Frequently Asked Questions:
What is AuditMyBooks?
AuditMyBooks is a subscription software service that automatically analyzes small and medium business (SMB) accounting records to detect errors and possible fraud.
How often should I use AuditMyBooks?
We recommend AT LEAST monthly. No one thinks twice about using anti-virus software to protect their computer from hackers. Don’t your financial resources deserve the same level of protection? The added diligence of even a monthly scan with AuditMyBooks reduces the chance of accounting errors & fraud. The sooner potential problems are discovered, the sooner corrective action can be taken to address them.
Do small and medium businesses really need to worry about accounting errors and fraud?
Accounting errors and fraud are serious issues for all businesses. They undermine financial decisions, result in monetary losses and in some cases even force companies to close.
The Association of Certified Fraud Examiners (ACFE) estimates that fraud cost U.S. businesses nearly $2.9 trillion last year, and that more than 30% of the cases investigated occurred at SMB’s with less than 100 employees. Businesses of this size suffer the highest median loss at nearly $150,000 per occurrence and 25% of the cases exceed $1 million in losses. When fraud is committed, it takes an average of 18 months or more to discover.
SMB’s are such great targets for fraud as they typically have small or even single-person accounting staffs and limited internal controls. Besides being more susceptible to financial irregularities, SMB’s are also least likely to discover them since accounting reviews or audits are rarely performed.
Although unintentional, accounting errors can be just as harmful as fraud. Research shows that more than 60% of errors are caused by the misapplication of simple accounting standards.
Despite the nearly $4 billion spent by SMB’s annually on financial software and services, very little has been done to proactively address the accounting error and fraud problem.
Would you like to learn more about how errors and fraud impact small businesses? Click here to visit our True Stories Blog.
Which accounting applications work with AuditMyBooks?
AuditMyBooks works with Intuit’s QuickBooks (version 2009 or higher), the #1 small business financial software application in the U.S. AuditMyBooks is available in the Intuit App Center, a secure destination for web-based applications.
How does AuditMyBooks detect errors and fraud?
AuditMyBooks uses advanced forensic techniques to identify errors and fraud. The proprietary algorithms leverage over 35 man years of experience in the data security and financial systems sectors and 1,000’s of man years of experience from CPA’s, auditors and forensics accountants.
How can small and medium businesses detect errors and fraud without AuditMyBooks?
Small companies concerned about errors and fraud have few solutions available today. A manual review of transaction logs is the most likely option, but is time consuming and error prone. Solutions employed by larger organizations such as annual audits, forensic tools and business intelligence applications are simply far too costly and complex for small and medium businesses.
Where can I get AuditMyBooks?
AuditMyBooks is available in the Intuit Workplace, a secure destination for web-based applications. With no software to download or maintain, simply connect to QuickBooks, scan the transactions and take corrective action. Click here to visit our FREE TRIAL site to register for access to AuditMyBooks.
Is my data secure?
Yes. Each company has its own repository. Each user can only view their information–not anyone else’s. AuditMyBooks is hosted on Intuit’s secure computing platform which is used by more than 36 million customers to process nearly $2 trillion in transactions annually. Click here to visit Intuit’s security page.
How does AuditMyBooks access the data on my desktop PC?
In order to use applications in the Intuit Workplace App Center, like AuditMyBooks, you must set-up the Intuit Synch Manager. Click here to learn more about the Intuit Synch Manager or here to view video help for the Intuit Synch Manager or here to visit the Intuit Synch Manager Online Forum.
