AI and Automation Will Help Reduce Employee and Supplier Fraud

Michael Cichy of Palette Software to Conduct an Educational Session at Accountex Boston

Accounting organizations are making use of technology such as AI and Automation to lessen employee and supplier fraud. Michael Cichy of Palette Software is conducting an educational session at Accountex Boston. It will be held on Friday, September 6 at 11:30 EDT where Michael will share relevant information and insights.

Nowadays, small and medium scale companies are affected by incompetent and uncontrolled supply chain accounting processes. An average company will lose 5% of its annual revenue to corporate fraud every year which affects them indirectly in the form of fines, legal costs, and reputation damage. The session by Michael Cichy will shed light on the latest advances in the field of technology. It will help those firms in more ways than one. They would be able to help their clients operate more efficiently while staying in control of their present and future compliance issues.

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It’s Less Expensive to Prevent Corporate Fraud than to Repair Your Finances and Reputation Afterwards

Michael Cichy said, “Overall, it’s easier and less expensive to prevent corporate fraud than to repair your finances and reputation once fraud has been committed. 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.”

In the session, Michael will educate the audience about various case studies around employee and supplier fraud and explain how fraud can be fatal for smaller organizations. He will talk on topics related to the protection of confidential data and the penalties that can be imposed.

A subsidiary of Palette Software – Centsoft will also be exhibiting at Accountex. The AP Automation software from Centsoft streamlines everything from receiving invoices to capturing and approval. It also automatically syncs the information to the company’s accounting system. Centsoft’s AI learns and proactively advises the best possible method to record and process invoices for fast and easy approval. The company automates the management of incoming invoices for over 3000 organizations.

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