Does finance automation really improve accuracy and reduce fraud🔒? | Tyler Caskey

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