Using Xero accountancy software to help avoid or tackle fraud
Accountancy software holds a variety of benefits in terms of automating financial functions that can be time-consuming to execute manually. There are many reasons why firms use accountancy software, and one of them can be to avoid or tackle fraud.
A report released this year by Censuswide highlighted that three quarters of employees surveyed have carried out at least one dishonest act when claiming expenses. However, just a quarter of them thought this to be dishonest, showing that there is a ‘fiddling’ culture issue to tackle here, as well as the issue of fraud itself.
How can Xero accountancy software help?
The great thing about the move from paper-based expenses and the emergence of various digital software systems is the capability to easily record expenses and scan receipts on-the-go – so no-one has an excuse not to file their expenses in real-time. In addition, a GPS tracker app means that business mileage incurred can be more accurately recorded, for the avoidance of over-stating of mileage.
Using accountancy software to help with productivity
Given that in the main, employees will be managing expense claims and the associated receipt sourcing in work time, it makes sense to use a digital system to make this process easier and faster for employees – freeing them up to do their job! In addition, it can make the whole accounting process more streamlined as there is no need for finance departments to be chasing employees for outstanding receipts or expense claims. This also negates wasted time by finance employees in chasing. Implementing an expenses policy and executing it via a software platform is a revolution for business accounting. In addition, the status of expenses and claims can be visible to the business at all times in real-time, making cash flow monitoring and planning more effective.
Why choose Xero accountancy software?
There are of course many business accounting software systems available. Adams Moore recommends Xero for its enhanced features and ease of use. As well as easy managing of expenses and claims, the system makes light work of invoicing by creating recurring invoices for repeat customers – rather than having to re-create new ones each time, as is the case with other systems. It also allows reconciliation of bank accounts via direct or third party feed. The system is secure – requiring a fingerprint ID access on mobile devices.
Worried about switching accountancy software?
Switching from other popular accountancy software systems to Xero wouldn’t be easier – information can be transferred over and the system up and ready to use instantly. Adams Moore can even log into the back end to make end of year accounting simple and painless.
To find out more about Xero accountancy software call us now on 01827 5494