Approvol

Approvol is a cloud-based budgeting and purchasing solution that aims to streamline and optimize budgeting and procurement processes for small and medium-sized enterprises (SMEs). According to the vendor, this software caters to a wide range of professions and industries, including non-profits, education, manufacturing, construction, and research & development. It offers flexible features and an intuitive interface to empower businesses in managing their budgets and procurement efficiently, with a focus on transparency, control, and cost-effectiveness.

Key Features

Budget Control: Approvol provides flexible multi-dimensional budget control, monitoring, dashboards, and reports. According to the vendor, users can set up annual budgets using either monthly budget limits or version-controlled annual budgets. The software offers multiple levels of budget control and monitoring, along with real-time analysis of purchase orders, invoices, and payments.

Purchase Requests: According to the vendor, Approvol simplifies the purchase request process through a streamlined approach. Users can create purchase requests in just three steps or clone existing orders. The software allows for selecting purchase items from a catalog or entering custom items. Notifications are sent through in-system messaging or email at each step of the approval process, and all decisions and actions are recorded for audit purposes.

Order Deliveries: Approvol aims to simplify order deliveries by allowing goods receipts and returns to be processed directly from corresponding purchase orders. Users can visualize delivery quantities through the purchase order item report, ensuring accurate tracking and inventory management. The software also includes a three-way invoice-matching check to ensure accuracy and prevent discrepancies.

Invoice Processing: According to the vendor, Approvol manages the complete procure-to-pay cycle, including invoice processing. The software offers automation features such as auto-fill invoice items and three-way matching. Invoices can be approved individually or in a batch, and there is an export facility for integration with finance systems. All authorizations are recorded as an audit trail.

Asset Tracking: Approvol provides comprehensive asset tracking capabilities by allowing assets to be linked to invoices and purchase orders. Users can effectively manage the lifecycle of asset loans and choose between full-audit or sample-audit approaches. Detailed reports and dashboards are available for asset tracking, ensuring accurate record-keeping and accountability.

Budget & Procurement Analytics: The software offers interactive dashboards for budget and purchasing analysis, providing users with insights into their financial performance. Approvol generates detailed reports that showcase analysis at both the budget item and order item levels. Additionally, the software provides profit forecasts based on budget and actual data points, offering three types of forecasts to aid in decision-making.

Data & Integration: Approvol simplifies implementation by allowing data import from various sources. The software also offers extraction capabilities to work seamlessly with other finance or accounting packages. Dashboards and reports can be exported for further analysis in external business intelligence tools, providing users with flexibility and integration options.