Another headline hit the local news last week regarding a well-known company controller allegedly embezzled a lot of money over the last 8 years. This is shocking to me since there are so many controls that should be in place to prevent employees from stealing. I have a work history in retail and now in business financials for Dynamics GP at Custom Information Services (CIS). I began my career as a store manager for 7 years, and then as a district manager for 8 years with Musicland / Sam Goody. I attended loss prevention seminars annually, completed surprise store visits and went through the voids, refunds, and deposits on every visit. I did not do these audits because I thought someone was stealing. I did them to prevent someone from stealing. Most people are honest unless given the opportunity to steal. The company figured that if you did surprise visits and did things like spot check the daily paperwork and the trash then we would be letting our managers and staff know that if they do steal there is a good chance they will be caught. We also prosecuted thieves. Honestly, I did catch some theft by placing in these types of controls, but I would like to think that I prevented a lot more!
In my second career as a sales person for Dynamics GP, I see several different company environments in the sales process. Such as lax controls and of course the dreaded custom software that for some reason the controller does not want replaced… Implementing a new financial software package like Dynamics GP will allow you to have a certified professional with years of financial experience review your current practices and then help you ensure that your new implementation has the checks and balances in place to deter those honest end users.
Here are some of the tools within Dynamics GP that help with fraud prevention and detection:
Restrict windows, reports, transactions etc., by user or user group
Dynamics GP also has field level security if needed
Purchase order requisitioning with workflow approvals
Accounts payable batch approval with password
Check printing approval with password
Setup alerts that will notify you if a user has voided a check, completed an inventory adjustment, etc.
Institute new vendor setup workflow approvals
Review activity tracking of failed login attempts, failing to open windows or reports. You can also see end users that are deleting records – if they have security access in the first place. Why are they trying to access areas of the system that they should not.
If you care to comment on the information above or have any questions please feel free to contact me at 817-640-0016 x 109 or by emailing me at firstname.lastname@example.org.
CIS is a Dynamics GP Silver Partner in North Texas
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