Product Update: Fraud Detection Capability

As your business grows and processes expand, it’s vital to keep control and accountability over your accounting data to protect against unwanted changes. Fraudulent activity is a major concern for any business, but with ApprovalMax’s Fraud Detection capabilities, you can proactively address and prevent these types of scenarios.

Don’t let fraud hold you back, take control with ApprovalMax!

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.

Tracking Changes

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

Don’t let unwanted changes to your accounting data go unnoticed. ApprovalMax’s Fraud Detection feature tracks all changes made to finance documents in Xero after they’ve been approved, giving you tight control and peace of mind. Keep your business safe from fraud and protect your finances with ApprovalMax. Sign up for a no-risk 14-day free trial today!