In the world of travel expense reports, innocent mistakes are much more likely than attempts at fraud. However, the weakest point in the value chain when it comes to fraud is the use of credit cards while abroad.
Thanks to the confluence of different national rules, payment processes, policies, and other issues, it can be difficult to spot attempts at fraud by individuals who are traveling abroad for business.
Unfortunately, business travel is one of the areas where it is easiest for unscrupulous people to enrich themselves at the expense of the company for which they work. Compliance becomes a much hazier and more complex issue when great distances are involved.
Likewise, even the most savvy compliance professionals can have difficulty spotting regulatory issues when they have to wade through business travel that could span thousands of miles and many months. What is the solution?
Although enhancing processes is one way to improve overall results, processes can spiral out of control. Ensuring that the straightforward, effective processes you already have are followed worldwide should be a top priority.
Software can work “hand in glove” with other efforts to eliminate fraud from travel expense reports. Full credit card integration makes it nearly impossible to engage in intentional wrongdoing, and makes mistakes much easier to spot.
When It Comes To A Point Of Fault, Would You Rather Reduce It Or Eliminate It?
It’s valuable to have good policies and controls backing up your enterprise. However, when these aren’t followed exactly, they amount to half measures. How can you be sure your policies will be followed worldwide — as if there was a compliance expert in the room?
The best way to do it is with mobile-compatible, cloud-based software for expense reports.
When traveling, most businesspeople are firmly anchored to the “home office” through their chosen mobile device. It is vital to ensure that any measure you take for enhancing your global compliance will not be diluted when accessed on a smartphone or a tablet.
Cloud technology helps to ensure that you can always get information that is up to date. It also makes it easier for stakeholders who spend much of their time abroad to update quickly — and helps to detect patterns of behaviour that might indicate attempted fraud.
When you look for a way to make your travel expense reports ironclad, make sure that credit card integration is part of the story.