Accounting Apps Podcast

Does finance automation really improve accuracy and reduce fraudđź”’? | Tyler Caskey

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Heather Smith & Tyler Caskey join ApprovalMax to have a conversation exploring how finance automation boosts accuracy, prevents fraud, and streamlines processes.

Today I’m speaking with Tyler Caskey Partner at The Bean Counters

In this episode, we talk about . . .

  • Key Points:

    • How automation reduces human error and speeds approvals

    • Real-world case studies with ApprovalMax & Xero

    • Common vulnerabilities: hacked emails, invoice scams, credit card fraud

    • Risk reduction strategies: 2FA, segregation of duties, virtual credit cards

    • The role of password managers & proactive anti-fraud controls

    • Fraud detection warning signs & team training

    • Stats:

      • $277M lost to payment redirection scams in Australia (2023)

      • 80–90% of finance errors caused by human error

      • Automation can detect fraud 50% faster & reduce losses by 50%

      • Event Preview: Brisbane Xerocon tips & networking advice

        • Apps & Tools Mentioned: ApprovalMax, Xero, Mayday, Power BI, OnePassword, Practice Protect, EFTsure.

        00:00 – Welcome & Introductions

         Hosts set the scene, introduce Tyler Caskey, and outline today’s automation & fraud prevention focus.

        02:15 – Why Finance Automation is a "No Brainer"

         How automation improves efficiency, accuracy, and security for finance teams.

        05:04 – Real-World Automation Wins

         Case study: $50M invoice group transforms processes with ApprovalMax & Xero.

        08:42 – Common Fraud Vulnerabilities in Small Business

         From hacked emails to bank detail changes—how fraudsters infiltrate.

        12:15 – Invoice Scams & How to Spot Them

         Practical warning signs and red flags finance teams should never ignore.

        15:50 – Credit Card & Virtual Card Fraud Prevention

         Reducing risk with approval processes and controlled card usage.

        19:32 – Passwords, 2FA & Segregation of Duties

         The non-negotiable security practices for finance teams.

        23:05 – Fraud Cost & Prevention Statistics

         Eye-opening data on human error, scam losses, and automation benefits.

        26:40 – Training Your Team for Fraud Awareness

         Creating a culture that detects scams before they succeed.

        29:55 – ApprovalMax Features That Reduce Risk

         Notifications, audit trails, and bank account verification tools.

        33:12 – Xerocon Brisbane Preview

         What Heather & Tyler are excited about—plus networking tips for attendees.

        37:18 – Final Advice for Accountants & Bookkeepers

         Leading clients toward best-practice automation and fraud prevention.

         

        Contact details:

        Accounting Apps newsletter: http://accountingapps.io/

        Accounting Apps Mastermind: https://www.facebook.com/groups/XeroMasterMind

        LinkedIn: https://www.linkedin.com/in/HeatherSmithAU/

        YouTube Channel: https://www.youtube.com/ANISEConsulting

        X: https://twitter.com/HeatherSmithAU

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        Accounting Apps PodcastBy Heather Smith | Accountant & Storyteller
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