AuditMyBooks™ today announced Analyzer™ 2.0, an award winning application that helps small businesses protect their money by automatically double checking their accounting records for errors and fraud.
“We released Analyzer AP earlier this summer as the first product that automatically scans 100 percent of small business accounting transactions in minutes to detect irregularities,” said CP Morey, vice president of product management for AuditMyBooks. “Our latest version adds great new features requested by our user community plus new promotional pricing offers just in time for year end.”
Accounting errors are quite common in small businesses. Experts claim that 60 percent of such errors result from simple bookkeeping mistakes or misapplication of easily understood accounting standards. Although unintentional, mistakes can still lead to bigger issues like penalties from erroneous tax filings.
Fraud is also a serious problem for small businesses in the U.S. The Association of Certified Fraud Examiners (ACFE) estimates that organizations lose 5% of their revenues to fraud, and companies with less than 100 employees represent more than 30% of all fraud cases. ACFE research also shows that small businesses suffer the highest median losses of any sized company at nearly $150,000 per occurrence.
Analyzer Version 2.0 provides valuable new capabilities including a QuickStart Guide with step-by-step guidance and brand new rules to help small businesses detect errors and fraud in their financial systems.
Morey added, “We’ve seen interest from a wide range of companies. The first sign-up for the new version was a Florida-based small business that distributes electronic components. Even when fraud isn’t a concern, companies like this are finding value in Analyzer as a double check before they meet with their accountant or banker. They’d rather find and fix the simple mistakes before talking to the pros.”
AuditMyBooks can be used regularly to analyze every accounting transaction in a matter of minutes much like security software that detects viruses and spyware. The sooner these irregularities are discovered, the sooner corrective action can be taken, ultimately helping small businesses to focus on commercial success and growth.
AuditMyBooks is available online as Software as a Service (SaaS) similar to products from companies like Salesforce.com and Google. As an added bonus, all AuditMyBooks accounts created before October 15, 2010 are eligible for free QuickStart training and a drawing for a Southwest Airlines gift card! Simply contact Sales[.]AuditMyBooks.com for more details.
AuditMyBooks™ (auditmybooks.com) is a business-to-business software company that automatically analyzes small and medium-sized business accounting records to detect accounting errors and fraud. AuditMyBooks™ is led by a team with extensive experience in financial auditing, accounting systems and information security. They identified 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 Analyzer™ 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 and by Intuit as the Best New Solution at CouldJam East 2010.
The National Science Foundation awarded AuditMyBooks a Small Business Innovation Research (SBIR) grant to assess the feasibility of predicting fraud in small businesses. This cutting-edge research will enable AuditMyBooks to extend its current product. The research proposal suggests that fraud prediction may be possible by analyzing small business financial data with advanced statistical analysis.
The AuditMyBooks™, AuditMyBooks Analyzer™, Analyzer Check-up™ and Analyzer Free Forever Program™ names and trademark are exclusively licensed to AuditMyBooks, LLC.
All other products or company names mentioned are used for identification purposes only, and may be trademarks of their respective owners.