By Kevin Forrester | August 19, 2015
An Audit Analytics report confirms that financial institutions incur the most expensive audit fees compared to other industries. Because of the complex transactions, products, and accounting rules in the finance industry, an audit is likely to take a lot more time than other industries, which increases the audit fees and associated costs.
For financial institutions using manual processes, audits take significantly more time to complete than those with automated processes. If a financial institution is issuing checks (starter, counter, official, mortgage, etc) using pre-printed check stock and a
laser printer – or worse – a dot matrix printer or typewriter, the time needed to audit check issuance alone will drive up audit fees. Manual processes are fraught with human error and inconsistencies. Auditors must look at a greater sampling of data for the manual process versus validating an automated process.
Financial Institutions do not have to rely on dated, manual check issuance processes. An automated check issuance solution that includes a secure MICR printer and software enables all the same check types and formats a bank or credit union uses today with several added benefits, such as:
Using an automated, secure check issuance solution eliminates the need for pre-printed check stock, mitigates the risk of check fraud and reduces procurement and storage expenses.
Financial Institutions save 90% on paper costs alone just by eliminating the need for pre-printed checks. Additionally, check issuance software like CheckPartner Enterprise (CPE), allows financial institutions to quickly and securely request, approve, and print MICR laser checks while maintaining centralized control of the whole process. The automatic audit trail feature helps reduce audit fees.
A MICR check printer and software solution eliminates the risks associated with a manual check issuance process, such as human error and check fraud. With fewer human errors and fraud threats, financial institutions reduce the time – and money - it takes to research, reconcile and audit this function.
Reduce audit fees and check fraud risks by creating an automated, secure check issuance solution with a Source Technologies’ MICR check printer, blank check stock and check issuance software. Explore our MICR check printing solutions, or contact us today to get started.
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