High-Tech Fraud Prevention


Even small businesses that have been victims of employee fraud are failing to put proper systems in place to prevent future occurrences, according to a Sage Software survey conducted by M/A/R/C Research. The findings suggest proper use of accounting software may be a valuable weapon in a company’s fraud-prevention arsenal.

The survey found that 21% of small businesses did not have a system in place to prevent employee fraud and another 13% didn’t know if they did or not. Furthermore, about a quarter of companies that have suffered fraud losses in the past have not established preventive measures. Twentyeight percent of small businesses that responded to the survey said they had been victimized at some time by employee fraud.

Of the respondents that had internal control systems in place to prevent fraud, 47% were using their accounting software as a fraud-prevention tool.

Source: Sage Software, www.sagesoftware.com/newsroom/news/index.cfm.

SPONSORED REPORT

2018 financial reporting survey: Challenges and trends

Learn the top reporting challenges that emerged in a survey of more than 800 finance, accounting, and compliance professionals across the world, and compare them with your organization's obstacles.

PODCAST

How the skill set for today’s CFO is changing

Scott Simmons, a search expert for large-company CFOs, gives advice for the next generation of finance leaders and more, including which universities are regularly producing future CEOs and CFOs.