Did you know that every year, fraud costs companies billions of dollars? In fact, on average a company will lose more than 10,000 dollars annually due to fraud alone. While this can include everything from an employee stealing supplies to more serious cases of fraud, one area that has continually been an issue is that of employee travel expenses.
Not only is fraud a major issue within the world of travel expenses, but so are plain, honest, human errors. Mistakes can get made easily when managing expenses, but one thing that can help is the use of travel expense automation programs.
Simply taking the time to install and use good travel expense automation programs can help your company avoid the high cost of fraud and errors in a big way. Here are a few of the key points to understand where this is concerned.
- Automation is just what it sounds like. With the right expense automation program installed, things like submission and approval of expense claims are done through the software and approved or denied automatically. You set up the parameters for approval, and the system will then ensure that a claim is valid.
- You and your office team are still able to review and finalize each approval or denial and modify the decision as needed. This helps ensure maximum accuracy.
- Additionally, the system will usually be linked to things like a credit card account and any compliance-related reports. This means that information doesn’t have to be entered multiple times – changes are applied throughout your business. This eliminates the chance of a single figure being entered improperly and causing inaccuracies.
- When you automate expenses, your system will run more smoothly and reduce the chance of any fraud since the automated system will deny claims that would have fallen through the cracks.
- You’ll also be able to review reports concerning expenses. This makes it easy to identify any potential red flags and investigate them further.
Your company doesn’t deserve to suffer because of dishonesty or because of honest mistakes, and the right expense automation program can help you avoid it outright. Pay attention to this feature of expense software and you won’t regret it.