How can Corporate Credit Card Help Eradicate Expense Reporting Fraud?
Corporate travel and expense fraud is challenging for most companies, but automation can help make processes efficient and secure. Adding a few miles to expenses or getting a blank receipt from a taxi driver or claiming for travel that has not been made and more, are some of the common expense frauds. Employees are frustrated by the expense management process; ...
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How Automating AP Processes Helps You Save Money & Time in 2020?
In today’s fast-paced environment, financial teams have more pressure from management to better handle working capital and corporate spending. Accounts payable teams should handle the entire procure-to-pay cycle effectively to improve the organization’s accounting processes. From getting approvals to releasing payments to the vendors, AP teams should manage many time-consuming tasks in specified timelines. However, this can be done by ...
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Expense Reimbursement Challenges & How Expense Software Could Help
Employees spend billions of dollars on corporate travel expenses. Expense reimbursements give organizations control over employee spending by giving corporate cards with direct lines of credit to their bank account. Finally, the business ends up issuing reimbursements for extremely legitimate expenses after a lot of back-and-forth. This process creates confusion among employees who are not familiar with the ins and ...
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Effective Spend Management Starts with Procurement Software
Managing spend is a long process of collecting, categorizing, and assessing data spend habits in order to cut down on procurement costs, improve efficiency, monitor workflows, plus regulate compliance. The procurement cycle also involves various other activities such as requisition processing, inventory management, and sourcing. Every organization, regardless of size or type, spends lots of time and resources currently managing ...
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What Organizations Should Look for in an Automated T&E Management Solution
Business travelers frequently complain about always filing their travel and expense claims either on Excel sheets or utilizing their manager’s old and clunky solution. This process can be time-consuming, which makes it easy to put off, which ultimately delays the reimbursement process. Finance departments are also tired of having to process thousands of expense claims every month manually. So, it ...
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How Analytics Helps Reduce Costs and Risks in Business Procure-to-Pay Process
Most of the problems in procure-to-pay compliance arise because businesses are more focused on completing their review than on the quality of the review. This can result in inappropriate transactions slipping through, which has the potential to expose the company to risk, wrong audit findings, and reputational damage. It is becoming clear that traditional systems and staffing aren’t sufficient. Analytics ...
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