Protect your revenue and customers with a fraud prevention solution
Fraud can present itself in many forms throughout various parts of an organization, and is a growing threat for businesses of all kinds. One of the ways to help prevent fraud is by using an enterprise resource planning (ERP) solution to manage financial processes and accounting. A comprehensive ERP solution from Microsoft or NetSuite and delivered by Rand Group provides controls to safeguard against malpractice or theft. Rand Group is your long-term partner to mitigate fraud within your ERP system so you can have peace of mind that processes are in place to help prevent wrongdoing.
Implement a fraud prevention strategy with safeguards
Cloud-based, robust ERP solutions, such as those offered by Microsoft and NetSuite, offer built-in, sustainable fraud prevention measures that anticipate and proactively manage risk on an ongoing basis. Rather than using a fixed set of rules, today’s fraud prevention strategies involve continuous learning, so improvements are always being fed into the system. Automation features allow for greater efficiency, reduces risk, and enhances your ability to track data changes for enhanced financial integrity. With an ERP delivered by Rand Group, you have the building blocks to build a solid foundation for crucial fraud prevention programs.
As both a Microsoft partner and Oracle NetSuite Solution Provider with over 20 years of experience, our software engineers and consultants are trained on ERP technologies and fraud prevention strategies. We will implement your ERP of choice with customizations to your business and its unique fraud prevention, risk management, and compliance processes to help prevent increasingly complex fraud schemes. Rand Group will ensure all users are trained on the system, plus know how to monitor and report on the effectiveness of the controls. Our team can also evaluate your existing ERP solution and implement fraud prevention measures.
Built-in audit trails across the system
Robust, real-time audit trails for configuration, customization, administrative, and master data changes allow internal leaders and auditors to easily investigate activity with the potential to impact security, controls, or financial statements.
Implement process automation with tight controls
Utilize extensible, automated controls with powerful search and reporting capabilities. Design preventative and detective controls using workflows and custom fields. Automating accounting processes minimizes intensive and error-prone back-end reviews.
Configure segregation of duties
You can set up rules to separate tasks that must be performed by different users. The segregation of duties can help reduce the risk of fraud, and it also helps you detect errors or irregularities. Additionally, use segregation of duties to enforce internal control policies.
Rand Group’s fraud prevention solution combined with your ERP system
Rand Group takes the native fraud prevention tools in a cloud-based ERP and takes it a step further by customizing it to your business processes and specific procedures. Our team will implement an ERP, or evaluate your existing solution, then build your fraud prevention strategy directly inside.
Fraud prevention features available include:
- Automatic security and vulnerability scans of your system
- User access management with set permissions
- Workflows for approving changes, such as additions to the vendor master to help ensure vendors and their bank accounts are valid
- Automating accounts payable processes
- Third-party audit reports
Discover other business solutions offered by Rand Group
Rand Group offers numerous solutions designed to meet your specific needs and support your fraud prevention goals. Our industry experience combined with years of working with various business technologies positions us to deliver solutions that not only solve immediate business challenges but also provide stability and scalability.
Compliance
An intelligent compliance solution can help you overcome key challenges such as ongoing changes to regulatory requirements, increased regulatory inquiries, and a rapidly evolving business technology landscape. Ensure your organization is always compliant with regulations and standards at governmental, industry, and internal levels.
Dynamics 365 Business Central
Dynamics 365 Business Central is a business management solution designed for small and midsize businesses to connect their financials, sales, service, and operations to streamline business processes.
Dynamics 365 Finance and Operations
Dynamics 365 Finance enables organizations to monitor the performance of global financial operations in real-time, predict future outcomes, and drive financial visibility for better decision-making.
NetSuite ERP
NetSuite’s Enterprise Resource Planning (ERP) software includes everything your business needs to manage day-to-day operations including financial management, reporting, inventory, supply chain, and warehouse management.
Related Insights
Using data analytics for fraud prevention
With the continuous advancements of technology, it has become critical that organizations utilize technology to maintain a competitive edge for managing risks and understand the usage of analytics tools to support fraud detection and prevention efforts.
How much does 1 hour of downtime cost the average business?
Infrastructure matters. When your network or applications unexpectedly fail or crash, it can have a direct and far reaching impact on your bottom line and ongoing business operations. In some extreme cases, data and monetary losses from unplanned outages can even cause a company to go out of business.
Are your software applications in need of a health check?
Rand Group can perform a full evaluation of your current system and processes and will provide insight into how you measure up. This consultative service is beneficial when determining if you are getting the most out of your software.
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