4 Ways to Fend off Expense Report Fraud

In any company, if there is any type of employee reimbursement program, there is a chance of fraud. So, how do you fend off fraud before you get a handle on expense management program?

Go Apps

From transportation to booking hotels, there are apps for anything and everything in between. While applications make life convenient for users, they create challenges for finance departments trying to track employee expenses. Mobile apps can make employee life easier and allow the finance department to access data when needed. Make sure the apps you choose allow for easy tracking and ensure transparency in the reimbursement process.

Enforce a Corporate Card Program

Many organizations don’t go for a corporate card program thinking it is difficult to manage and leaves space for fraud. But, mandating the corporate card program offers you many advantages and allows you to easily validate costs and provide tighter control over approved expenses and claims. Integrating corporate card with expense report solution allows you to automatically import transactions into the expense report, making it easier to track expense claims. Also, approvers will be getting alerts for transactions made and this way you can easily identify out-of-policy expense claims.

From Automation to Integration

Automating your expense report process is a great way to reduce errors and fraud in the company. Taking a step further and integrating your travel and expense data will give you the visibility you and your team need to have in employee spend. Your team will not only enjoy the benefits of real-time data but can also set tighter controls over expenses. Any expenses imported into expense system ensure that employees can’t falsify claims.

Mobility plays a key role in corporate travel management, an integrated expense system can incorporate the use of a smartphone for capturing expenses while on the go. This would automatically reduce the chance of missed receipts.

Audits

Giving your expense report process a thorough review and audit will ensure you are in line with corporate travel policies and process. Conducting regular audits will make the process run smoothly and reduce out-of-policy expense claims.

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