Recent studies reported that increasingly many employees have found a way to forge the expense reimbursement process. The question that arises is there any way for organizations to control such fraud behavior of employees. Technology can help organizations measure and quantify the spend to control fraud from happening.
Trends in Corporate Travel Fraud
The following are some of the common practices that happen in corporate fraud:
Falsifying the amount on the bill
Claiming personal expenses such as gas, hotel, travel
Multiple employees traveling together but submitting the same bill to claim the expense more than once
Claiming more mileage reimbursements
Submitting expenses that violate the company’s policy
Preventing Expense Reimbursement Fraud
Automating Employee Reimbursement Process
Managing expenses manually result in lack visibility and transparency. Automating the processes will enforce corporate policies and set a process workflow across the organization. The entire reimbursement cycle follows a systematic approach. Expense data for an employee can be accessed anytime and from anywhere.
Nothing works better than automated expense report software to enforce corporate policies and prevent violation by sending automatic notifications and alerts to the employees.
Approvers must make sure that expense claims are within the corporate policies before approving them. Setting a multi-layer approval process ensures enhanced monitoring and control, which is not possible with a manual approach. Automation allows you to send quick emails and notifications to approvers and employees with regards to expense claims.
Tracking & Monitoring
Every expense should have a unique expense code to make tracking easy. Expense report software provides insight into expenses, employees, categories, and departments. Any duplicate or suspicious expense claims can be easily identified using expense report solution. Advanced analytics allows you to review and cross-verify the expenses made on the same day, month, and business trip.
Automated expense report solution can help organizations to be systematic in expense report process. Automating the entire process helps in improving the visibility and transparency into the process. Also, it makes the expense reporting process more convenient by allowing users to upload their bills, get approval and process reimbursements faster. An act of fraud is unacceptable, adopting expense report software solution helps combat expense reporting fraud in your organization.