Archive for the ‘payroll’ tag
(See check fraud prevention technology live and up close at Ledgerwood Associates’ first annual Technology Day, April 4th in Scottsdale, AZ.)
Stay one step ahead of the criminals by understanding check fraud and the fraud prevention technology available today. Your organization’s bottom line can be negatively impacted by this still prevalent crime.
Check fraud is on the rise even though check volume is declining. Checks remain the most vulnerable payment mechanism targeted by fraudsters. The reality is that without preventive measures in place to deter criminals, your firm is extremely susceptible to check fraud.
Am I Personally at Risk?
Recent changes in the Uniform Commercial Code (UCC) have placed the burden on the party who is most negligent in the process. This could be you. Historically, financial institutions were on the hook when criminals took advantage of an unsuspecting business. This is no longer the case.
Losses Are Substantial
The Association of Certified Fraud Examiners estimates that organizations in the US lose about 7% of their revenue to fraud. The American Bankers Association and FBI have estimated between 5.5 and 13 billion dollars are lost yearly due to check fraud.
Three ways criminals use checks fraudulently:
- Lost, stolen, or counterfeit employee paychecks
- Counterfeit checks showing one company’s MICR line with another company’s name
- Payee name is altered on the issued checks
Fraud Prevention Measures
Implementing preventative measures will significantly reduce your firm’s liability related to these crimes. Here are some safeguards you can put in place to limit your exposure:
- Eliminate preprinted check stock. It’s easy for criminals and employees to take checks without notice when several different checks with preprinted information are lying around.
a. Purchase software to print checks on blank check stock from your computer.
b. Use a single type of check stock to print checks from different bank accounts on behalf of multiple clients.
- Add security features to your checks. Security features empower the payee to verify that their check has not been tampered with.
a. Heat sensitive ink that will cause a symbol to fade then reappear when you rub between two fingers
b. A microprint border that, when photocopied, will appear as an obvious broken line
c. Chemical reactive paper that will appear to be stained if a chemical alteration is attempted
d. Watermarks that cannot be photocopied
- Close the payment loop. Standard Positive Pay and the new Payee Positive Pay electronically send your bank the information that should be on the check they are cashing. If the dollar amount, payee name, date, check number, or routing code are changed the bank will refuse payment.
- Implement the proper internal controls. Set up the appropriate structure in your organization to ensure that the correct people in firm have approved payments when they are made.
Technology to Prevent Check Fraud
When you realize what is at stake, taking action becomes a necessity. Fortunately there are solutions that address these measures.
Piracle has created a software package, Create-A-Check, that seamlessly integrates with your current accounting application. For many years they have worked constantly to stay one step ahead of the people whose goal is to defraud your company. Their software and security enhanced blank check stock address all of these issues and more.
Learn more about check fraud prevention technology at Ledgerwood Associates’ first annual Technology Day, April 4th in Scottsdale, AZ.
Sage Construction Anywhere (SCA), the cloud offering from Sage Construction and Real Estate has been a long time coming, but it’s definitely worth the wait, and will continue to get better as new versions are rolled out.
SCA was launched in May, 2012 and information from Sage about the product continues to arrive. Recently I participated in a webcast where Sage marketing executives related their plans for the product and gave Business Partners the green light to share them with customers.
The first release of SCA contains three components, a “connector” installed at the home office which links to your Sage construction accounting applications, Windows project portals running on Microsoft’s Azure platform, and access anywhere from a secure remote device. The portal is designed to run on a variety of devices including home PCs, laptops, tablets and smartphones. It contains a flexible way to request and access reports from your back office system, project maps and all of the necessary security and housekeeping functions. The connector installs quickly on your server.
A compelling example in the area of risk management was given to illustrate the value of having this kind of access from the jobsite. A superintendent could easily check the insurance of an arriving subcontractor before allowing them to begin work.
The first release of SCA currently is available only for Sage Timberline Office/Sage 300 Construction and Real Estate. SCA will eventually link to all Sage construction applications and will provide access for project participants like owners and architects even if they don’t have Sage construction software.
