PricewaterhouseCooper’s 2014 Global Economic Crime Survey shows more than half of Australian businesses and a third of New Zealand businesses have been victims of fraud in the last two years. Enprise can help you use your existing MYOB Exo system to stop fraudsters.
Enprise customers running MYOB Exo can easily stay ahead of the game when it comes to preventing many types of fraud, says Enprise Waikato General Manager Kris Schneider.
“Your EXO system has fraud deterring processes ready to use. Enprise can help you to take advantage of them and can help you structure your business processes to reduce the risk of other types of fraud,” she says.
“Culturally I’ve noticed business managers in Australia and New Zealand tend to take it on trust that no-one who works for them will ever commit fraud. In the U.S, where I worked for many years, businesses are much more geared up to prevent theft. The first step to preventing fraud is to realise it happens. Even if you are right to trust your existing employees, what about the person who starts next week? You can use processes that allow you to trust but also prevent fraud from occurring – and protect honest employees.”
Implementing well designed business processes can stop many instances of fraud that might already be happening, as well as preventing future fraud, Kris Schneider says.
“One common internal fraud method involves ‘updating’ supplier bank account numbers. A fraudster changes a supplier bank account number to their own account number. They change it back to the supplier’s own account number after the payment is made.
“Detecting this fraud is time consuming, yet preventing it is easy. To detect it you have to validate transfers from the business bank account against the original invoices of the supplier containing the correct supplier bank details. Your suppliers will be asking about payments for outstanding invoices, but often these queries are received by the same person who is making the payments so they never receive any visibility. Prevention is simple. You can still allow changes to supplier bank details, but EXO records that it’s happened. Then you can run reports to see bank account changes. You can also have a ‘reason’ field that records why the change occurred and include this in the report.
“Another very common fraud is inventory going walkabout. You knock this on the head by having good processes to track inventory and know if it’s leaving the building. Talk to us, we can work with you to decide and implement the best strategies for prevention of internal fraud for your type of business, while protecting loyal employees.”
With a small business, by the time fraud becomes noticeable it’s often a big amount, Enprise Group CEO Mark Loveys says.
“Our message to our MYOB Exo customers is that you don’t need to purchase any special products. The tools to stop and prevent many kinds of fraud are already in your hands. All you need is awareness and knowledge of how to use them,” he says.