Beyond Bookkeeping

Happy Tihar This year, let’s celebrate the victory of good over evil by partnering together to reach new heights in your business success. #diwali #tihar #risk #businessprocess

Payroll fraud can pose a threat to any organization of any size, it directly drains out the company’s resources and impacts future decision-making. Payroll fraud form 9% of the globally reported fraud cases (as per Papaya Global).  It's time organizations implement multiple measures to safeguard payroll processing and reduce the risk of payroll fraud. #financialcrimes #payroll #beyondbookkeeping #ghostpayroll #humanresources #fraud #cybersecurity #innovation #management

In today's competitive business landscape, rising organizations must transit from a people-driven to a process-driven approach to ensure clarity in operations, a simplified authority matrix, well-defined escalations, robust data governance, and timely execution. In case businesses do not migrate from a person-driven approach to a process-driven framework, challenges are inevitable during the scale and maintenance of sustainability. To make this critical shift, digital transformation is essential. Hear what Abhishek Suman our Business Transformation Manager has to share about his experience with Digital Transformation. #digitaltransformation #riskmanagement #automation #beyondbookkeeping #design #communcation #innovation #management #futurism #sustainabiltiy

33% of Businesses Don’t Know How Much They Lose to Procurement Fraud as per a survey conducted by SAS, AL and analytics company. 26% of the companies don’t even audit the procurement fraud. Organizations need to educate employees on anti-fraud policies, introduction of maker checker controls, data analysis of trends, surprise audits, rotation of staff, automation of controls, vigilance monitoring for change in employee spending patterns, whistle-blower policies, etc. #management #financialcrimes #procurement #procurementfraud #fraudprevention #beyondbookkeeping #innovation #technology

42% of companies experience revenue leakage (as per MGI Research) Businesses spend on marketing, sales team, training, and product design, but why not fix the root cause of such revenue losses which accounts for an average of 9+% of the total revenue? We are directly losing earned revenue and it’s directly impacting the bottom line. It is time organizations take notice of their process design, system controls, data analytics, and the technologies deployed.     #FraudPrevention #revenueleakage #dataanalytics #beyondbookkeeping #hospitality #cybercrime

"Vendor, supplier, and procurement fraud" was cited as the second most prevalent fraud by Kroll Global Fraud Annual Report. If organizations want to address these losses, the best possible way is through the right controls, data analytics, surprise audits, technology among others. #Process #dataanalytics #fraudprevention #internalcontrols #digitaltransformation #financialcrimes #operationalintegrity