Corporations and enterprises need to grapple with mounting travel expenses frauds occurring almost on a daily basis. It can range anything from adding a few miles to the expense bills, getting a blank receipt from a cab driver and claiming expenses for trips that never would have been made. The problem lies in how something is considered as fraud when it is so little and recurring. Also expenses are claimed with effect from a particular date or period in the past.
In converse, employees that feel that manual expense reimbursement process is slow and arduous are naturally averse to it. Taking a printout of a claim receipt and having to run pillar to post just to get it authorized by a line manager or the accounts department before submitting it to the head office can take light years. And what if it involves any objectionable claim?It can take a minimum of a week or so to get your claim back.
Employee fraud is business big time. Businesses in recent times have reported losses in millions of dollars due to corporate employee fraud. The numbers are simply mind boggling! According to a report by the US Association of Certified Fraud Examiners’ (ACFE) 2018 to the Nations, expense reconciliation fraud amounted for almost a quarter 21% of fraud in SMBs having less than 100 employees and 11% in large businesses having 100 plus employees.
All said and done, companies are taking employee frauds on a serious note than ever before. Not just this, they are getting defter at identifying and eliminating them. As per another reliable study, there has been a marked rise of nearly 76% in corporate employee fraud in 2017-18 from the previous year. The most worrying aspect is the losses incurred by the company due to employee fraud at some point or the other.
Many companies have started using business travel management suite that offers automatic travel expenses reconciliation instantly without any cumbersome and laborious manual work involved. If you haven’t tried out Tripeur, our all-in-one travel management suite, why not give us a call today?