It seems as if technology is advancing on an hourly basis, these days. And while improvements in the tech world have helped make everyday tasks and processes more efficient, it also causes an increase in the potential for fraud. With each new technological advancement, there comes with it the possibility of a security breach or 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 at your company 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 to streamline business processes and make sure that your company is complying with government regulations.
Clients First Business Solutions, a reseller of Microsoft Dynamics ERP solutions, highlights three ways an ERP system can prevent fraudulent activity and compliancy issues.
- 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. This gives executives the opportunity to see who accessed which documents and what they did with them. If suspicious activity appears to have taken place, it’s more likely that you’ll be able to see where in the process the activity may have happened. This also helps prevent backdating of documents, unauthorized payment of invoices, fake authorizations, etc.
- Access Restrictions: While allowing colleagues some freedom to access, enter or change data is important, it is equally vital to set some boundaries and rules. An ERP solution lets you do just that. By setting different people up with different sets of rights, you limit who has access to documents and who has the ability to access data. In doing so, there are fewer hands touching documents and a lessened risk of fraud.
- Alerts: Most ERP solutions give you the ability to set up customizable alerts. These can occur when a certain field of information is changed or when irregularities are detected. Catching inconsistencies or suspicious activity helps prevent or stop fraudulent activity right away.
It may seem like fraudulent activity is inevitable these days, but being prepared can help your company prevent it from happening.