Thanks to expense reimbursement solutions, managers like you continue to gain more visibility and control over their employees' spend. Today, having an automated solution is vital for the detection and prevention of fraudulent claims among your employees.
Employee expenses represent a significant category of costs for your company, with a high risk of exposure to costly misuse of resources. If you want to maximize the benefits of an expense reimbursement software, below are some tips from our expense management specialists.
How do you track credit cards and check if an expense is business related? When expenses are imported automatically from credit cards into your expense reimbursement system, you know that employees are not able to change the value of their expenses. Using corporate cards instead of personal credit cards allows you to set certain limits and gain more control over the amount of money your employees spend.
Technology has a huge impact on your corporate expense policy and on the reimbursement and approval processes. Which is why you must keep up with the latest tools that help you increase compliance within your company. To eliminate fraud, you should ensure that the corporate expense policy is integrated with expense related process, that employees are aware of the rules and that you can notify them regarding compliance with the company's policy even when they are on a business trip, using a mobile solution.
An expense reimbursement software eliminates the need to check every single expense claim manually as pre-approval and approval processes are automated. Pre-approval processes helps you increase compliance with your corporate policy while decreasing costs and the time spent completing related tasks. Automation of approval processes helps you validate reimbursement claims in real time and flag the claims that are out of the company's policy, with an important influence on fraudulent actions.
You want to pay attention to the details of your employees' receipts when they submit reimbursement claims. As your financial team have to check for multiple submissions, ensure that your expense reimbursement solution allows you to easily identify duplicates, suspicious transactions, holiday expenses, group meals as individual meals and so on.
As many of your processes are automated, you have access to multiple types of valuable data that you can extract from your reports to identify fraud or irregularities. To maximize the features of your expense reimbursement solution, you need to analyze the information you obtained. For this, you should have a proactive approach to identify violations in individual transactions, unjustified travel costs, employee compliance issues, etc.
A strong expense reimbursement tool will automate the preparation and reimbursement of expenses, but also their auditing, thus reducing your company’s expenses and any possible fraud. When choosing an expense reimbursement solution, look for features that allow you to automate processes and gain more time to spend on tasks that help you reach your goals.