Monitoring expenses with Expense report software helps you control fraud
There is no doubt that expense fraud is a serious issue for businesses of all sizes. It happens in many ways, and without the right practices backed up by technology, it is almost impossible to plug all the gaps. Online expense report software helps with the implementation and execution of all the expense management best practices and ensures that fraud is controlled. You can efficiently monitor the entire process and introduce enough checks in the process so that the scope for fraud does not arise. Here are two ways the software helps:
Scheduling periodic reports
One of the reasons for expense fraud to continue is lack of visibility and attention to detail. If you know what is happening, then there is scope for you to control but if you have no means to even know anything, you are asking for trouble. There are the usual reasons for this – no one has the time to understand everything and an additional resource has to be engaged for this purpose alone. But with expense software, you can have that visibility and attention without having to spend anything extra. You can schedule periodic reports so that you can stay on top of everything at all times. Any anomaly or skew, you will immediately know and can take action. When there is visibility, employees think twice about committing fraud.
Comprehensive, automated solution
Another reason for fraud is the lack of collaboration among the departments involved in the expense process. The one who books the ticket does not pay the money and the one who supervises the whole thing does not go into detail. Finance teams get invoices which they pay up without checking back and supervisors pass through reports because they don’t know anything better.
All of this can be avoided with the comprehensive expense report software solution. From booking to paying up and analyzing the trip you can do everything through a single, centralized solution.
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