When you send money across borders, there are steps to ensure it is safe from fraud or mistakes. Because more people are trying to trick others, it's important to double-check things. One way to do this is by using a maker-checker system.
A maker-checker system has two roles in business: the "maker" and the "checker." This system is like having a buddy system for transactions. The maker starts things, and the checker makes sure everything looks good. It adds an extra layer of protection.
This article explains the maker-checker system, why it's essential, and gives simple steps for business owners to use the maker-checker feature on the Leatherback business app.
What is a maker-checker system?
A maker-checker system, also known as the dual approval system, is a safety measure that ensures that two different people approve a transaction. The first person, the maker, initiates the request, and the second person, the checker, reviews and approves the activity.
People make mistakes—it's unavoidable, no matter how clever or well-trained. The maker-checker process on your Leatherback business profile adds an extra set of eyes to catch anything that seems off or wrong, thereby safeguarding your business finances and protecting your employees from unintentional errors or straying from established procedures.
Why is a maker-checker system important?
Maker-checker has features that help businesses, hence its recognition as an industry-wide best practice. Here are some benefits of using this approval system as available on the Leatherback business app for your financial activities:
Prevents internal fraud: Fraudulent actions by employees in a company are unfortunately common. Using maker-checker systems helps discourage this behaviour, preventing white-collar crime. It also promotes transparency, enabling you to spot and stop fraudulent activities before they harm your finances.
Reduces manual errors: Verifying important information is always a good practice. Having an additional person check and confirm sensitive details can prevent mistakes in manual processes. The 'checker' can catch and fix any errors the 'maker' might have overlooked.
Prevents data loss: Company data that's sensitive is constantly under threat from phishing and hacking. With dual approval, maker-checker systems can detect and prevent such activities. For example, this system can spot phishing attempts by cross-referencing transaction locations with existing customer data.
Promotes teamwork: Using the maker-checker feature encourages collaboration amongst team members, by ensuring that tasks go through a joint effort, reducing the chances of oversights and improving the overall quality of work.
Improves overall efficiency: By using the maker-checker feature, you can streamline your business approval processes, making workflow more efficient, reducing delays and enhancing overall operational efficiency. This optimised workflow contributes to increased productivity within your organisation.
How to familiarise your employees with maker-checker?
If you’re yet to fully explore the maker-checker feature on your Leatherback business account, here are simple ways to get started:
Ensure your team understands the benefits: Communicate the advantages of using the maker checker feature for all transactions. This helps them grasp why the feature is necessary and how it positively affects them and your company.
Thoroughly train authorised employees: Provide comprehensive training sessions to familiarise your employees with the workings of the maker checker feature. This equips them with the knowledge of the process, enhancing their proficiency in using it effectively.
Effectively manage staff resistance: Inform your team about the feature's advantages and sensitise them to ensure smooth usage. Address their concerns, providing the necessary support to help them understand what to do at every point.
How to easily use a maker-checker for expense approvals with Leatherback?
Leatherback simplifies the approval of business expenses through a straightforward double-check system on our user-friendly web app.
This ensures a careful review of each transaction, minimising the chances of fraud and errors. To begin your Leatherback experience,
set up an account on our web app. Follow our detailed tutorial video for a step-by-step account setup, and find out essential onboarding documents here for a seamless business integration on Leatherback.
Once your account is set up and approved,
Log in to the web app and find the maker-checker button on the left taskbar.
Add your team members' details to include everyone necessary for approvals, and assign their roles. Assigning specific roles and tailoring approval levels to different spending amounts for enhanced flexibility.
Once the invite is sent, an approval request will promptly appear on your dashboard, facilitating quick decisions and fostering transparency. Also, the authorisation of payments and approvals of reviews are dependent on the roles assigned to your team members.
One great benefit of the maker-checker feature is that assigned employees can accept, reject, or request modifications, ensuring a careful examination of every payment before finalisation.
Interestingly, Leatherback provides a comprehensive overview of all completed payments, granting valuable insights into your expenditure. This transparency empowers you to make well-informed financial decisions for your business.
As mentioned above, watch the tutorial videos to learn how to use the maker-checker feature on the Leatherback business app to approve expenses, and ensure everything is secure, collaborative, and well-organised for your business.
For more information about business finance, and how to use the Leatherback business app, contact us at help@leatherback.co. Stay in touch and keep abreast of financial tips and resources via LinkedIn, Instagram, Facebook, and Twitter.
