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Analysis Of Cheque Fraud

483 words - 2 pages

Cheque Reconciliation Service is a good upgrade to our cheque system because it is meant to provide companies to better manage and secure their outgoing cheques. The implementation of this service will not change our existing infrastructure of the chequeing system. Cheques are still going to be issued, printed and mailed. The security feature it provides will enable us to identify any exceptions when it first occurs, and we have the choice of paying it or not. In addition, the reports it produces include either weekly or monthly paid item and outstanding cheque list in an upload able data format. The accounting team can import the file to the accounting system, so ...view middle of the document...

It also makes the bank reconciliation more accurate because it would be easy to import the bank reconciliation into the accounting software.Electronic Funds Transfer is beneficial because it can decrease overall costs of cheque production, delivery and reconciliation. It can also reduce the amount of paperwork that the cheque brings itself, which can reduce theft and increase security. By reducing the paperwork, it can reduce clerical work and errors through automation. Instead of the delay in sending the cheques, electronic funds transfer would provide instant collection and sending of money. On the other hand, this new service will require us to re-vamp the way we send funds (via cheques), which is a major change; new human resource has to be employed to set up the vendor account list and staff must be identified to maintain the list going forward. This service is most beneficial to companies that have high volume of payees and frequent transitions. Since our company is used to the cheque system and is the number of vendors is still manageable, we do not feel the need to change to electronic funds transfer at this point. In the future, if the company further increases its vendors and number of transactions, then this should be re-evaluated again.CIBC Canada. (2008). Avoiding Cheque Fraud. Retrieved March 24th 2008, from CIBC Canada.Website: http://www.cibc.com/ca/legal/cheque-fraud.htmlStopcheckfraud.com. (2008). Information about Check Fraud: Basic Check Fraud Statistics. Retrieved March 29th, from AP TechnologyWebsite: http://www.stopcheckfraud.com/statistics.html

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