In light of the recent exposure of improper spending by Senate representatives, the Auditor General has released a wide reaching report on other fraudulent activity as well as methods for containing the loss of public funds. Among the many points that are addressed within the report, better oversight and the use of expense report automation are at the forefront of suggested new best practices for handling finances.
One of the things that is very important about this entire development is that it also alerts businesses and other profit or non-profit organizations about possible indiscretions that may be happening with budgets. Monitoring employee spending is a substantial task, and the sheer volume of data that needs to be scrutinized can become overwhelming.
This is another point that the Auditor General illuminates, in that human error is a strong contributing factor as to why fraud is so prevalent when it comes to expenses and reimbursements. Large amounts of paper forms and possibly altered receipts can create confusion, and fiscal managers are not always focused on the minutia as much as the larger picture.
Integration And Connection
It is also important for businesses to realize that while the bottom line indicates success and growth, the smaller factors of spending will still add up to considerable losses if they are not regulated. In this respect, expense report automation provides a clear and concise means for attending to these concerns, without generating a larger work load. By using automation for the process, the workflow is channeled through the automated expense report, so that both technology and human oversight provides a better means of controlling costs.
In regards to fraudulent spending, the Auditor General provides insights that benefit the way the government uses public funds, as well as pointers that any business must take to heart in order to remain viable and sustain growth. With expense report automation, companies can pay attention to both the bottom line and the smaller variables in spending which impact it.
Finally, the push towards automation is also one of accountability and control. Although settings to the software can provide specific alerts, report generation also allows for comparison of spending trends, which shows where losses are at their highest. Whether the motivation is fraud or simple human error, expense report automation will provide the means to significantly reduce this spending.