Is Your Company Susceptible to Expense Reimbursement Fraud?

IS YOUR COMPANY SUSCEPTIBLE TO EXPENSE REIMBURSEMENT FRAUD?

It is very common for companies to reimburse employee expenses on a regular basis, which makes expense reimbursement an

easy target for fraudsters. As we increase the emphasis of safeguarding against hackers and other criminals that pose an external threat, we should stop and consider potential threats from within the organization itself. As a manager, am I placing enough emphasis on protecting my company from internal fraud?

The 2 ways in which these schemes typically occur are:

  1. Claiming reimbursement for fictitious expenses

  2. Inflating actual business expenses

 

Helpful tips for preventing expense reimbursement fraud in your organization:

• Require that all expenses submitted for reimbursement are accompanied by original documentation, with no exceptions. Regardless of the amount, it’s important that employees keep receipts and maintain good records for expense reimbursement.

• Ensure that your organization has a well written expense reimbursement policy. Stay tuned for more on writing an effective policy from BankTEL!

• Institute a two-step review process for employee expense reimbursements. This means that two managers will have to approve the reimbursement before it is approved for payment.

• Maintain a healthy level of skepticism about your employees. You always want to trust the people you hire, but there’s nothing wrong with digging deeper to verify employee expenses.

• Have a consistent process set up for reimbursements. All employees should know what the process for reimbursement consists of and should expect that it will be the same every time.

• Discipline employees who violate the policies and procedures. Doing so will set an example and help deter other employees from making the same mistakes.

BankTEL User Conference Demonstrates Leadership in Fraud Prevention and Cybersecurity

Columbus, Miss.—BankTEL Systems, a leading provider of financial accounting solutions, recently hosted customers, banking executives and technology leaders at its annual user education conference at The Guesthouse Hotel at Graceland in Memphis, Tennessee. Over 200 financial institutions from 35 states participated.

Not only did attendees hear from industry professionals, but BankTEL team members discussed emerging technologies as the company continues to develop its platform to meet the ever-changing needs of its growing customer base. The conference also offered breakout sessions on key industry issues such as accounts payable fraud, compliance, cybersecurity and payment automation, as well as in-depth customer panels and user-groups for companies looking to further optimize their operations.


“We enjoy working with the market leader. BankTEL helps our institution stay ahead of A/P fraud and ensure our operation is efficient.”

 

– David Weems, Senior Vice President,
First Financial Bank, N.A., Abilene, Texas
$7.6 Billion in Assets

 

“The annual BankTEL conference is an extremely valuable time for us to network with other financial institutions and learn best practices from others.”


This year’s conference highlighted ways that BankTEL’s technology can help institutions innovate and stay ahead of the compliance curve. Attendees also received a unique view into real-time cybercrime, with presentations about the dark web, fraud and new methods criminals are using to target accounting groups.  At one of general sessions, an agent from the United States Secret Service talked about the steps law enforcement is taking to ensure that cybercriminals are caught and prosecuted.


About BankTEL Systems

BankTEL helps financial institutions manage expenses with easy-to-use software solutions that maintains transparency, accountability, and regulatory compliance. We are the only international software company that focuses solely on accounting solutions for financial institutions. We have 20% of the U.S. market share and a 27-year history of serving clients of all sizes.

 

Mississippi Exclusive Webinar

Achieve Optimum Results With Your Accounting Operations

Join Katie Grimes as she takes you on a complimentary, guided tour of BankTEL’s latest Financial Accounting Suite, ASCEND. Katie will demo a few of our software’s most popular solutions, such as our Accounts Payable, Fixed Assets and Expense Report modules. But even better, some of our favorite Mississippi bankers will tell you why they use BankTEL.


FEATURING:

 

Dione Deaton, Accounts Specialist, Citizens National Bank,

Citizens National Bank was founded in 1888, by a group of businessmen and farmers in Meridian, Mississippi, who collectively raised $50,000. Now the bank has 26 branches and over a billion in assets, but it remains committed to independent, hometown banking. In 2012, when Deaton began working in the finance department, the Bank was already using BankTEL’s legacy software with its CORE system, FIS BankWay. In late 2017, Citizens migrated to BankTEL’s updated system, ASCEND. They have over 200 users working within five modules: Remote Scanning, Accounts Payable, Pre-paids & Accruals, Shareholder Management and Expense Reports.

“It’s user-friendly. It keeps track of bills well, and I can load and preload invoices. ASCEND just works great” 

 

 

 

Denise Davis, Accounts Payable, United Mississippi Bank

United Mississippi Bank came from humble beginnings—in 1973, when it was chartered as First Natchez Bank, it operated out of a mobile home in a parking lot in downtown Natchez. Now United Mississippi has 10 branches in Mississippi and 2 branches in Louisiana and 350 million in assets. Denise Davis started her banking career in 2004 and has been with United Mississippi Bank since 2013, the bank has been a BankTEL client for 26 years. Under Davis’s direction, United Mississippi Bank recently moved from BankTEL’s legacy software to BankTEL’s newest software, ASCEND.

