Keep Fraud Out Of Your Business

Keep Fraud Out Of Your Business

Keep Fraud Out Of Your BusinessPossibly one of the most damaging and painful things a business can experience is the abuse of trust and privilege from employees themselves. It’s unpleasant but understandable when a robbery occurs and you assess the damage to see what a stranger with criminal intent has taken from you.

It’s quite another thing when you find out that the people you have hired, that you are already paying a monthly salary to, are taking things from the business that don’t belong to them. It’s especially painful when it occurs through something like fraudulent expense reports, which require a deliberate amount of lying and falsified documents in order to succeed.

It’s frustrating to think that your employees may be taking what doesn’t belong to them from the company budget, but there is a way to fight it, and that’s with the judicious use of expense report software.

Misreporting Tactics

With traditional expense reporting methods, fraudulent reports are much easier to fabricate, because older methods give unethical employees the luxury of time. It’s understood that an expense report is a detail-oriented, extremely time consuming activity, and there’s no place for it during the actual business trip, because the most important thing is to achieve the goals of the business trip itself.

This means that once the employee returns home, it’s much easier, with more leisure time, to fabricate whatever is required for a fraud expense report. There is a website service, for example, that can produce fake receipts on request, which can then be attached to traditional expense reports. Every delay or extra bit of time taken before submission helps a fraudulent employee to misreport expenses and get reimbursed for things they shouldn’t.

Automation Is Protection

An automated expense report software system like ExpensePoint can make a huge difference in fighting misreported expenses. When combined with a strictly enforced reporting policy, things become much harder for people trying to falsify their reports.

Automated expense report software does two important things; it makes expense reporting on a point-by-point basis much easier for people to do, which feeds into the second thing. It makes it possible for people to write up expense point entries in real time, since they can now do so in seconds, and even use the camera on their phone to take an image of the receipt for filing and verification purposes.

This means that expense report software can force fraudulent employees to either comply with your report practices, or quickly be found out as they continue to submit late reports with large expenses. Either way, automated expense report software helps you to make expense reporting easier for honest employees, while making life harder for dishonest ones. Once you see any employee with large expenses, that is still insisting on submitting expense reports days—or even weeks—after they’ve been required, you’ll know that there’s something going on, and you can do something about it.

Easy expense reporting is something that everyone except unethical employees welcome into the workplace.