11. Financial Controls for the
Digital Age.
Simplify the onboarding of
new suppliers
Maintain the integrity of your
Vendor Master File
Mitigate risk in the payment process
From internal and external threats
Ensure you meet “Best practice”
compliance obligations
15. Payment & Compliance Controls for the Digital Age
Auditors,
Analytic Tools and
Forensics are
only effective after
the fact.
15
16. Banking Screen with payments file loaded onto it.
Ideally, the file is scrolling showing an endless list of payments.
Upon Click a different bank logo comes up
c
c
c
18. ATO Blitz to clean up ‘black
cash’ economy
Payment & Compliance Controls for the Digital Age18
As the Government tackles the black economy,
compliance is critical.
19. Payment & Compliance Controls for the Digital Age19
In the NT, 40% of
Tradies were using
Bunnings’ ABN!
20. Payment & Compliance Controls for the Digital Age20
The ATO is expanding Taxable
Payments Reporting:
22. Risk Report Section Item Average %
CRITICAL 1 Incorrect bank account number 1%
HIGH 2 Similar bank account name but different account number 3%
CAUTION 3 Duplicate supplier records 9%
CAUTION 4 Mismatch with supplier’s official bank account name 3%
CAUTION 5
Mismatch with supplier’s bank account name in other
customers’ VMFs
1%
CAUTION 6 Invalid ABN Number 6%
CAUTION 7 ABN Number mismatch with ASIC registered Company Name 1%
HIGH 8 Incorrect GST Status 1%
Total 25%
25% Anomaly Rate
in your Vendor Master File
33. How do you currently
manage these risks?
Name =
Account number
Out of range
payments
Duplicate
payments
ABN registration
status
GST registration
status
Employee
authentication
34. Duty of care
and diligence
We do the
Hard work for you.
We’ve got
your back
Protecting the
business’ finances
and reputation
A powerful
tool giving
you independent
insights
Supporting Multiple Stakeholders:
37. Section heading 37
Construction
Education
Local Government
IT & Telecoms Insurance
Water, Waste and Energy
Consumer Packaged Goods
Infrastructure & Transport
Attracting:
Blue chip customers in every sector and all
sizes.
Resources and Mining Healthcare Convenience Retail Lifestyle Retail
37
38. Section heading 38
And securing:
Powerful partnerships and endorsements:
Big Four Accounting
ERP
Insurance
IT consulting Community
Forensic Consulting
Procurement
Mid-Tier Accounting
38
39. Section heading 39
A system:
Vetted and tested by security experts:
Full Architecture & Security Review Full Security and Process Audit
Security Due Diligence Penetration Testing Security Cloud Review
Security Due Diligence
39
A The estimated cost in Australia alone is $1B. PA
29% of Australian organisations have lost over $1m to fraud.
There are many stats on this slide but the one I wish to highlight is that 90% of Cyber Attacks begin with or involve an email.
Notwithstanding all the large numbers on the screen, the most important number to your clients businesses is actually a very small number
It only takes 1 of their employees to be duped once to cause significant costs to their business.
Now their is, in real time, on your banking screen - regardless of which bank you are with - EFT Sure creates red, green or amber/orange thumbs to either tell you a payment is okay, or that there is a caution or in the case of red, a major discrepancy.
A lot is going on behind those thumbs:
When onboarding a new supplier, every organisation conducts robust checks and requires copies of certificates of currency and other documents before making the first payment?
When do they next check all of these details? Possibly never?
If their insurance or certification expires your client may become liable if you still use their services.
Along with the fully automated eftsure onboarding process which verifies bank details, ABN and GST, the onboarding can also include attaching certificates of currency, licences, blue-cards, standards certificates and also, alerting your clients when any of these certificates expire and require renewal.
Eftsure checks the currency of these certificates prior to every payment, every time.
This applies in construction, health, Not for profit, food, education, property, childcare.
When you onboard suppliers, we can also provide a credit score so you are alerted eg that the supplier has a liquidation notice against them.