Billions of dollars are lost every year by businesses around the world to one thing – fraud. Employee fraud can cost your company thousands, and no business is too small to feel the effects of it. Because of this, it’s important to take time to fight back. You’ll want to look at each area of your company’s operations, and one that is important to pay attention to is within your travel expenses. Expense report fraud may not be the first thing you think of when you think about fraud, but it’s a very real issue.
The big reason that expense report fraud is such a problem is simple – it’s one of the easiest areas of business operations for dishonest employees to take advantage of your company. Think about it – the sheer number of different expenses turned in each quarter, the varied rules about which expenses are allowed, and numerous other factors all combine to elevate travel expense management into one of the leading areas that fraud occurs.
So how can you fight back against expense report fraud? There are numerous steps worth taking. At the heart of them all rests one important common bond – the use of good expense report software. Using good software provides you with numerous tools that can help you in many ways including the following.
- You can use expense reporting software to monitor expenses in real time. This helps make it less likely for an employee to be able to slide an expense past your radar. Instead of managing huge piles of receipts at the end of a trip, you can keep tabs on them as the occur. It simplifies your job tremendously.
- Sine you are using good expense software you will be automating much of the process. This translates to improved fraud protection since the system will automatically deny claims that don’t meet the parameters that you set up through the controls. In short, it makes it far harder for your employees to commit fraud.
- Also, good expense software comes with excellent data reporting features. These data reports can be reviewed whenever you wish to identify who may be spending more than others and whether or not their expense are more than they should be.
All in all, using expense report software to combat fraud within your business is something that you’ll want to consider doing as well. It’s something that can come naturally thanks to automation, but putting a little extra work into it could lead to even better results.