Spreadsheet Fraud

To any company executive or business owner, the mere possibility of fraud can be enough to send alarm bells ringing – for good reason. In a prolonged recession, the last thing investors would want to discover is a huge, gaping hole where supposedly a neat profit should have been. Also to find out that such loss was brought about by deliberately falsified accounting and poor spreadsheet controls only makes the situation even more regrettable.

Why?

Because these losses would not have occurred had there been a stronger risk management program in place and more stringent quality control on critical data to begin with.

But given the nature of a spreadsheet system i.e. its sheer flexibility and easy accessibility, plus the fact that they were never intended to be enterprise-level tools, there are no hard and fast rules for auditing spreadsheets. Also because of the lack of internal controls for end user computing (EUC) applications, in this case spreadsheets, you can’t expect these systems to yield consistently accurate results.

In fact, most managers assume that major spreadsheet errors should result in figures that are blatantly out of touch with how things stand in the real world, making these errors easily detectable.

Well they assumed wrong. You’ll find cases where the losses ran to millions of dollars without anyone being the wiser.

In instances of fraud, the problem becomes more complicated as these errors are deliberately hidden and cleverly disguised, perhaps one erroneous cell at a time. Even if these cover-ups started out with smaller figures that may have had negligible impact on a company?s operation, the cumulative costs of these ?insignificant? errors multiply exponentially as the spreadsheets are reused and utilised as bases for other related reports.

While there is no generally accepted definition of the term ?spreadsheet fraud?, its quite easy to identify one when a case crops up. Fraud arising from spreadsheets are typically characterised by:

Fallacious inputs – correct figures are deliberately replaced with false values.

Erroneous outputs owing to data alteration – hyperlinks are linking to the wrong spreadsheets or cells; use of macros or special lines of code which are understandable only to the person who developed the code.

Concealment of critical information – can be done with easy ?tweaks? such as hidden rows and columns, using the same colour for both the font and the background, or hard coding additional values into a cell.

There is nothing really highly-sophisticated or technical in any of these methodologies. But without internal spreadsheet controls in place, it would take a discerning eye and a thorough review to catch the inconsistencies contained in a spreadsheet fraught with errors. Also, if these errors are knowingly placed there, the chances of finding them are close to nil.

Learn more about our server application solutions and discover a better way to protect your company from spreadsheet fraud.

More Spreadsheet Blogs


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Top 10 Disadvantages of Spreadsheets


Disadvantages of Spreadsheets – obstacles to compliance in the Healthcare Industry


How Internal Auditors can win the War against Spreadsheet Fraud


Spreadsheet Reporting – No Room in your company in an age of Business Intelligence


Still looking for a Way to Consolidate Excel Spreadsheets?


Disadvantages of Spreadsheets


Spreadsheet woes – ill equipped for an Agile Business Environment


Spreadsheet Fraud


Spreadsheet Woes – Limited features for easy adoption of a control framework


Spreadsheet woes – Burden in SOX Compliance and other Regulations


Spreadsheet Risk Issues


Server Application Solutions – Don’t let Spreadsheets hold your Business back


Why Spreadsheets can send the pillars of Solvency II crashing down

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Monitoring Water Banks with Telemetrics

Longstanding droughts across South Australia are forcing farmers to rethink the moisture in the soil they once regarded as their inalienable right. Trend monitoring is an essential input to applying pesticides and fertilisers in balanced ratios. Soil moisture sensors are transmitting data to central points for onward processing on a cloud, and this is making a positive difference to agricultural output.

Peter Buss, co-founder of Sentek Technology calls ground moisture a water bank and manufactures ground sensors to interrogate it. His hometown of Adelaide is in one of the driest states in Australia. This makes monitoring soil water even more critical, if agriculture is to continue. Sentek has been helping farmers deliver optimum amounts of water since 1992.

The analogy of a water bank is interesting. Agriculturists must ?bank? water for less-than-rainy days instead of squeezing the last drop. They need a stream of online data and a safe place somewhere in the cloud to curate it. Sentek is in the lead in places as remote as Peru?s Atacamba desert and the mountains of Mongolia, where it supports sustainable floriculture, forestry, horticulture, pastures, row crops and viticulture through precise delivery of scarce water.