Functionality to be added in the near future (some of it this year) is going to target the needs of specific roles in the organization. First up is the superintendent, with some functions applying also to the project manager. Here are the planned features:
- Project Document Access and Management (including file syncing)
- Remote Time Capture (job centric and employee centric)
- Jobsite Time Approval
- Daily Reports
- RFI Management
Some companies currently using VPN’s to access data from the jobsite will find that SCA gives them the same access with greater flexibility and control.
Service Technician Tools
The first release of SCA is a good start. More exciting is the fact that Sage is devoting some serious resources to SCA and knows where it’s going. Further down the road you are going to see Service Technician Tools which will include customer site access to service requests, status, and service history, with more functionality sure to come.
Facilitating an Increasingly Mobile Industry
Today’s decision making can’t be confined to a desk since managers and their teams are at job sites, with clients, and on the road. In order to keep projects on track and make sure everyone is in the loop, Sage Construction Anywhere places critical project data at management’s fingertips wherever they go. Sage envisions greater collaboration, faster communication and improved jobsite decision making, speeding up projects and changing the way construction companies operate.
Sage Construction Anywhere is an easy-to-use, cloud-based service that gives you instant access to real-time project information anytime, anywhere from web-enabled tablets, smart phones and other mobile devices. For more information on available cloud technology, mobile applications, and TimberCloud Hosting contact Ledgerwood Associates.
Adapted from an article published at www.constuctech.com March 28, 2012
Mobile technology is a game changer for the construction industry, which relies on communication and collaboration among many invested parties within the lifecycle of a build. As the industry continues to adopt technology solutions, going mobile is a natural extension for many construction professionals looking to take their investment to the next level.
For that reason, a number of construction-technology providers are expanding their product portfolios to include mobile capabilities.
One solution for AEC (architectural, engineering, and construction) firms offers a complete system for capturing and managing project information from the field to the back office. By keeping project team members accountable for cost, scope, and schedule, the solution helps adopters deliver
Construction professionals can access construction field-management functionalities from mobile devices such as the iPad and those that run the Microsoft Windows mobile platform. The app allows field staffs to view and manage project information such as punch lists, inspections, and daily
construction reports in real-time. Data collected in the field is automatically synced with data back in the office.
Another company also offers a mobile component to its software solution as part of the company’s enhancement to its cloud-based construction program-management software. The app extends the functionalities of its enterprise software into the field, therefore increasing project teams’ productivity and improving project delivery quality. The solution gives access to project data in real-time, giving project managers more freedom to act on issues immediately. All actions are synced for project members to see and the app can be used on Apple devices such as the iPad, iPhone, and iPod touch.
As smartphones, tablets, and other mobile devices become more ubiquitous in today’s society, these devices are following professionals to work. On the construction jobsite, mobile components of
construction project-management solutions offer the ability to improve communication and collaboration among team members, while reducing costs and contributing to faster project delivery.
How are you using mobile technology in your business?
Ledgerwood Associates Consultants can help you sort out the technology options and help you improve all of your business processes.
Sage Timberline Office is gearing up for its Version 9.8 Release (scheduled availability, Fall 2011). This release is important since it affects such a broad range of Timberline users.
Here’s a brief preview of just some of the improvements to expect:
- Enhancements supporting:
- Credit card management (Provides ability to enter and distribute credit card receipts as well as reconcile credit card statements)
- Workforce management (Over 70 customizable HR forms, prefilled from Payroll, to help new hire, probation, and termination documentation requirements)
- Performance improvements so you can save time and be more efficient. Some of the areas improved will be:
- Application and Task startup (across the suite)
- Closing Report and Inquiry Manager
- Field Reporting in Project Management
- Security administration and workstation installation
For more regarding this topic contact Ledgerwood Associates
No more leaving early on payday to cash a check! Sage Paycard allows you to load up their money hassle free. It works just like a debit card. Your employees have complete access to their money at all times, whether through a bank or an ATM.
They can buy anything from diapers to tires with it and still pay their bills online. No more paper checks, leaving early to get to the bank on time or having to replace lost or stolen checks. Best of all if lost or stolen, it can be replaced in less than 24 hours and their money is protected against theft!