Companies that rely on traveling employees to drive their profits forwards are already well aware of just how important it is that they get results from those on the road. But it’s also vital that you understand just why it’s so important to pay attention to how you manage expenses and on cutting down on the frequency of fraud. Web based expenses can help with this process immensely.
First, it’s worth looking at the issue of fraud itself. Fraud is becoming increasingly common throughout the workplace, and each year dishonest employees cost companies around the world billions of dollars. In fact, recent data shows that the average company loses about 5% of their revenue each year to fraud from their employees.
Travel expenses are one of the main areas that this fraud happens, and web based expenses programs can help with the problem. The reason it’s so prevalent in this side of business is simple – it’s because it’s easier to get away with. Employees can turn in claims that aren’t actually allowed and often have them fly under your radar due to the fact that you’re looking at so much information from each trip.
With web based expenses, the chance of fraud occurring is much smaller. Here are some of the ways that using web based expenses can help you reduce fraud.
- By implementing automated expense, you reduce the chances of improper claims being approved. The process is largely automatic, and any expenses that fall on weekends or are related to items not covered by your expense policy are usually identified quickly.
- Since your employees can upload their expenses onto the web based platform while still on the road, the overall workload you have when they return home each day is greatly reduced. This means you’re able to better review the info and ensure that there are no issues related to id.
By streamlining the process and automated much of it as well, web based expenses help you reduce employee fraud and keep your profit stream high. It also helps you keep your business on the right side of all compliance regulations, ensuring that there are no fines or penalties associated with your employees’ misdeeds. Your company needs all the help it can get to thrive, and it’s important to pay attention to web based expense report programs to help ensure that you’re able to move your business forwards the right way.