To help our Customers keep a Watchful Eye on what is happening in their accounting system.
The Watchful Eye software product was born out of experiencing employee fraud first hand while working as a CFO at a previous employer.
At the time I did not realise the prevalence of employee fraud, but now know it is estimated that 5% of company revenues are lost to fraud globally. In my case, the fraudulent activity was able to be traced once identified, but this was after the loss was incurred and after it had negatively affected the company and staff. The loss of company funds was significant and inspired me to provide a way for other companies to have visibility of suspicious activity. This activity can then be proactively investigated in an effort to reduce the risk of employee fraud and loss of company funds.
According the Association of Certified Fraud Examiners (ACFE), small businesses bear the brunt of fraud losses disproportionately, with 28% higher median fraud losses for organisations with less than 100 employees. We decided to focus our software to support these businesses (Small to Medium Businesses (SMBs)). So we developed our software tool to drive quality into the accounting system usage, which we believe is at the heart of reducing the risk for SMBs.
The Benefits of quality assurance in accounting system usage:
- Ensuring there is integrity in the card data
- Improve processes to ensure a quality outcome
- Educate processing staff to ensure quality inputs
- Improve reporting users confidence in your accounting outputs
- Obtain team input to continuous improvement of company processes
- Improves the maturity of your finance team
- Reduces financial risk of errors & fraud
- Quality in the Accounting system needs to be driven by Management \ CFO
Employee Fraud and the Affect on Small Business