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Preventing payment fraud and shadow spending

Nanonets

Shadow spending can take various forms, including Embezzlement: Employees misappropriate company funds for personal gain by manipulating financial records or diverting payments to their accounts. Satyam Computer Services , an Indian IT services company, faced a major financial shadow spend scandal in 2009.

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Chart of Accounts – How to Get Organized & Efficient

AvidXchange

In many organizations, they’re a necessary tool for organizing financial records and setting up accounting systems. The central purpose of a COA is to provide a foundation within which all of a company’s financial records are kept according to an easy-to-follow, logical structure. Fortunately, the answer is simple.