Lack of visibility and control over employee-initiated spends create an opportunity for fraud. It is stated that T&E expense fraud is the reason for significant financial losses within many organizations. A robust expense management solution offers the best ways to drive compliance and prevents fraud in T&E spends. Expense management software provides accurate, reliable, and complete information in a timely manner and helps financial managers make more informed decisions around policies and internal controls.
The software reflects the organization’s global T&E strategies with pre-defined forms, expense types and limits, and flags out-of-policy spends for employees and management, all with one touch. The advanced reporting and data analytics of this system enable you to track spend by employee, business unit, type of expense, vendor and other important variables in order to find suspect expenses. The real-time data helps enterprises refine policies, drive compliance, and optimize T&E management.
The system streamlines the entire travel booking and expense reporting process while ensuring a secure environment and access to the most reliable information. The one touch solution offers the ability to combine all travel and expense data for policy compliance analysis. It analyzes employee T&E spend data in a unified manner from each distinct source within the process and enables organizations to think strategically and work proactively. By maintaining all information in a single location the system not only reduces the risk of fraud but also supports for organization’s growth.
A comprehensive view of T&E expense data gives the information required to identify problems, refine policies, drive compliance, and supports better-decision making. The advanced tools and mechanisms of expense management software offer fraud detection and deterrence into every step of the T&E management cycle.