit limit; and potentially fraudulent activities, such as suspicious changes in customer master, material or pricing records.
Approva said the knowledge base for the BizRights Order-to-Cash Insight enables organizations to identify areas of high risk without custom development and programming work. With the Business Controls Workbench, all of the BizRights Process Insights can be configured to meet the unique needs of each customer's enterprise resource planning (ERP) environment.
"As organizations enter their second year of Sarbanes-Oxley compliance, controllers, chief compliance officers, internal and external audit teams, and business process owners face an increasing need for software which helps them to cost effectively monitor their operations and ensure that industry best practices, as well as their own business rules, are being followed," said Prashanth (PV) Boccasam, president and CEO of Approva. "Approva's software helps organizations meet this requirement today."
The BizRights Order-to-Cash Insight is Approva's second Process Insight. Approva plans to deliver additional Process Insights, such as Payroll and Financial Close later in 2005.
For more information on Sarbanes-Oxley, read Parts 1 and 2 of the recent SDCExec.com series on Contract Management: Five Myths of Contract Management, and Contract Management: Improving Corporate Governance.
Other recent SDCExec.com articles on Sarbanes-Oxley: