Expense Fraud Detection and Prevention
One problem you may face is keeping an eye on Travel and Expense risks. These are not always people trying to exploit a credit card, they may just be human error, but they can still affect your cash flow.
We apply automated checks such as duplicate submissions, refunded expenses and unusual mileage. Other areas which need to be tracked are unusual or out of policy purchases, meals and accommodation and misclassified purchases.
With an automated expense management system, data is more accurately and consistently inputted, and so with proactive monitoring can detect and reduce fraud in less than half the time than without an expense management system in place.
How we use data to track misuse
Centrally control spend over multiple profit centres
Tags are a powerful feature which allow administrators to recreate the organisational structure and related business rules and expense system policies. Each tag can represent a team, office, location, project or cost centre which may require different rules and actions. This structure also allows for costs to be posted to the correct accounts as PL Invoices are be generated as part of the expense system integration, providing transparent auditing and reconciliation, maintaining up-to-date budgets and returns.
Increase accuracy
Our built-in journey distance calculator and HMRC approved tax and fuel rates create accurate journey claims for personal or company vehicles. Not every journey is the same so % tolerances can be setup for flexibility between the expense system generated distance and the actual journey recorded by the claimant. Reduce potential overspend whilst submitting accurate VAT returns.
Fraud detection and enforcing policy
With the organisations business rules applied directly into the platform, they are enforced in real-time by displaying warnings or restriction as visual notifications to staff whilst raising the expense claim. Weekend and duplicated claims also form part of our compliance. Save time by relying on Expense Once to reduce out-of-policy reports and potential overspend.
Dynamic approval made easy
Multi-level approval stages and dynamic workflows entirely streamline the process. Every line of an expense report can be routed to different budget holders or managers based on the claimant, team, expense category, amount or project. As many workflows can be created as needed and managers are notified as expense reports are submitted whilst the claimant is kept up-to-date until they’re reimbursed.
Improve Staff confidence
Managers and finance can spend far less time manually scrutinising expenses and instead rely on the platform to apply correct rates and taxes as well as notifying them of inconsistencies or potential over-spend. Flexibility has been built-in by design to cater for simply small business expenses whilst also delivering for the most demanding enterprise. With Expense Once feel confident that you won’t be contributing to company overspend or incorrect VAT reclaim.
If you need any more information on how we can help support your business in security, contact us today. We will be happy to go over the details with you and cater the system to your needs.