One of the greatest benefits of SaaS, or Cloud-based apps, is the automatic updates.  We get great feedback from our customers and advisers which often leads to new features for our products.  In the old days, software companies would batch these features and issue major releases that required staging and installation.  SaaS companies like AuditMyBooks, simply release new features when they are available.  Customers get instant access to the new capabilities without the hassles of installation.

We recently released new features for AuditMyBooks including a QuickStart Guide, filtering improvements and new rules that detect for errors and fraud.  Check out the FREE TRIAL of AuditMyBooks Analyzer AP to see these features in action.

Today, I want to spotlight one of the new rules now included with AuditMyBooks Analyzer AP.  We call this rule “Transaction Date Differs from Date Entered”.  OK, so what does that mean?  The simplest way to describe it is a test that identifies excessive time lags between the transaction date and creation date for items like checks.

This rule has a good “bang for the buck” factor because it can actually help to identify errors, fraud or even sloppy bookkeeping.  For example, excessive time lags between the transaction date and creation date for a check may result by mistake or because someone is trying to conceal a payment in a prior accounting period.  It may also stem from the bookkeeper being behind in their work.  If the time between batches is excessive, the financial statements my not properly reflect the health of the business.  Obviously, this is a situation that should be investigated.

I also like this rule because it was suggested by one of our beta testers.  I’ll call it “Bill’s Rule” for short.  We’ve identified more than 100 tests to detect errors and fraud, and expect that list to continue growing over time.  If you have ideas for tests we should run, we’d love to hear from you.  Who knows, your rule could be next!

AuditMyBooks™ is a business-to-business software company that automatically analyzes small and medium-sized business accounting records to detect accounting errors and fraud.  Designed to work with QuickBooks, the #1 small business financial software application in the United States, AuditMyBooks Analyzer™ products are available in the Intuit App Center.

AuditMyBooks™ is led by a team with extensive experience in financial auditing, accounting systems and information security.  They saw a market need for a cost effective and easy-to-use solution that helps small businesses identify suspect financial transactions to proactively reduce business risk.  Drawing from techniques successfully used to detect information security threats such as viruses and spyware, AuditMyBooks™ helps small businesses protect their financial resources and ensure their financial data is reliable for decision-making and reporting.  Based in Atlanta, AuditMyBooks™ was recognized in 2010 as one of the Top 40 Most Innovative Companies by the Technology Association of Georgia.

-CP Morey