Control Expenses & Cash By Uniting Accounts Payable & Receivable. Prevent Fraud Waste & Misuse Through Digital Integration
Carl Young
Key Take Away
COVID-19 forced companies to deploy employees to remote locations. This “work from anywhere” WFA environment created significant challenges in the control of expenses & cash. WFA environment also caused increases in fraudulent activity. Some alarming statistics as reported:
5% of annual revenue lost to fraud annually by companies
14% of assets misappropriated related to expense reimbursements
50% of fraud due to internal control weaknesses
37% of travellers were involved with at least one waste or misuse
This Webinar shows how to use technology to connect events and activities in the WFA environment to control expenses & cash. Technology can also be used to inhibit fraud waste & misuse with special emphasis on the control on Travel & entertainment reimbursements that increased 292% in 2019/20 caused by COVID-19
Overview
This webinar covers how to control expenses & cash with technology in three steps. COVID-19 revealed gaps in expenses & cash flow management processes and proceduresAccounts Payable & Receivable are the key systems in efficient expense & cash managementAccounts Payable & Receivable must be united on technology platforms to transform activities from documents (cycles/processes) to date (transactions)Waste fraud & misuse must be pursued proactively in the processes of Accounts Payable & Receivable with interactive transactions review using advance technology.
The Webinar provides three essential steps to make all this happen.
Step#1: Create a technology platform for interactive integration of transactions to control expenses & cash and prevent fraud waste & misuse
Step #2: Transition to transactions-based processes & procedures with real time interactive visibility & controls
Step #3: Implement robust transactions based internal controls with forensic accounting attributes to prevent/detect waste, fraud & misuse with special emphasis on employee reimbursements & travel & entertainment expenses
Each step in broken into three pieces:
Rationale: The reason for the Step
Objectives: Expected accomplishments
Actions: Specific action steps
Why Should You Attend
COVID-19 has impacted all companies. It has destroyed conventional business norms. Companies have been forces to operated in remote environments and examine all of their processes, procedures, organization & controls as they have struggled to survive during COVID-19. All must now create new business norms for post COVID-19. The lessons learned during COVID-19 provide excellent foundation for the creation of new norms. Attendees will learn and understand how to use technology to connect WFA activities & events to control expenses & cash. Attendees will also understand how to use technology to inhibit fraud waste & misuse.
Areas Covered in the Session
How to control expenses & cash with technology with:
Fully integrated paperless transactions-based Accounts Payable system
Fully integrated paperless transactions-based Accounts Receivable System
Fully integrated transactions based general ledger interface
Specific tools & techniques to prevent employee waste fraud & misuse in travel & entertainment and other employee reimbursements accelerated by COVID-19
Who Will Benefit
All financial professionals interested in the control of expenses & cash and preventing/detecting waste fraud and misuse in a COVID-19 “work from anywhere” WFA environment
Departments, Associations, Companies, LinkedIn groups, Twitter groups or any Membership directories that you would want us to focus the marketing.
ALL INTERESTED OR CONNECTED WITH BUSINESS MANAGEMENT. INCLUDES ALL INDUSTRIES, ASSOCIATIONS, AND BUSINESS TYPES
Speaker Profile
Carl Young is an Author, Speaker, Trainer, Consultant, and Coach. He holds a MBA and completed graduate studies in Accounting and Taxation. He is a former CFO of a 275M, high growth technology based company. He has over 25 years of senior level business management experience. In addition, he has over 25 years of training experience in finance, accounting and business management. Former CEO of his own small parts manufacturing company as well as former Senior Financial Associate of major consulting firm.
Carl is a member of the following organizations: American Society of Corporate Controllers, Council of Experts (investment firm Gersen & Lehrman), Society of Industry Leaders (sponsored by Standard & Poors), and the National Association of Accountants.
An engaging and entertaining speaker and trainer who draws from his experience as a former CFO to make relevant teaching points. Sessions are rich in content, lively, full of energy and include plenty of audience interaction. He has branded himself as Mr. Simplicity! His goal is to make finance and accounting relevant to non-financial professionals using tools and techniques that are simple to understand and apply.