Improving Customer Loyalty and Satisfaction with QuickBooks Enterprise Integration of eCommerce Activities
Improving Customer Loyalty and Satisfaction with QuickBooks Enterprise Integration of eCommerce Activities
Today’s digital marketing has changed the way many people shop and buy products. It’s difficult for B2B eCommerce companies to meet customer hopes and expectations when prospective buyers don’t have the options of picking up the products, smelling them and seeing them from all angles. That’s why it’s critical for businesses to empower customers with full-featured, self-service systems. Regardless of the software--whether ERP, CRM or some hybrid accounting system--integrating software’s functions into the company platform’s API
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Splitting and sending orders to different warehouses and associates for fulfillment
Supporting and automating cross-selling and upselling efforts
Customizing promotional efforts based on user behavior, customer history, buying profiles, etc.
Enabling flexible returns and cancellations online and in brick-and-mortar stores
Providing expanded payment options and shipping strategies
Incorporating incentives into targeted marketing campaigns
Reducing theft and fraud
The Association of Certified Fraud Examiners reported that companies lose a median rate of 5 percent of revenue due to fraud and theft. [2] Globally, this amounts to $3.7 trillion, and small-to-medium-sized enterprises average greater losses as percentages of income. Automated alerts and custom reports that are generated by integrated software can detect fraud proactively.
Managing Shipping, Inventory and Logistics
Integrated QuickBooks functions deliver a suite of self-service features for customers that include choosing
Software-as-a-Service, or SaaS, sales challenge many salespeople and organizations because the products don 't have a physical presence while the market is constantly evolving. However, savvy marketers can use these unique propositions to their advantage by adopting sales secrets from Mary Kay Cosmetics, which was one of the first and most successful of all affiliate marketing models. Mary Kay was founded by Mary Kay Ash in 1963 and energized an army of affiliate sellers who not only use the products but also recruit consultants to build incredible networks of energized salespeople who want to build their own multilevel marketing businesses. SaaS sales have lots in common with this business model because software is used in the B2B environment to optimize sales to other companies, provide distinct benefits that create great user experiences and reward companies for sharing in other businesses’ successes.
As organizations utilize software and the internet together to make transactions and complete accounting functions, the threat of cybercrime comes into play. “Cyber crime against private business is growing, and consuming a larger share of Federal Bureau of Investigation resources than ever before…” (Kelly, M., & 42 staff, 2011)
Internal fraud consists in “a type of fraud that is committed by an individual against an organization. [Furthermore], a perpetrator of fraud engages in activities that are designed to defraud, misappropriate property, or circumvent the regulations, law, or policies of a company”[8]. Not only has the incidence of internal fraud increased in frequency because of the availability of sensitive information such as client details or confidential business documents; moreover, this type of fraud is found in various types of organizations, ranging from corporations, public service institutions and financial institutions. Our analysis will concentrate on the most common and prolific types of internal fraud, namely identity theft, insider trading, loan fraud and wire fraud. Interestingly, PriceWaterhouseCooper conducted a survey that revealed that the “demographics of a typical fraudster are as follows: males (85% of cases), 31-50 years (72% of cases), reached high-school level (50%), Bachelor’s or post graduate degree (50%) and middle or senior management (52%)”[9].
Cash is such an important current asset to a business, especially for the every day running of it, so ready access to cash is crucial. Therefore, every company must utilize safeguards to protect and manage their cash. An alarming statistic in one of The National Restaurant Association’s (NRA) reports shows that employee theft cost $8.5B to its members in 2007 – the equivalent of 4% of food sales. Furthermore, only 10% of employees do not commit fraud in any situation, while 5% do commit fraud, and the other 85% will actually consider
Another source of a great amount of fraud is the fact that a lot of businesses are careless when they're hiring new employees because they do not do conduct adequate background checks during the hiring process. They also have lack an adequate network and do not have a reliable computer security system in place so that also plays a big factor in to why their business is victim to fraud and cybercrime.
Fraud deterrence occurs in several stages, and the key is to know that prevention is not to same as deterrence. First is the impact of controls
These businesses realize that maintaining the public’s trust is one of the keys to commercial success, so they employ investigative accountants to strategically manage the complexities of risks and threats. Investigative accountants scrutinize fraudulent activities, assist senior management with risk management and strive to mitigate potential vulnerabilities. Investigate accountants often respond to fraud allegations and reported financial irregularities. They adopt a strategic threat management approach that enables them to anticipate and respond to risks. They apply advanced technology approaches to help internal customers track and manage data activities. They employ information management principles, data analytics techniques and sophisticated technology tools to help management make well-informed
Fraud is an issue that causes major scandals, although it is a very ancient scheme. Recent fraud events gave light to gaps that facilitated its events. Its extent was drastic by affecting financial markets that eventually trickled into global markets. Major organizations and countries worked cohesively and continue to address the gaps and, in effect, implemented strict compliance regulations to diminish and refrain fraudulent activities. Strict compliance regulations are examples of a fraud response plan the small family business could have implemented to refrain the perpetrators from fraudulent incidents, protect organizational assets and the organization’s going concern.
Countless companies from the smallest to the largest are losing billions every year to fraud and theft. A few types of thefts are:
The general purpose of this research is to determine the cause for financial statement fraud. In addition, the purpose is to review ways fraudulent behavior can be detected and prevented. Lastly,
According to Daniel F. Dooley (2008), a member of the Commercial Fraud Taskforce, financial fraud with private middle-market companies is on the rise. In fact, Mr. Dooley believes that he has seen more instances of fraud in the past two years than in the previous ten. He notes seven areas in which financial fraud has increased over the past few years:
The article, “To Catch a Thief” by Ken Stalcup, CPA, CFE, CFF in the November/December 2010 issue of Fraud Magazine, is about the importance of a “proof-of -cash” tool. This report exposes fraud that may go undetected even when good internal controls are in place and implemented.
Fraud. Embezzlement. Money Laundering. Financial underreporting. Financial over reporting. Accounting malpractice. Costing the global business close to tens of billions of dollars is financial fraud. These accounting crimes are best described as incentives or conflicts of interest issues. [8] While on the one hand softer trade and economic policies are bridging the gaps between world economies, stricter laws and regulations are coming into existence to curb the increase in financial misdealing between companies across borders, on the other. With the proliferation of internet into daily lives, it has become easier for individuals to use technology in criminal ways for personal benefits. Considering these developments and the genius
Today, in current business-world, fraud becomes a daily occurrence and it is a serious threat for all organizations, whether they are partnerships, corporations, limited liability companies or even non-profit companies. Once perpetrators start to commit fraud, they will not stop by themselves, they will continue and commit more with the bigger number as they realize how easy it is. Therefore, fraud prevention program is very important for organizations since once a fraud has occurred then they will need a big effort to deal with it. The organizations will not only lose assets but they will lose time, legal fee, fraud investigator, negative publicity and other adverse consequences.
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