How to protect your business with stronger financial controls | ApprovalMax + Xero

Accounting Apps Podcast | Accounting Technology | formerly Cloud Stories

Financial controls enable accountable growth by distributing responsibility across teams…

Today I’m speaking with:

• Meena Berry, Senior Partnership Manager, Xero

• Cassandra Scott, Head of Bookkeeping, ApprovalMax

• Brendan Lucas, Head of Accounting, ApprovalMax

In this episode, we discuss:

- ApprovalMax & Xero survey results revealing many businesses lack key financial controls

- Stories of businesses defrauded due to inadequate internal verification processes

- How financial controls enable accountable growth by distributing responsibility across teams

- The importance of supplier verification and approval processes in mitigating fraud and non-compliance risks

- The role of audit trails, budget checks, and real-time alerts in enhancing financial oversight

- Case studies demonstrating how ApprovalMax and Xero streamline approval workflows

- The significance of continuously improving controls as businesses scale

Key takeaways:

- Revisit and continuously improve your financial controls

- Discuss the value of financial controls with clients

- Check E-invoicing capabilities in Xero and get registered

Contact details:

Accounting Apps newsletter: http://HeatherSmithAU.COM

Accounting Apps Mastermind: https://www.facebook.com/groups/XeroMasterMind

LinkedIn: https://www.linkedin.com/in/HeatherSmithAU/

YouTube Channel: https://www.youtube.com/ANISEConsulting

X: https://twitter.com/HeatherSmithAU

Brendan Lucas https://www.linkedin.com/in/brendanlucasca/

Cassandra Scott https://www.linkedin.com/in/cassandrascott/

Meena Berry https://www.linkedin.com/in/meenaberry/