AuditMyBooks: Preventing Quickbooks Fraud
Almost all small businesses face the challenge of data error in their accounting software. From time to time double entries are made and numbers are miscalculated. In addition, a lack of training on how to use accounting software and accounting principles can result in much time consumed on the correction of errors.
Another problem that small businesses face is the risk of accounting fraud. According to the Association of Certified Fraud Examiners, the average small business loses 6% of annual revenues to internal fraud, and as many as 40% of small businesses are affected. Small business fraud can occur when controls are not in place and bookkeepers and other employees are tempted to take a few dollars from the business when times are tough.
Unfortunately, the biggest problem in trying to prevent and correct error and fraud is actually finding the errors and risky transactions, or being able to monitor transactions in an efficient manner. Enter AuditMyBooks.
AuditMyBooks: What is It?
AuditMyBooks is an application that integrates with QuickBooks to bring suspicious transactions to your attention so that you can quickly be aware of potential error or fraud. The program performs a quick scan of your QB file and returns a list of transactions for you to check out. Some examples of the risky transactions are missing check numbers, multiple checks to the same vendor in sequence, high number of rounded amounts on checks, high number of checks to same person in a short amount of time, apparent duplicate checks and bill payments, and more.
To receive a consultation on possible error and fraud in your company using AuditMyBooks, contact our QuickBooks team here at Squire & Co. We can run the scan for you and help you interpret the results. In addition, we can provide training that will reduce the number risky transactions found the next time we scan your file. Other small businesses are already benefitting from the service. One company was able to investigate fraud after letting go of a suspicious bookkeeper. While no fraud was found, we were able to help them correct errors, receive training, and feel a peace of mind that their money is safe.
Call us at (801) 225-6900 with any questions. We’re happy to help!