Software gives users insight into payroll processes.
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Press Release Summary:
BizRights® Payroll Insight enables companies to implement and monitor business controls related to payroll administration, personnel records, and time management systems. Pre-defined rules are provided to monitor accuracy and consistency of payroll records in ERP and HR systems and ensure compliance with critical business controls. Program helps identify discrepancies in payroll systems and eliminates need for manual testing and reporting procedures.
Original Press Release:
Approva Extends Leadership Position With Release of BizRights Payroll Insight
New Solution Reduces Risk, Streamlines Compliance and Improves Business Efficiency for Payroll Operations by Continuously Monitoring Business Controls
RESTON, Va., Dec. 20 / -- Approva(R) Corporation, the leader in enterprise controls management software, today announced the availability of BizRights(R) Payroll Insight, the latest in its Process Insight series of solutions for managing controls of specific business processes.
The BizRights Payroll Insight enables companies to improve efficiency, reduce compliance risk and eliminate fraud by implementing, monitoring and improving the business controls related to their payroll administration, personnel records and time management systems. BizRights Payroll Insight provides pre-defined rules, which monitor the accuracy and consistency of payroll records in ERP and HR systems and ensure compliance with critical business controls. These rules analyze detailed settings in underlying HR systems and translate complex technical information into terms that are easily understandable to business managers and auditors. Users can tailor the solution to their own business processes by using the product's configurable interface to create custom rules and controls. Exceptions are immediately identified so that managers can take corrective actions.
"Regulatory compliance spending is growing at a rate twice that of IT spending," said Gartner analyst French Caldwell in the research note titled "Top Predictions for 2006 and Beyond," dated November 28, 2005. Caldwell advises companies to "reduce the costs of compliance by automating manual process controls, implementing solutions that reduce the amount of internal and consulting labor required to document and maintain internal controls." Caldwell goes on to say that "companies should also strive to reduce costs associated with internal and external audit by using new audit and reporting tools."
BizRights Payroll Insight enables auditors, controllers and payroll managers to eliminate the time and effort required to perform manual testing and reporting procedures. In addition, Payroll Insight helps identify discrepancies in payroll systems that would otherwise go unnoticed. These errors can amount to hundreds of thousands of dollars a year in unnecessary expenses for a typical company. Examples of common issues that Payroll Insight can flag include duplicate payroll runs, payroll runs for terminated or "ghost" employees and unauthorized changes to payroll records and time management systems.
The business rules incorporated within Payroll Insight were developed in conjunction with leading accounting and audit firms, customers and Approva's staff of compliance specialists. As a result, Payroll Insight can reduce compliance risk by enabling users to proactively identify and resolve the areas of greatest exposure. In addition, business users are able to respond quickly to requests from internal and external auditors.
"Approva has a proud tradition of market leadership in the Enterprise Controls Management industry," said Approva Vice President of Products Silas Matteson. "BizRights Payroll Insight extends this tradition by giving human resource and finance managers unparalleled insight into the end-to-end payroll process inside their ERP systems. This helps companies uncover and address costly, hard-to-find errors and fraud in day-to-day payroll processes."
The BizRights Payroll Insight is generally available to customers today and joins the existing family of BizRights Process Insights which include: Procure-to-Pay Insight, Order-to-Cash Insight, Financial Close Insight, Authorizations Insight and User Activity Insight. More information is available at http://approva.net/payroll.
About Approva
Approva(R) Corporation is the industry-leading provider of Enterprise Controls Management software that enables companies to strengthen their internal controls environment. Approva's controls automation and assurance software helps streamline compliance for regulations such as Sarbanes-Oxley (SOX), eliminate time spent on manually testing business controls, reduce fraud and provide actionable insights for business improvements. Internal auditors, executives, and IT security managers use the Approva BizRights(R) solution to design, test and continuously monitor their business controls. In addition, leading accounting firms use Approva to perform their controls attestation and rely on Approva BizRights as a key control within the companies they audit. Global companies such as Air Products, Colgate- Palmolive, DirecTV, Honeywell, Microsoft, Novartis, Pratt & Whitney and Sony Entertainment rely on Approva BizRights to reduce compliance risk, increase operational efficiency and flag exceptions to their business controls. For more information, visit www.approva.net/.
