Product Update: Fraud Detection Capability
As your business grows and processes expand, it’s important to know that you retain a degree of control and accountability. Particularly when it comes to accounting data, and securing it against unwanted change.
While such unwanted change can result from simple human error, purposeful fraudulent activity of any kind is a major concern for businesses of all shapes and sizes.
That’s why ApprovalMax now provides Fraud Detection capabilities that address the types of scenarios where these kinds of changes might occur.
How Does It Work?
Our Fraud Detection feature means ApprovalMax now tracks all changes made to a finance document in Xero after it has been approved in ApprovalMax.
These include changes to supplier, tracking category, and account, among others.
ApprovalMax Administrators are able to configure which changes will be tracked (see screenshot for reference). For example, a change in supplier won’t be tracked, while a change in the amount of the Bill will.
This functionality is available for Bills, Sales Invoices, and Purchase Orders and can be configured by clicking on Settings, then Workflows.
If a change occurs in Xero, a notification email is sent to the Administrator and the Approvers to notify them of this. To see it, the Admin or the user will need to go to Xero, open the corresponding Bill or Purchase Order, and then look at the history. The change will be marked as “Edited” with the new value provided.
To see the history of the change made (i.e. both the previous and the new value), the user will need to open the ApprovalMax audit report and note the previous value, before checking it against the new value in Xero.
What’s more, as a result of enabling this functionality, ApprovalMax is now capable of presenting the planned payment date which is tracked in Xero.
Note: We are currently working on automating this process. Soon, users will have the ability to view both the initial and updated value in ApprovalMax, without needing to switch to Xero.
Stay In Control With ApprovalMax
Our new Fraud Detection feature means you can enjoy tighter control and better peace of mind when it comes to tracking changes and preventing malicious intent.
If you’re not currently benefiting from ApprovalMax, find out more about the platform and its other capabilities by clicking here.
Or if you’d like to try it out, sign up for your no-risk 30 day free trial here.