Issue 2_2022_VIEWpoint | Page 4

As you scale your business , your focus is primarily on new growth opportunities , building your brand and executing your business strategy . After a while , keeping track of all the day-to-day business operations gets tedious . Without a system of checks and balances in place , there could be significant losses for your business financials .
According to the Association of Certified Fraud Examiners ( ACFE ) 2020 Report to the Nations , a lack of internal controls is the primary weakness contributing to fraud . The report also states small businesses are at the highest risk because they generally have fewer anti-fraud controls in place , making them more vulnerable ( to losses as great as $ 200,000 annually ).
Internal controls allow for more risk management and accuracy in your financial reports , preventing various fraud attempts and encouraging accountability .
Sage Intacct , a cloud-based financial management solution , uses these five elements to strengthen internal controls and increase their effectiveness .

Essential Sage Intacct Features to

Strengthen Internal Controls

By Lisa Sherman , CPA Director of Accounting Outsourced Services Doeren Mayhew
As you scale your business , your focus is primarily on new growth opportunities , building your brand and executing your business strategy . After a while , keeping track of all the day-to-day business operations gets tedious . Without a system of checks and balances in place , there could be significant losses for your business financials .
According to the Association of Certified Fraud Examiners ( ACFE ) 2020 Report to the Nations , a lack of internal controls is the primary weakness contributing to fraud . The report also states small businesses are at the highest risk because they generally have fewer anti-fraud controls in place , making them more vulnerable ( to losses as great as $ 200,000 annually ).
Internal controls allow for more risk management and accuracy in your financial reports , preventing various fraud attempts and encouraging accountability .
Sage Intacct , a cloud-based financial management solution , uses these five elements to strengthen internal controls and increase their effectiveness .
2 VIEWpoint Issue 2 | 2022