Procurement Software Prevents Fraud
E-Procurement for Expense Reports
Expense reports are one of the most frequent forms of fraudulent activities and a place where many businesses are especially susceptible. These five tips will help your organization protect itself and its employees.
Provide clear reimbursement guidelines.
By giving clear and exact details on what is and is not acceptable for expensing, companies help their employees stay out of the gray area in their expense reports.
Be an example.
As the leadership and executive team display ethical behavior, the company culture will begin to adhere to their example.
Conduct thorough reviews.
When the appropriate checks are in place, people know there is no wiggle room for suspicious behavior.
Recognize expense fraud can be a sign of bigger fraudulent activity.
Many times a small amount of expense fraud is a red flag to much bigger fraud schemes. Companies need to follow up in other areas of that person’s work to make sure that this type of behavior has not gone beyond expense reports.
Use analytics to spot anomalies.
Finally, use reporting software to find anomalies. If one employee always has higher spending than expected during a certain time frame or in a specific category, then it’s time to take a deeper dive.
Vroozi Expense provides companies with the tools to stop expense fraud quickly. With better tools, employees will feel more empowered and loyal to their organization.
Learn more about Vroozi Expense with a Live Procurement System Demo. Schedule your demo here.