Are you aware of just how damaging fraud in your travel expenses can be for your business? Just one dishonest employee can lead to thousands of lost dollars, and every year millions of money is lost due to fraud. Add in the risk of noncompliance fees and penalties, and it becomes clear that you need to get do all you can to avoid fraud. Luckily, online expense software can help make it easier to do just that.
There are several ways that online expense software works to fight fraud within your employee travel expenses, and taking a look at some of them should help you see why it’s well worth investing in.
- Since online programs allow your employees to upload information and claims as they occur, it’s easy to track expenses in real time. This means that you’ll be better able to spot claims that occur on days that aren’t actually working days, and also that your home team isn’t overwhelmed by a huge amount of receipts and paperwork. That mountain of forms can make it easier for a fraudulent claim to slip by, but with online programs it’s harder for this to happen.
- Online systems are also automated, with nearly every process connected to the automated system. In other words, claims are automatically checked and verified, improving accuracy dramatically in the process.
- You’ll also be given plenty of data reports that you can view as needed. These data reports give you a detailed look at employee spending and will make it easy to spot potential excessive spending, fraudulent claims, and any other issues that may exist.
- Online expense software is directly linked to other accounts like your credit accounts or accounts directly related to expenses. This means that there is no chance of an error or a dishonest action taking place between the two.
Simply put, online expense software makes it easier for you to track and manage expenses, and also helps you avoid fraud. This translates to a better bottom line and better results for your company.