QuickBooks is a suite of financial software tools that has revolutionized the way that individuals and businesses – both small and large – manage their finances. With each passing release of the program, new features are added to make tasks simpler or to keep up with the changing needs of today’s modern technological world. QuickBooks now makes it far easier to protect oneself against fraud, whether internal or external, giving a business owner the peace of mind that the security and sanctity of their finances is maintained.
What follows are just two of the key ways QuickBooks allows users to manage data and protect against fraud.
Limiting employees access to sensitive data is one of the first lines of proverbial defense that a business owner can take to protect their information. Different login information can be used for different employees. These IDs will denote that a specific employee could be allowed access as well as bar them from accessing sensitive or confidential files.
QuickBooks allows for many different user IDs and the levels of security and access can be individualized for each employee. This allows you to manage and monitor access to sensitive data, and make sure that confidential data remains so.
The Audit Trail is one of the ultimate features for the detection of fraud in one’s financial accounting. In QuickBooks, the Audit Trail provides a vast amount of useful information that can help a business owner or accountant detect and prevent fraud. This feature makes it easy to detect any unnecessary changes in financial information. By performing an audit, one can see if any forms or other financial documents have been edited. If they have, the Audit Trail also identifies when and who performed the change.
The Audit Trail also shows any deleted documents along with the relevant information such as : the data that was changed, the time of the changes, and the name of the individual behind the changes. With this information, one can easily fix any problem that should arise.
You can sort information by specific parameters such as date or transaction type. Most financial information should never be deleted such as invoices, and the Audit Trail lets you know both changes and deletions. Changes to existing financial documents, invoices, budgets, etc., or the sudden deletion of sensitive financial information should be a proverbial red flag to any administrator to look more closely into the situation.
These reports are extensive and provide a vast amount of information about who, when and what occurs with regards to one’s financial documents. QuickBooks provides an easy means of accessing the most important information in determining whether or not finances are as they should be. Through the tracking of employee use of information, problems can be easily and quickly spotted with just a few clicks of the mouse.
By being able to limit employee access only to functions and data essential to their task, the chance for fraud and general error is reduced. Limiting staff access through different log in identifications and passwords provides an added layer of protection. The Audit Trail feature allows you to see if any changes have been made to original documents, allowing detection of discrepancies before they become too large to handle.