Accounting Firms Use AI and Automation to Reduce Employee and Supplier Fraud

CHICAGO, Aug. 27, 2019 /PRNewswire/ -- Michael Cichy of Palette Software is conducting an educational session at Accountex Boston on Friday, September 6 at 11:30 EDT to share how accounting firms are using technology such as AI and automation to reduce employee and supplier fraud.

Organizations large and small are affected by inefficient and uncontrolled supply chain accounting processes. The session will focus on advances in technology accounting firms can use to help their clients operate more efficiently with controls that handle current and future compliance issues.

The average organization will lose 5% of its annual revenue to fraud each year. Fraud affects victim organizations indirectly in the form of fines, legal costs and reputation damage. For smaller companies, fraud can be fatal.

The session will explore case studies around employee and supplier fraud, the issues surrounding protection of confidential data and the penalties that can be imposed. Subscription services accounting firms can offer their clients that broaden service offerings and enhance client retention will also be explored.

"Overall, it's easier and less expensive to prevent corporate fraud than to repair your finances and reputation once fraud has been committed," said Michael Cichy, Palette Software, "With the proper controls and technology in place, an organization can effectively reduce the chances of fraud occurring and minimize the losses from fraud that have already occurred."

Also exhibiting at Accountex will be Centsoft, AP automation software in the cloud. Centsoft's AP automation software streamlines everything from receiving invoices, to capturing and approval, automatically syncing the information to a firm's accounting system.

About Centsoft
Centsoft, a subsidiary of Palette Software, offers robust and cloud-based software to streamline all of the steps in the accounts payable process. Centsoft's AI learns and proactively suggests the best way to record and process invoices for fast and easy approval. Centsoft is a leading provider of SaaS solutions that automates the management of incoming invoices for over 3,000 companies. Centsoft was founded in 2006 and is headquartered in Stockholm with distribution channels in Norway, Denmark, the Netherlands, Great Britain and the US. Centsoft will be in booth number 720 at Accountex Boston.

https://centsoftautomation.com

About Palette Software
Palette Software is a market-leading vendor of financial process automation for domestic and global corporations. Palette solutions automate invoice processing, approval workflow, and the matching of purchase orders, invoices and contracts, on-premise or in the cloud. Customers experience significant and measurable cost savings, productivity gains and operational excellence. Palette solutions are GDPR, HIPPA, SOC1 and SOC2 compliant, trusted by both US and International banks, and used by more than 3,500 customers in 50+ countries. With 25 years of experience, Palette and its partners offer automation solutions for organizations of all sizes worldwide.

www.palettesoftware.com

For more information regarding Centsoft or Palette Software contact:

Michael Cichy
Palette Software
Phone: 508-341-8101
Email: [email protected]

SOURCE Palette Software

Related Links

http://www.palettesoftware.com

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