This relies on precision measurement using a variety of drill and drop probes with sensors fixed at 4? / 10cm increments along multiples of 12? / 30cm up to 4 times. These probe soil moisture, soil temperature and soil salinity, and are readily re-positioned to other locations as crops rotate.

Peter Buss is convinced that measurement is a means to the end and only the beginning. ?Too often, growers start watering when plants don’t really need it, wasting water, energy, and labour. By monitoring that need accurately, that water can be saved until later when the plant really needs it.? He goes on to add that the crop is the ultimate sensor, and that ?we should ask the plant what it needs?.

This takes the debate a stage further. Water wise farmers should plant water-wise crops, not try to close the stable door after the horse has bolted and dry years return. The South Australia government thinks the answer also lies in correct farm dam management. It wants farmers to build ones that allow sufficient water to bypass in order to sustain the natural environment too.

There is more to water management than squeezing the last drop. Soil moisture goes beyond measuring for profit. It is about farming sustainably using data from sensors to guide us. ecoVaro is ahead of the curve as we explore imaginative ways to exploit the data these provide for the common good of all.

Virtualisation

Using an IT solution that can provide the fastest (but still reliable) disaster recovery process is essential for the success of any business continuity plan. Although virtualisation is still considered leading edge technology by many business continuity specialists, it definitely brings a promise that, once fulfilled, can result in the cheapest, fastest, and most comprehensive solution for business continuity.

One great advantage of virtualisation over traditional BC (Business Continuity) methods is the relatively cheaper cost needed to achieve a certain level of business continuity assurance. Thus, more companies will find it easier to reach their required minimum for BC assurance. By contrast, some BCPs (Business Continuity Plan) based on a physical environment require companies to invest more than what they are willing to in order to reach the same minimum level of assurance.

Virtual machines, which can already encapsulate your operating systems and their corresponding applications, can be transported as a file from one machine running a compatible hypervisor to another. This makes the business continuity tasks of backup, replication, and restoration simpler and faster.

As of 2008, about 54% of IT professionals in Europe were willing to implement virtualisation within a maximum of two years. Furthermore, the expected compound annual growth rate of installed virtualised servers from 2008 to 2012 is already pegged at 33%.

If you want your organisation to take advantage of the benefits of this revolutionary technology, we’d be more than willing to help you discover what it can do for you. Then once you decide to make that transition to virtualisation, we can guide you every step of the way.

  • As not all applications are suited for virtualisation (e.g. some are too demanding on I/O and memory access), we’ll start by reviewing your entire IT system to see which portions can be implemented on a virtualized environment.
  • Using virtualisation and replication, we can conduct disaster recovery tests using up-to-date data without interrupting operations in your main IT site. Running these tests will increase your team’s preparedness and will allow you to discover possible weak points.
  • Provide a simple but comprehensive protection and backup system that encapsulates not only data, but also system configurations and application installations. This kind of setup allows for faster and easier disaster recovery operations. Because of these same characteristics, you can enjoy zero downtime while performing scheduled maintenance operations.
  • Since virtual machines are hardware-independent and transparent to operating systems, we can help you run a mix of legacy and new systems as well as open source and proprietary systems, allowing for more flexibility in your BCP budgeting.

We can also assist you with the following:

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How AI Helps Improve Field Service

Its seems that with the current rate of technological innovation that these is something new every single day.  Therefore, you’re always looking forward to a new technological innovation that’s going to help you make your business operations more efficient and automated.

One of the most fascinating milestones in the field of technology is the integration of Artificial Intelligence (AI) in business. In one way or the other, AI gives a glimpse of machine supremacy that allows computers to perform tasks that were initially performed by humans. 

Are machines going to completely replace people in the workplace?

Of course, not.  Technologies like AI and Machine Learning are designed and meant to support employees in doing their tasks too boost their productivity.

AI is predominantly used to eliminate jobs and tasks that humans find boring, demotivating or monotonous. In some cases AI is also used to do jobs that are considered dangerous for humans to preform.

Previously the most common implementations for AI were all about gaming, entertainment, and advanced science,  now it’s spreading into a number of industries including the field service industry.

FieldElite – Field Service Software , can help you optimise the day-to-day operations of your business.

