NFP Partners

"Helping Nonprofits Become Stronger Financial Managers"

  • Our Company
    • Our Team
    • Our Clients
    • Job Opportunities
  • Services
    • Outsourced Nonprofit Accounting Services
    • Software Implementation & Support
    • Private Cloud Hosting
  • Resources
    • Software
      • Abila MIP Fund Accounting™
      • Abila MIP Advance™
      • Abila MIP Fund Accounting™ Add-On Software
    • Nonprofit Newsletters
  • Ultimate Guide to Outsourced Nonprofit Accounting
  • Blog
  • Contact

Fraud Detection Tools Built Into the Accounting Software

June 25, 2014 By nFp4dm1N Leave a Comment

In place of the financial management best practice of the month, let’s talk about fraud detection tools that are built into accounting software. These tools go beyond audit trails, which most software packages contain. Few have dynamic capabilities that constantly monitor actions and transactions by users and trigger alerts or launch preventive actions. In a previous best practices’ article, we focused on the accounts payable function as a high-risk area for fraudulent activity and suggested some investigative and preventive actions, which were mostly external and paper-oriented. Wouldn’t it be great to have some of this built into the system, for example, the ability to automatically suspend access to the system upon employee termination.

Abila MIP Fund Accounting software users recently received the latest release, containing a number of features for detecting and deterring fraud. It represents an ambitious first step among the genre of robust nonprofit accounting software products that others will emulate. Per the Association of Certified Fraud Examiners, nonprofit fraud accounts for a $40 billion a year loss, occurring in more than 20% of organizations over their lifetime (read the complete study). While the new capabilities are certainly no guarantee of total prevention, they should make an impact and continue to evolve and improve as the perpetrators become smarter.

Some of the tools and techniques, now part of the MIP standard software — at no additional cost, include: greater transparency for all actions, customized permission levels, securing sensitive data, masking of account information, alerts about potentially suspicious activity, detecting employee activity outside normal scope of duties, monitoring vendor and user association, forced password reset, and more. For a more complete description download this PDF,

How Can Your Organization Detect and Deter Fraud?

Filed Under: Accounting and Audit, Best Practices, Management Tagged With: Abila MIP Fund Accounting, Fraud Detection Tools, MIP standard software, nonprofit fraud

Most Recent Articles

  • City Girl in a Nonprofit World – Makalah’s Story
  • Building From the Ground Up – How Outsourced Nonprofit Accounting Services Helped the American Cheese Society
  • Has Your Nonprofit Outgrown its Accounting Software?
  • What Your Nonprofit Needs to Know About Audits
  • Nonprofit Audit vs. Financial Review and Rotating Audit Firms

Articles By Category

Get In Touch

NFP Business Management Partners LLC
3570 E. 12th Ave
Denver, C0 80206

Phone: (303) 586-5011
Contact Us

Popular Pages

MIP Fund Accounting™
MIP Virtual Forum
Nonprofit Outsourced Accounting
About NFP Partners
Our Blog

Abila Authorized Partner

Abila, Abila MIP Fund Accounting™, and True Fund Accounting™ are trademarks and registered trademarks of Abila, Inc. in the United States and other countries. They are used by permission.

Copyright © 2019 · NFP Business Management Partners LLC. All rights reserved. · Website Design by Juice Marketing · Log in