Working closely with staff requires you to manage their day-to-day activities, including the claims they submit. Therefore, when fraud occurs, it is imperative to identify what exactly the reason is and where it is happening. In fact, around five percent of revenue is lost to fraud every year. So, what can a business do to combat fraud?
Employee initiated expenses is where fraud can happen. Introducing a corporate card program can help tighten controls, while making it easy to access data and cut down expense reporting errors.
Gain Control over Employee Spend
Corporate cards give you more control over employee expenses. You can set restrictions on transaction limits, merchants, and location controls. This can help control employee spending and strictly enforce expense policies.
Additionally, corporate cards take the burden off of employees, and alleviate the need to use out-of-pocket money for business expenses. This makes business travel easy, knowing that they don’t have to wait for an extended amount of time for reimbursements. It is a win-win situation for everyone involved in the process.
Fraud Can Be Caught Easily
When employees spend on their corporate cards, transactions will go directly to the company, allowing for greater access to the data. You can better monitor spending and flag expenses that do not comply with the company’s policies. This way you can prevent bad spending before an expense report is sent for approval. Not only does it allow you to figure out-of-policy spending, but it also allows you to spot personal expenses that employees claim as business expenses. Checking corporate card transactions against expense claims allows you to spot personal expenses with ease.
As expenses can be directly imported, common errors such as inaccurate data and wrong data entries can be avoided. Corporate credit cards make the business expense process easy for travelers, as every transaction gets recorded automatically. This prevents errors from occurring.
Automated, Cloud-based Expense Solution
An automated cloud-based expense reporting solution makes the expense reporting process easier and much simpler. The solution streamlines your process. By integrating with corporate credit cards, you can gain the critical visibility you need into employee spending. Business reporting data can be accessed easily, and informed decisions can be made for budget forecasting. Automated expense management solutions such as SutiExpense not only automate the processes, but also make the process mobile. With SutiExpense, employees can directly submit expense claims from a smartphone using Optical Character Recognition (OCR) technology. This eliminates the need for data entry for the most part, which makes the expense reporting process more efficient and accurate.