Your company’s income is vital for its success, but so is avoiding loss of revenue. And while there are numerous steps out there you can take to assist in fighting lost profits, one thing that is often overlooked is the big impact that expense report fraud can have on your bottom line.
A recent study found that an average company with travelling employees will lose up to 5 percent of its revenue every year to fraud. It’s a billion-dollar problem throughout the world, and one that companies need to take steps to combat. Luckily, there are numerous steps you can take that can help you fight expense report fraud in significant ways.
Real Time Monitoring
The first method of combating expense report fraud is simply to use online software. These programs eliminate the need for employees to arrive home with huge piles of receipts and claim forms. They’ll upload their expenses as they incur them, making it easier for your home team to keep tabs on who is spending what, where they’re spending it, and when.
Today’s expense report automation software lets businesses set up various parameters that oversee the approval and denial of various claims. This in turn means that it’s much harder for fraudulent claims to slip through the cracks – the automation filters out invalid claims. Your team will still be able to manually approve or deny everything, but that level of automation makes a big difference.
By using data reports generated by your expense report software, you can easily review and identify the spending of your team. You may be able to spot a particular employee who is spending more than others or a type of spending that is costing your company big and that may not be 100% above board. All in all, data reports can be your greatest ally.
These are just three key ways you can use your software to fight expense report fraud and get your bottom line back where it should be. With so much potential lost profit, it’s important to take the steps to improve your fight against fraud and today’s online programs can make it easier to do.