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The Association of Certified Fraud Examiners categorizes expense frauds into four types. They are as follows: Mischaracterized expenses Personal expenses submitted under the category of business expenses is a frequent occurrence. This eventually adds up as there is no way to determine the category of a claim based on the submitted receipt. Fictitious expenses These…
Tag: Automate Expense
Why Businesses Should Automate Mileage Tracking
All business-related drives can be used to claim mileage deduction. Whether it’s an on-site visit, meeting clients, or providing client demos, tracking your mileage is imperative as it impacts overall employee productivity and also helps in tax savings. The mileage rate is updated annually and forms the foundation for calculating mileage allowance. In situations when…
