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

2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.