Your ERP: The Fraud-Fighting Superhero

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It seems as if technology is advancing on an hourly basis. And while improvements in the tech world have helped make everyday tasks and processes more efficient, they also cause an increase in the potential for fraud.

Fraudsters are sometimes sneaky, tech-savvy entities in black jumpsuits stealing your data from somewhere on the other side of the world, but they could also be employees who have the ability to manipulate data when manual processes are put in place.

Fortunately, there are ways to make your business more secure by using an ERP solution, like Microsoft Dynamics, to streamline business processes and make sure that your company is complying with government regulations.

Clients First Business Solutions, a re-seller of Microsoft Dynamics ERP solutions, highlights three ways an ERP system can prevent fraudulent activity and compliancy issues.

  1. Audit Tracking: Manual business processes make it easy for internal employees to engage in fraudulent activity and also for documents to go missing. An ERP system provides you with a full audit trail, giving executives the opportunity to see who accessed which documents and what they did with them, and even when it happened. If suspicious activity appears to have taken place, it’s more likely that you’ll be able to see where in the process it may have happened. This also helps prevent backdating of documents, unauthorized payment of invoices and fake authorizations.
  2. Access Restrictions: While allowing colleagues some freedom to access, enter or change data is important, it is equally vital to set some boundaries. An ERP solution lets you do so by setting different people up with different sets of rights. You have the ability to limit who has access to documents and who has the ability to access data by designating a set of rules and authorization capabilities. In doing so, there are fewer hands (or mouse clicks) touching documents and a lessened risk of fraud.
  3. Alerts: Most ERP solutions give you the ability to set up customizable alerts. These can occur when certain fields of information are changed or when irregularities are detected. Catching inconsistencies or suspicious activity helps prevent or stop fraudulent activity right away, especially when you are alerted quickly.

It may seem like fraudulent activity is inevitable these days, but being prepared can help your company prevent it from happening in the first place. Your Microsoft Dynamics ERP system isn't just vital for making your business processes more efficient, but also making them more secure.

by MetaViewer Paperless ERP for Microsoft Dynamics

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