There is a big difference between $20,000 in gross revenue and $200,000. But actually, it’s just a single “0” difference if you are reading your financial statements. A simple typo can initiate a long afternoon of heated meetings and revisions to the financial documents containing the typo. Protect your data integrity and data-entry processes by implementing the right technology.
Your accounting department team spends a fair part of their day entering financial figures into spreadsheets, customer files, general ledgers, invoices, and writing checks. Over time, there is a good chance for transposition errors such as entering $2,800 instead of $8,200. There are also transcription errors; for example, someone may enter data from a vendor invoice twice after receiving a first notice for payment, then a second notice for payment. In this scenario, you could end up paying twice for vendor services and may not discover the mistake until it’s too late. The opportunity for these types of simple typos can only increase as data is entered multiple times into financial accounting software, then into spreadsheets for tracking or reporting.
Reduce the chance for common financial errors by implementing a workflow and notification solution such as U-LINC® by Integrity Data. This technology adds automation and consistency into many common accounting activities, including payables and receivables, human resources and payroll activities, reporting, and compliance. When your accounting department receives an invoice, they can enter the data from the invoice into your enterprise resource planning (ERP) solution and trigger the initiation of a workflow. A copy of the invoice can be scanned into the system and automatically sent to a project manager or departmental manager for approval. The manager can approve or reject payment as well as review other recent transactions. At this point, the manager may notice whether payments have been made or are still pending or note discrepancies with payment amounts. When the invoice approval is completed and accounting prepares the payment, another set of eyes can verify payment amounts and vendor histories. This streamlined checks-and-balances system can protect your business from common accounting typos and errors.
Protect your business from the long-lasting effects of the typo by implementing a workflow and notification solution like U-LINC. Contact Integrity Data for more information about using U-LINC to add control and transparency to your financial systems for under 10k. That’s right under $10K, it is not a typo. Let us help you add “0’s” to the right places in your financial statement.
By Integrity Data, Illinois Microsoft Dynamics GP ISV developing enhancements for Payroll and HR
It seems almost unthinkable that a trusted employee would steal or embezzle money or goods from your business. It is hard to stomach the idea that someone would pad expenses for reimbursement, write fraudulent checks, or even steal from petty cash. All of these things can and do happen, costing businesses an average loss of nearly 5% of gross revenues.
According to “Employee fraud can cripple a small business: How to limit damages,” posted on CPAPracticeAdvisor.com by Isaac M. O’Bannon, the average cost of employee fraud is $140,000, which can be a significant amount of money for businesses of any size. Worse yet, between 40% and 50% of victimized businesses won’t recover those losses. Financial theft can cause a business to reprioritize spending, delay expansion, or cripple a business and put hard-working people out of jobs. Protect your business by strengthening common business processes with robust business management solutions.
A powerful enterprise resource planning (ERP) solution, coupled with a strong business management solution, can add transparency and consistency to financial operations, a common source for employee fraud and theft. U-LINC® is a robust workflow and notification solution that can be integrated with an ERP solution such as Microsoft Dynamics®. Your accounting team can use U-LINC to standardize common processes such as accounts payable, accounts receivable, and payroll and human resources activities. Use the configurable workflows to control checkbook changes, credit card activities, purchase order approvals, general ledger changes, and other financial processes. With each activity, an alert can be automatically sent to notify one or more people when certain activities occur. For example, when an entry in the checkbook is altered, an alert can be sent to the accounting manager, the CFO, or another manager for approval. The manager(s) can review the changes being made, determine which employee is making the change, and either approve or reject the change. These alerts can trigger your managers to be proactive and respond faster when questionable or potentially fraudulent activities occur.
A powerful business management solution like U-LINC can add control and transparency into your financial operations. Contact Integrity Data to learn more about how U-LINC can protect your business against employee fraud for under 10K.
By Integrity Data, a Microsoft Dynamics GP ISV out of Illinois
Yes, U-LINC workflows can be conditional or routed based on the data included in the workflow scenario.
Yes, U-LINC can be configured to have multiple approvals either in sequence, first to approve or majority approval.
Yes, the workflow history can be viewed when accessing the record in Dynamics GP or through a report.
Yes, U-LINC can be used in a hosted environment. Review our system requirements for more information.
No. While it does require some basic understanding, you do not need to be a developer. Understanding the workflow tools within Microsoft SharePoint is helpful.
You will not need ongoing services from integrity data. You or your Microsoft Partner will be able to build and maintain workflows in your system.
Depending on the complexity and whether an existing workflow or notification template is available, a simple workflow or notification can be set up in about 10 minutes, while a complex approval process may take a couple of hours to setup from scratch.
Absolutely, you can build your own notification or workflow – even if you aren’t a developer. Depending on the complexity, a simple notification can be set up in about 10 minutes, while a complex approval process might take a couple of hours to set up from scratch.