AI in field service management will enhance you business capabilities with:

  • Information Sharing
  • Real Time Updates
  • Automated Workflows
  • Digital Form Data Collection
  • Data Analysis

Improved Customer Service

For Service Based companies, customer retention is vital. Primarily because It can be 5-25 times more costly to acquire a new customer than it is to retain an existing ones.

Therefore customer retention should be a primary focus.? The good news is that by making use of AI you can implement services It can be 5-25 times more costly to acquire a new customer than it is to retain an existing one.

Staying on top of and ensuring you satisfactorily address and meet you customer demands and expectations can be a daunting task.? It can also be an expensive one,? especially for small field service based businesses like :

  • Heating & Plumbing Engineers
  • Electrical Contractors
  • Fire Safety Inspectors
  • HVAC Engineers
  • Facility Management
  • Building, Construction & Trade

Implementing Artificial Intelligence and Machine Learning to automate mundane and repetitive customer administration tasks will enable your staff to be free to provide additional value added tasks for your customers. Making your customers happier.

?Think about the active Chatbots. You can always get complaints directly from customers and address them right away.??

If at any point the customer is unhappy with your services, they can always raise the issue via the Chatbots. Since the bots contain necessary customer information, you can always get back to them and fix the issue at hand.?

With AI in field service, you can solve problems before they arise, or what is otherwise known as predictive maintenance,? In that way, you’ll have better customer relations because you’ll be able to address your customer concerns before they even become aware of them.

Improved Productivity

Scheduling tasks and managing the workforce isn’t a walk in the park. It goes beyond assigning tasks to your team members in the field and giving them deadlines to meet. Whether it’s a small firm or a big organisation, it’s quite difficult to organise the workforce.?

However, adopting Artificial Intelligence can iron out the difficulties most field organisations face in scheduling and managing tasks. Some years back, most firms relied on human intelligence to dispatch jobs to the right people based on given conditions. This was quite difficult, especially that it wasn’t always successful. But thanks to AI. With field service apps like FieldElite scheduling tasks and managing workforce is only a few clicks away.?

What’s more? There?s no room for error. Therefore, you’ll always match the right people for the job. Again, your team will always get tasks on time. That means, the job completion rate will go up, and hence the workforce becomes more productive.?

Predictive Maintenance

Usually, most business operations are based on ?solve the problem as it occurs?, which is just OK. However, it’s not always safe to wait until a problem occurs so that you solve it. Prevention is better than cure, and that’s why Artificial Intelligence comes handy in Field Service.

Using FieldElite Workforce Management Software , you don’t have to wait until something breaks.? Utilizing AI in field service enables you to proactively address field service needs and prevent unforeseen failures and interruptions.?

The ability to predict field service needs through field service apps like FieldElite enables you to make more accurate forecasts. In this way, resource planning is made easier, and as such, you’ll have smoothly running workflows. Again, by taking care of unforeseen circumstances in advance, you’re flexible enough to take care of the unexpected. And that means the overall productivity of your business will go up.

Job Management

Most field service jobs involve multiple stages that can take several days to complete. In addition to this, more often than not, you have to coordinate lots of equipment and contractors at the same time. All these can’t be achieved solely by human efforts. For more successful outcomes, it’s important to incorporate Artificial Intelligence in your field service operations.?

FieldElite is the field service solution that can help you manage sophisticated tasks. The app is packed with field service management tools that enable you to assign complicated tasks and keep track of your field techs. For long-cycle jobs, FieldElite app enables you to follow up on the activities going on the field to ensure they’re completed.?

With AI, there?s no room for error even when the jobs become more sophisticated.

Data Analysis

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Field service industry involves lots of data. Some years back, organisations depended on human intelligence to analyse big data. Well, things still worked out, but as a human is to err, the outcome wasn’t always perfect. However, with Artificial Intelligence data analysis, 100% accuracy in data analysis is achievable. Field service solutions like FieldElite provide sophisticated data analytic tools that enable you to crack massive data and offer accurate solutions.?

FieldElite data analytics capabilities give you an insight into what’s not working and what needs to be improved. In that way, you can always address matters arising and take care of the loopholes.?

It’s time to go paperless with field management software like FieldElite if you?d like to make your business more profitable. Apart from improving the productivity of your workforce, incorporating AI in your business increases profitability. If you’re still doing your usual field rounds with a clipboard, it’s time to simplify your task with FieldElite app.?

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