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To begin with, utilizing the snapshots of the transactions and the imported transactions, MoreReporting discerns if a transaction in a current closed period has been altered. After importing all transaction data from the data sources, it scrutinizes their creation date and compares the data to detect any change of transaction in the past periods that can be deemed as financial frauds. Besides, MoreReporting performs numerical statistical analysis to find the pattern of the expense accounts—variable and fixed—by evaluating if the transactions adhere to the standard pattern. Numerical analysis is specifically suited for large transactions particularly in variable expenses, for instance, $5,000 or $10,000 that significantly deviates from the normal historical data pattern and can be a fraud.
MoreReporting’s state-of-the-art Financial Health Report feature evaluates various aspects of a business—beginning with an assessment of financial data quality and accounting data. Designed specifically for financial advisors, the health report performs automated in-depth analysis of client’s financial status delving into the bookkeeping, the balance sheet, fraud detection, and more, and pinpoints financial issues in the business. Following that, it analyzes the cash flow management, trend analysis, and benchmarking.
Our fraud detection products seamlessly integrate with accounting solutions such as QuickBooks—both online and offline— or Xero and records the snapshots of all the transactions that are inserted into those systems
Apart from financial fraud detection, MoreReporting offers financial data consolidation for companies with multiple groups. “We can automatically consolidate multiple legal entities and accounting files from each entity into a singular performance overview of the business,” explains Colvig. The consolidation feature is also supplemented with automatic currency conversion for organizations that have offshore units and helps to automatically convert local currencies to a unified group currency.
The company also provides for different enterprise-level quick support options such as support phone and chat inside the system that can be leveraged for any required information. “We also have a support library to help with functionalities, onboarding videos, and more to explain how to use the solution,” adds Colvig. Also, the integration process for MoreReporting is exceedingly effortless—one can sign up to MoreReporting, and within a few minutes it will import all financial data from the data sources and begin the analysis.
Venturing ahead, MoreReporting aims to expand to other accounting solutions like SAGE, NetSuite, and Microsoft AX. The company also intends to add automatic reminders for overdue invoices in its platform and the ability to interpret inventory and CRM data. “We are focusing on inspecting frequent invoices and expenses going to the same client to determine fraud,” concludes Colvig.