Companies operating today face a huge array of challenges, and being able to meet and overcome them is important for their success. A perfect example of those challenges comes in the form of fraud, and employee fraud accounts for billions of lost profits in the business world every year.
Fighting fraud can take a variety of forms as well, but one tool that can help tremendously may surprise you – the use of online expense report programs. Putting these tools to use for you could help you identify fraud, reduce noncompliance, and boost your company’s bottom line significantly. Here are some of the key ways that online expense report programs can help you combat fraud.
- Automation really makes a big difference in terms of fighting fraud. When permissions and approvals are automated, it becomes far more difficult for a dishonest employee to slip something by your team of expense managers. The automation helps reduce honest errors as well.
- Just the fact that the system is online and that your team can upload expenses through mobile devices or laptops means that you can monitor their spending as it occurs. This means that you aren’t faced with a huge mound of paperwork at the end of a business trip, and that you can instead review the spending as it occurs. That makes it much easier to spot dishonest claims.
- With credit card accounts linked to online expense report programs and with automatic currency or tax conversion as a key feature, it’s much harder for things to be passed off that would normally be missed without an online system in place.
- One of the most powerful tools you can use to combat fraud is the data report capability of a good expense program. You can use these reports to identify excessive spending among a department or by a single employee, not to mention develop new policies and strategies as needed.
Simply put, there is no question that online expense report programs can change the way you combat fraud within your business. Use them effectively and you’ll likely see a reduction in errors as well as fraud – and an increase in your profits.