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Expenses Management Special: How More Efficient Processing can Save Your Business LOADS

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Viveka Alvestrand
Digital Marketing Manager
Feb 28, 2020

Expenses can be a bit of a pain, can’t they? All those claims to process, file and track.

Without proper processes and rules in place to deal with staff expenditure, though, organizations open themselves to potential fraud. And we are not talking small sums!

Here are three sobering facts:

  1. The US economy is losing close to $3bn to T&E fraud, every year
  2. Those employees who commit expenses fraud line their pockets with on average an extra $2500 per year
  3. Only 17% of perpetrators are ever caught

Of course, it’s important to point out that staff fiddling their expenses is not the norm – far from it. Nor are we here to scare you!

BUT some organizations make it (too) easy for their employees to claim personal purchases as business expenses. Of those who commit fraud, 76% work in organizations where manual submission processes, usually in the shape of a paper-based form with receipts stapled to it, are the norm.

This is a real shame as there is an EASY remedy to the problem: an expenses management system. This type of solution puts proper rules in place, making the process of submitting and processing claims much easier for employees and finance staff alike.

The fact that expense management systems reduce fraud incidents by 68%, according to AP automation supplier Chrome River, should be incentive enough to consider one.

To help, we have collated a number of excellent case studies and reports on the subject to help with your fact finding. They are ready to be downloaded below.

There is an easy solution to getting to grips with expenses management, and it’s much easier than you might think!

 

T&E Rules that Prevent Non-compliance, Budget Leaks and Fraud

What’s the best expenses management software in 2020?

How Global Insurer Allianz Cut Expenses Processing Time By 90% With New Processes

The Most Common Expenses Scams (And How To Stop Them)

Automation Saves Companies On Average 76% Per Expenses Report

Which Sex Is More Fraudulent: Men or Women?

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