In a business, if you’ve got a finance team, the number one thing you need to do is talk (to your team) about and train them about the fact that someone at some time will try to defraud the business, and it’s our job to pick it up. It will be a fake email, a fake invoice, or a fake phone call, or someone will hack into one of the systems at some stage and load something, right?

– Tyler Caskey, Partner at The Bean Counters.

Heather Smith and Tyler Caskey, Partner at The Bean Counters, join ApprovalMax to have a conversation exploring how finance automation boosts accuracy, prevents fraud, and streamlines processes.

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 are 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.

Highlights for this episode:

• 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
  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
  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.