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?
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.
Carl Young is an experienced keynote speaker on Compliancevent with expertise in accounting, taxation, payroll, and finance. He is a former CFO of a 275M, high-growth technology-based company. He has over 25 years of senior-level business management experience. In addition, he has over 25 years of training experience in finance, accounting, and business management. Former CEO of his own small parts manufacturing company as well as former Senior Financial Associate of a major consulting firm.
Carl is a member of the following organizations: American Society of Corporate Controllers, Council of Experts (investment firm Gerson & Lehrman), Society of Industry Leaders (sponsored by Standard & Poors), and the National Association of Accountants. He's an engaging and entertaining speaker and trainer who draws from his experience as a former CFO to make relevant teaching points.
Carl is also an author, trainer, consultant, and coach. He holds an MBA and completed graduate studies in Accounting and Taxation. His sessions are rich in content, lively, full of energy and include plenty of audience interaction. His goal is to make finance and accounting relevant to non-financial professionals using tools and techniques that are simple to understand and apply. His entire working career has involved the administration of payroll to employees.