“My favorite feature of ASCEND is that everything’s right there. You don’t have to log in or out to access each platform.” 

 

 

Connie Grimes, VP of Operations, First State Bank

First State Bank, headquartered in Waynesboro, Mississippi, has 14 branches and assets of around 800 million. In October of 2017, First State upgraded to BankTEL’s latest software, ASCEND. They use Accounts Payable, Prepaid & Accruals, Expense Reports and Invoice Approvals.

“I love BankTEL’s support. Everybody’s quick, everybody’s friendly, and everybody appears to know what they’re talking about.”

Don’t miss out on the opportunity to take this exclusive journey with your fellow Mississippi accounting peers.

Click Here To Register


BankTEL’s Mississippi Clients

South Carolina Exclusive Webinar

Achieve Optimum Results With Your Accounting Operations

Join Heath Viner as he takes you on a complimentary, guided tour of BankTEL’s latest Financial Accounting Suite, ASCEND. Heath will demo a few of our software’s most popular solutions, such as our Accounts Payable, Fixed Assets and Expense Report modules. But even better, some of our favorite South Carolina bankers will tell you why they use BankTEL.


FEATURING:

Tony AtecaEVP, Security Federal Bank,

Security Federal Bank has been serving South Carolina since 1922 and serving Georgia since 1973. Soon the bank, which hold 880-million in assets, will open its 16th branch. Perhaps this shared commitment to customer service is why BankTEL and Security Federal have such a strong relationship. Tony Ateca has been Chief Administrative Officer with Security Federal since 2008, which means he handles IT and compliance, and Security Federal has been a BankTEL customer since 2012.

“Banks deal with accounting every part of every day. It’s a core part of the business.  To be able to maneuver through the system and have the detail of records, the tracking and reporting that are available at BankTEL, was long overdue. Ascend is leagues ahead of where we were previously.” 

 

 

Heath Prescott, Assistant VP, Data Processing, Farmers & Merchants Bank of SC

Farmers & Merchants Bank of South Carolina is a community bank in the truest sense of the term. It was chartered in 1912, to serve the farmers in an agriculturally rich region, and it was the only bank in Orangeburg County to remain solvent during the Great Depression. Now it has over 250 million in assets, with eight branches in a tri-county area. Farmers & Merchants Bank of South Carolina has been using BankTEL for four years now.

“Were were using spreadsheets for reconcilement, but with BankTEL, we can scan invoices and pull them up. It makes balancing the general ledger and several in-house items a lot easier. With BankTEL, everything got more streamlined. We got better reconcilement, better security on the user side, better functionality. It was a major step up for us.”

 

Don’t miss out on the opportunity to take this exclusive journey with your fellow South Carolina accounting peers.

Click Here To Register


BankTEL’s South Carolina Clients

Would you like to achieve optimum results with your accounting operations?

Why an Operational Assessment?

Client Testimony

“The main outcome of Bank First’s Operational Assessment showed us how much we would benefit by upgrading to the new Ascend product. Most of the issues we are having, such as Microsoft spreadsheet issues, application latency, as well as having to manually do the OFAC, will be eliminated. I saw at the 2017 User Conference what a great group this will be to work with as well as all the other users out there that are happy with Ascend.” 

– Wanda Russell, VP Accounts Payable/Risk Management

JOIN US FOR

Operational Assessment Webinar


We invite you, our valued client, to join us in learning more about our new Operational Assessment initiative. BankTEL understands the importance of integrating technology with best practices to achieve optimum results. These informative webinars are focused on our commitment to continually help you improve operational compliance, increase efficiency, and create cost savings in your accounting operations. Below are several opportunities for participation in this educational webinar. We look forward to seeing you there!

 

 

Click below to see our Available dates for October and November

 


Happy to help.

Please let me know if you have any questions

Denielle Birks
Operational Review Consultant
denielle.birks@banktel.com

662.228.4575

For the 4th Time, BankTEL Appears on the Inc. 5000 list, Ranking No. 4714

For the 4th Time, BankTEL Appears on the Inc. 5000 list,

Ranking No. 4714 with Three-Year Sales Growth of 48%

 

 

Inc. magazine ranked BTS-Alliance, BankTEL Systems NO. 4714 on its 36th annual Inc. 5000, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment— its independent small and midsized businesses. Companies such as Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp, Zillow, and many other well-known names gained their first national exposure as honorees of the Inc. 5000.

 

Boyce Adams, Jr., President/CEO of BankTEL stated:

“BankTEL is pleased to once again be on the Inc. 5000 list for 4 years running.  It is a testament to the hard work of our employees and continued push for providing an excellent experience for our more than 1,600 financial institutions clients across the world.”