CPA Fraud Detection Service vs. CHECKPRINT

Benford's law is an effective method for revealing patterns that may indicate fraudulent disbursements. It requires the analysis of audit trail reports from accounting software such as QuickBooks to identify suspicious actions like voids and deletions. Moreover, it also includes the detection of multiple payments made for the same amount on a single day. A comprehensive examination of payroll runs is performed to find any discrepancies, particularly payments that exceed designated salary or hourly rates. Payments made on days when businesses are closed are given extra attention. By employing statistical analyses, outliers that could point to fraud are uncovered, and duplicate payments are verified for accuracy. Furthermore, vendor files in accounts payable are scrutinized for names that may appear strikingly similar, leading to investigations into potential fictitious vendors. Comparisons of vendor addresses and payroll information are assessed through Z-Scores and relative size factor tests. Although data monitoring and unexpected audits have proven to significantly mitigate fraud losses, merely 37% of organizations have implemented these vital controls. For smaller businesses with fewer than 100 employees, the average estimated loss attributed to fraud stands at $200,000, underscoring the fact that these enterprises typically lack sufficient resources to effectively identify and respond to fraudulent activities. Therefore, it becomes crucial for small businesses to embrace more robust fraud detection strategies to protect their financial health and ensure long-term sustainability. By doing so, they can not only detect irregularities but also foster a culture of transparency and accountability within their operations.

This service is perfect for entrepreneurs, accountants, and personal use, supporting various check formats—top, middle, or bottom—recognized by more than 8000 banks and financial institutions. It offers both blank and voided check templates, allowing users to print checks online in just seconds while integrating robust security features to prevent fraud. You can print checks on any template or standard white paper according to your business needs, using a simple drag-and-drop editor that makes the check creation process a breeze. The system also includes automatic detection of counterfeit checks and reliable encoding options that adhere to national banking standards, such as correct positioning of account numbers at the bottom of the checks. Say goodbye to the inconvenience of in-person check deliveries; you can now send checks directly to your clients via email. With the capability to generate an unlimited number of checks without incurring extra costs, all you have to do is enter the necessary information, choose your bank account, and click the generate button. Additionally, a variety of advanced tools are available to simplify the management of your financial transactions, ensuring a smooth and efficient experience every time. This service not only saves time but also enhances the overall efficiency of your financial operations.