Contact Us
  • About
    • About FinanSys
    • Partners, Accreditations & Memberships
    • Careers
    • Privacy Policy
  • Solutions
    • Sunsystems Solutions
      • SunSystems Financials
      • Query & Analysis Reporting
      • Sharperlight Reporting
      • Workflow for SunSystems
      • Bank Payments
      • Making Tax Digital
      • Finansys Cloud
    • Netsuite Solutions
      • Oracle NetSuite Business Management Solutions
      • Professional Services Automation
      • Financial Management Software
      • NetSuite ERP
      • NetSuite eCommerce Solutions
      • Cloud-based Customer Relationship Management Solutions
  • Services
    • SunSystems Services
      • SunSystems Training
      • Professional Services
      • SunSystems Support
      • FinanSys Cloud Support
    • NetSuite Services
      • NetSuite Professional Services
      • NetSuite Support
  • Resources
    • Case Studies
    • Brochures
    • Videos
    • Webinars
    • News and Blog
  • CUSTOMER LOGIN
  • About
    • About FinanSys
    • Partners, Accreditations & Memberships
    • Careers
    • Privacy Policy
  • Solutions
    • Sunsystems Solutions
      • SunSystems Financials
      • Query & Analysis Reporting
      • Sharperlight Reporting
      • Workflow for SunSystems
      • Bank Payments
      • Making Tax Digital
      • Finansys Cloud
    • Netsuite Solutions
      • Oracle NetSuite Business Management Solutions
      • Professional Services Automation
      • Financial Management Software
      • NetSuite ERP
      • NetSuite eCommerce Solutions
      • Cloud-based Customer Relationship Management Solutions
  • Services
    • SunSystems Services
      • SunSystems Training
      • Professional Services
      • SunSystems Support
      • FinanSys Cloud Support
    • NetSuite Services
      • NetSuite Professional Services
      • NetSuite Support
  • Resources
    • Case Studies
    • Brochures
    • Videos
    • Webinars
    • News and Blog
  • CUSTOMER LOGIN

Can your accounting software help to reduce fraud?

Can your accounting software help to reduce fraud?

    Fraud is a significant issue for small businesses.

    Around 31% of all instances of fraud are reported by small businesses, which is a far higher figure than for larger enterprises. While smaller businesses tend to experience organisational fraud more often, these are also the enterprises that tend to be the worst affected by it and where recovery can take far longer. But could working with accounting software like Sun Accounts help to reduce fraud?

    Where smaller businesses are the most vulnerable

    Statement fraud and asset misuse are two of the three most common types of fraud experienced by smaller enterprises. However, it’s theft that tends to cause the most problems, from stolen cash to claims for expenses that don’t quite add up and instances where employees have stolen property from the business. The right accounting software has a role to play in reducing the opportunity for this kind of fraud and ensuring that it doesn’t go unchecked.

    Making accounting systems more transparent

    One of the key factors in enabling fraud in smaller businesses is a set up where there is just one employee responsible for all of the accounting and book keeping functions. The risk increases significantly if those accounting and book keeping functions are either not online or are organised via a chaotic system of documents and spreadsheets. Accounting software introduces transparency and ensures that it’s almost impossible to try to hide or disguise fraudulent behaviour.

    Introducing robust, versatile controls

    Working with accounting software provides the opportunity to introduce controls when it comes to systems and information. For example, employee access to financial data can be restricted, as can access to inventory or stock information. Multi-person sign off can be required for the processes most likely to become the subject of fraud, including expense claims or overtime claims.

    Easier auditing

    One of the major benefits of accounting software is the ease that it introduces when it comes to auditing accounts and financial statements. This makes spotting fraud a much more simple task because auditing and reporting can be carried out on a regular basis without excessive effort. There are some areas that are high risk and should be regularly checked and audited, including cash accounts and accounting and book keeping processes.

    Accountability and deterrence

    Accounting software provides clear lines of accountability so that it’s much easier to trace back to the origin of fraudulent behaviours or actions. This often has a deterrent effect on employees who might feel like a small fraud is something they could “get away with” without such a system in place.

    Training staff to help spot fraud

    While staff can be the biggest threat when it comes to fraud they can also be the most effective defence too. When you are working with clear, simple accounting software it’s much easier to give your staff the tools to spot fraud on your behalf. That way it’s much less likely to simply go unnoticed.

    If you’d like to find out more about the benefits of accounting software for your business – whether large or small – get in touch.

     
    Recent Comments
      Archives
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • August 2020
      • May 2020
      • March 2020
      • August 2014
      Recent Posts
      • 3 Big CRM Trends You Should Know to Build Lasting Customer Relationships
      • NetSuite Aging Report: Streamline Your Accounts Receivable Once and For All!
      • Choosing Your ERP Software: Is NetSuite Right for Your Business?
      • A Sneak Peek at NetSuite 2021 Release 1
      • 30 Bite-Sized Tips for a Successful NetSuite Implementation

      Could your invoice approval be more efficient?

      Previous thumb

      Are financial software updates a necessary cost?

      Next thumb
      Scroll

      FinanSys Solutions Ltd

      Address: 107 Cheapside, London, EC2V 6DN, UK
      Phone: +44 (0)20 7456 9833
      Email: info@FinanSys.com

      Privacy Policy

      © 2020 Copyright. FinanSys Solutions Ltd. All rights reserved.

      Recent Posts
      • 3 Big CRM Trends You Should Know to Build Lasting Customer Relationships
      • NetSuite Aging Report: Streamline Your Accounts Receivable Once and For All!
      • Choosing Your ERP Software: Is NetSuite Right for Your Business?
      Useful Links

      Events & Webinars

      Customer Login

      News & Blog

      This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
      Privacy & Cookies Policy

      Privacy Overview

      This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
      Necessary
      Always Enabled

      Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

      Non-necessary

      Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

      SAVE & ACCEPT