In large busy companies it can be hard to keep track of travel expenses and if you don’t have travel expense management software in place, it can be even harder to know the difference between legitimate and fraudulent travel expense payments being made. Unfortunately, fraudsters who submit false travel expense claims often start off with small claims which grow bigger with time and often accounts departments cannot detect such fraud until thousands of Rand have been paid out.
There are various ways fraudulent travel expenses can be paid out to the benefit of unscrupulous employees including:
- Duplicate submission of claims which can be done by colluding with a supplier or other employees.
- Fictitious claims for transactions which never really occurred, or were reversed after the paperwork had already been handed over to the employee.
- Cash advances which are then tied up to fraudulent transaction slips.
How can you prevent such fraudulent travel expense claims against your company and protect its profits? The following tips are advised:
- Implement travel expense management software which will continuously control and monitor all expenses tied to a trip.
- Set in place strict company travel and entertainment expense policies for employees to agree to and adhere to.
- Hold your management teams accountable for all travel expenses accrued for trips approved for any employees. All expenses and accounts must be reviewed by management – this can be a strong fraud deterrent.
TraveluXion offers a corporate travel solution which eliminates the potential for fraud
At TraveluXion, we present marketing with travel expense management software that is designed to quickly and effectively detect fraudulent travel expense claims. Our software is easy to install and set up and just as easy to use. The processes involved ensures each employee requests authorisation to go on a trip and every aspect of the trip and what it will cost the company is scrutinised with ease.
To learn more about TraveluXion travel expense management software, contact us at via email or telephone today.