Fraud has been committed from the bottom rung of the ladder, all the way up to ownership, but it is preventable. Employee fraud can happen for a variety of reasons, but by using automation to keep track of travel expenses, employees will be more likely to adhere to company policies. By having all of their expenses, at your fingertips, you can closely monitor travel expenditures.
An out of the ordinary purchase, can allow you to hold your employee accountable for their actions. Strictly sticking to company expense policies, for all employees, will ensure that everyone is treated equally. If the policies do not bend for certain employees, then all employees can be held accountable on the same level. This will help prevent employee fraud, on all levels, even in places that you might not have ordinarily looked.
Everyone Loses When Fraud Is Committed
The employee that commits the fraudulent act, and anyone else that deals with the company, loses when fraud is committed. These resources should have been funneled back into the company, resulting in higher pay, lower costs for consumers, or even company bonuses, but instead, the actions of one individual, impact everyone. Having an automated expense reporting system in place, will reduce these unwanted instances.
Benefits Of Automated Expense Reporting
- Accuracy– Compiling expense report data takes time, and the information that you receive can be out dated. By receiving the information quickly, and conveniently, data will be more accurate, allowing you to find fraudulent charges more easily.
- Time– Time is of the essence, for many travel related meetings, and automation allows for less human intervention. This means more time can be spent on important items at hand, like closing that deal, or making the company money.
- Enforcement Of Policies– Employees will adhere to policies because the automated system will make catching discrepancies easier. They will not want the hassle of having to deal with the accounting department, and if rules are broken, they can be addressed quickly.
- Efficiency– You accounting department will have an easier time keeping track of expenditures. They will be able to notify you of any problems, in a timely manner, which helps the company’s bottom line.