Any business of any size will have to face challenges in order to succeed. But one of the saddest facts is that one of those challenges will be internal fraud. Fraud costs companies trillions every year, and recent data shows that the average company will lose around 5% of its profits to employee theft and fraud every single year. There are some steps that you can take to combat this issue, of course, and one of the best is the addition of online expense report software to your business operations.
Even if you have been using a traditional offline system, it’s worth considering the move to an online expense report software solution for many reasons. One of those reasons is that it offers additional functionality and features to reduce fraud in significant ways. Here’s a look at some of the key ways these programs can help you fight against fraud.
- Everything is automated with online expense report software, from receipt imaging to credit card integration to automatic currency conversion and more. This means that there are fewer opportunities for your employees to try to slip in dishonest claims – the system identifies these claims instantly.
- Since your team can upload their expenses whenever they incur them, it’s much easier for you to monitor spending while they’re on the road. By doing so, you can easily identify when they’re not following proper expense guidelines.
- You will also be able to utilize data reports to review your company expenses. This allows you to identify whether or not a single employee is spending more than others and which departments seem to be costing the most to keep on the road. Data reports are among the most important features you can have in any software, especially online systems.
- Features like receipt imaging completely eliminate the paper receipts and paper forms associated with expenses, which in turn makes it easier for you and the system to identify discrepancies and fraud. It sounds like a minor point, but going all digital can really make a big difference in the way your expense management goes.
Fraud can drag down a company, and can even lead to additional expenses like noncompliance fees and penalties. It’s important that you do all you can to combat against it, and few things are as effective as using online expense report software to help stamp out fraud completely.