It is obvious that automating expense procedures prevents expense fraud. The truth is that expense fraud is associated with other kinds of business fraud, which means it is evident that evading expense fraud can cut down business fraud.
Apparently, fraud costs around 5% of business revenue. Around 15% of fraud cases are related to expense fraud. Therefore, finding where employees are indulging in fraud can help weed out possible cases of business fraud.
Reportedly, the average time companies take to detect fraud is 24 months, which is a long period for businesses. The more swiftly you can detect the route problem, the better it is for you to avoid expense fraud. Failing this would encourage a fraudster to indulge in other business fraud, thus costing you more money. Expense report software would help you respond to the problem swiftly by flagging out all out-of-policy expenses submitted by employees. Likewise, whenever an employee submits an out-of-policy expense, an alert will be sent to managers so that they can immediately plunge into the action. In this way, you can figure out lot of out-of-policy expenses before it becomes a huge damage to the company.
Integrated expense management software can help improve the speed and efficiency of fraud detection. With artificial intelligence, the software can flag non-compliance expenses so that you can review and take the request further. Also, risk levels will be set automatically for each out-of-policy expense so that you can review the expense line item with highest risk level. In this way, you can avoid expense fraud to maximum extent. Also, the software integrates the required information into coherent reports, leaving no space for expense fraud. Expense management software can be your one-time investment to avoid any kind of miscellaneous expense fraud. It can combat fight while making business expense processes effective.