2022 Prevent FRAUD WASTE and MISUSE Through Digital Integration: Control EXPENSES and CASH By Uniting Accounts Payable and Receivable

Preventing Fraud Waste and Misuse in 2022

This training covers how to control expenses and cash with technology in 2022 following only three steps. COVID-19 revealed gaps in expenses and cash flow management processes and procedures:

     1. Accounts Payable and Receivable are the key systems of inefficient expense and             cash management.
     2. Accounts Payable and Receivable must be united on technology platforms to                    transform  activities from documents (cycles/processes) to date (transactions).
     3. Waste fraud and misuse must be pursued proactively in the processes of                            Accounts Payable and Receivable with interactive transactions review using                       advanced technology.

COVID-19 forced companies to deploy employees to remote locations. This “work from anywhere” WFA environment created significant challenges in the control of expenses and cash. WFA environment also caused increases in fraudulent activity. Some alarming statistics as reported:

-5% of annual revenue lost to fraud annually by companies.
-14% of assets misappropriated related to expense reimbursements.
-50% of fraud due to internal control weaknesses.
-37% of travellers were involved with at least one waste or misuse.

This training shows how to use technology to connect events and activities in the WFA environment to control expenses and cash. Technology can also be used to inhibit fraud waste and misuse with special emphasis on the control on Travel and Entertainment reimbursements that increased 292% in 2019/20 caused by COVID-19.

What Will You Learn?

The training provides three essential steps to make all this happen:

Step#1: Create a technology platform for interactive integration of transactions to control expenses and cash and prevent fraud waste and misuse.

Step #2: Transition to transaction-based processes and procedures with real-time interactive visibility and controls.

Step #3: Implement robust transactions-based internal controls with forensic accounting attributes to prevent/detect waste, fraud, and misuse with special emphasis on employee reimbursements and travel and entertainment expenses.

Each step in broken into three pieces:
Rationale: The reason for the Step
Objectives: Expected accomplishments
Actions: Specific action steps

Why Should You Attend?

COVID-19 has impacted all companies. It has destroyed conventional business norms. Companies have been forces to operate in remote environments and examine all of their processes, procedures, organization, and controls as they have struggled to survive during COVID-19. All must now create new business norms for post the pandemic.

The lessons learned since the year 2020 provide an excellent foundation for the creation of new norms. You will learn and understand how to use technology to connect WFA activities and events to control expenses and cash. You will also learn how to use technology to inhibit fraud waste and misuse.

What Will We Discuss?

How to control expenses and cash with technology with:

-Fully integrated paperless transactions-based Accounts Payable system?
-Fully integrated paperless transactions-based Accounts Receivable System?
-Fully integrated transactions-based general ledger interface?

What Else?

Specific tools and techniques to prevent employee waste fraud and misuse in travel and entertainment and other employee reimbursements accelerated by COVID-19.

Who Will Benefit?

All financial professionals interested in the control of expenses and cash and preventing/detecting waste fraud and misuse in 2022 “work from anywhere” WFA environment.

You may ask your Question directly to our expert during the Q&A session.