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Monday, September 28, 2009

Awareness prevents fraud

    With today rising financial costs, keeping track of the company finances is one of the major necessities of every business. It is simply impossible for companies to keep track of each and every expense without having a good audit software set up to analyze and audit data, become more productive and keep an sharp eye on where the money is going at all times . Auditing helps the companies in meeting the necessary genuine expenses and eases the financial burden to some extent as there is no uncertainty on the financial position.

    When these unavoidable expenses occur, one notices that there are basically two type’s people. One category of people file their bills correctly without any extra charges and the other type of people who think they’re just getting even with a large company, rather than committing a crime, when they defraud a company by submitting a false bill. This type of fraud is on the rise as the people who are committing it seem unconcerned about the fact that not only is it a very wrong thing to do but also in the end everyone ends up paying for companies losses due to this willful fraud through increased add on expenses, etc.

    Many companies are more aware of the fraud which is happening and they are trying to rectify this problem on a war footing. The employees should try to be as alert as possible so that their companies do not become a victim of insurance fraud. One should always follow the industry best practices and do not fall for any types of freebies and other gimmicks that some companies might offer at the last minute to entice others to do wrong things. Review each and every bill carefully to look out for any extra charges for any item which the company did not receive. Being an alert person will not only keep the person out of trouble with the authorities but in the long run companies will eventually end up with lesser amount of loss as the incidence of fraud is reduced.

    They focus on the entire procure-to-pay business cycle, giving the company insight into every step and every weakness from transaction initiation to final payment while stressing the importance of strong and friendly vendor relationships. It is an industry leader in its field and is the fastest growing provider of recovery audit services