Accounting Firms Use AI and Automation To Reduce Employee and Supplier Fraud

Chicago – 20 August 2019
Michael Cichy of Palette Software is conducting an educational session at Accountex Boston on Friday, September 6 at 11:30 EST to share how accounting firms are using technology such as AI and automation to reduce employee and supplier fraud.

Organizations large and small are affected by inefficient and uncontrolled supply chain accounting processes. The session will focus on advances in technology accounting firms can use to help their clients operate more efficiently with controls that handle current and future compliance issues.

The average organization will lose 5% of its annual revenue to fraud each year. Fraud affects victim organizations indirectly in the form of fines, legal costs and reputation damage. For smaller companies, fraud can be fatal.

The session will explore case studies around employee and supplier fraud, the issues surrounding protection of confidential data and the penalties that can be imposed. Subscription services accounting firms can offer their clients that broaden service offerings and enhance client retention will also be explored.

“Overall, it’s easier and less expensive to prevent corporate fraud than to repair your finances and reputation once fraud has been committed,” said Michael Cichy, Palette Software, “With the proper controls and technology in place, an organization can effectively reduce the chances of fraud occurring and minimize the losses from fraud that have already occurred.”

Also exhibiting at Accountex will be Centsoft, AP automation software in the cloud. Centsoft’s AP automation software streamlines everything from receiving invoices, to capturing and approval, automatically syncing the information to a firm’s accounting system.