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: Automated Expense Reports
Why You Should Stop Paper-based Expense Reporting
Despite being in the 21st century several organizations and companies rely largely on paper-based and manual expense reporting. While this might have been the norm several years ago, continuing to process expenses the same way leads to companies missing out on key aspects of the strategy that allows them to maintain relevance while saving time,…
How Expense Management Can Help CFOs
Travel and expense (T&E) cost is usually a close second after wages and sales-and-marketing outlay when it comes to controllable costs. According to the Association of Certified Fraud Examiners’ 2018 Report to the Nations, expense reimbursement fraud accounts for 21 percent of fraud in small businesses and 11 percent in large businesses. Adoption of technology with…
Automation Takes the Pain Out of Expense Management
What is one of the biggest issues all employees absolutely dread? Expense Reporting. We are sure you will agree. The world of expense management has been bogged down with boring, lengthy and painful manual processes. Where the world today is adopting automation, this is one area of business that has been slow on the uptake….