In previous articles, we have worked through just a few of the many things you can do to grow your business and improve operational efficiency. But there's an essential element we haven't yet considered - keeping your business safe.

We've noted that data is critical in making good decisions to grow your business. But what if the data you are basing your decisions on is wrong? Well, then, the decisions you make might be wrong, too – and you might be going full steam ahead in the wrong direction!

For example, you could be pushing a product – say your fancy new window wiper – that no one wants. Imagine you invest all this energy into producing or sourcing this window wiper only to have it sit unloved and unwanted on the shelves… All because your data was off.

That is why it is crucial to make sure your data is reliable and clean. Controls and training are handy to protect against this, but even then, human error happens, and worse, fraud could be committed right under your nose!

That is why Syft has a Review tool to help you:

Let’s have a quick look to get a taste of these features and how to use them to your advantage.

Cleanup helps you assess your data's quality and identify potential issues such as duplicate accounts, unrecoverable debtors, and where bank reconciliations have not been performed. Plus, you can address the risks associated with these accounts through the Suspense Account tool.

Anomalies are unusual items that could indicate errors, fraud, or unusual activity that may inform future strategies. Syft’s tool identifies these anomalies for you so that you can spend time understanding and addressing them.

Sometimes, transactions will be posted to a transaction list without all the relevant information to contextualize them. This can mean that you need to turn into Sherlock Holmes trying to figure out where the transaction came from and whether there's anything nefarious afoot. But, no more Sherlock Holmesing in the dark! Meet Clarify.

With this tool, asking for clarification on a transaction is only a few clicks away, and you can keep track of every request for clarification, giving you a neat audit trail.

The Anti-Fraud section of Syft has some powerful tools to help you address the risk of fraud. Here, you can interrogate your manual journals and consider journals posted at unusual times, which are both tests that are regularly performed by auditors.

This tool identifies potential errors in your VAT/GST to make sure you don’t over- or under-claim VAT/GST and incur unnecessary penalties and interest or miss out on cash you could claim back. The VAT/GST section is divided into two areas:

At Syft, we take the security of your data seriously, and so should you! In our article on data security, we looked at some of the best practices you can implement to keep your data secure. In a nutshell, this involves:

The good news is that Syft is secured according to both GDPR standards and SOC II.

As we have seen, safeguarding your business by ensuring reliable and clean data is vital for making informed decisions and avoiding wasteful pursuits. Syft's Review tool offers a comprehensive solution with features that help you to identify issues, mitigate risks, and detect anomalies to enhance future strategies.

Additionally, Clarify enables you to ask clients directly about any transactions that are unaccounted for, the Anti-Fraud section helps combat fraudulent activities, and the VAT/GST tool ensures accurate claims, all contributing to a secure and successful business. Embracing Syft's Review tool will fortify your foundation, guiding your business in the right direction with confidence and financial integrity.

By combining this powerful set of features with practices to ensure your data is secure from nefarious outside forces, you are well-equipped to keep your business safe as you work to grow it.