Expenses. The word itself now conjures up images of politicians attempting to justify the whys and wherefores of their claims. However, many of them have said that they simply "didn't know" whether they were able to claim for certain items or not, so just included them amongst their other receipts and hoped for the best. Morally correct or not, undoubtedly one of the major faults the scandal highlighted is a common one across many orgainsations - clear knowledge on what is a legitimate expense claim, and what isn't.
One topic which has been on everyone's mind in the last couple of weeks has been travel. The crisis caused by the erupting Icelandic volcano is having far reaching consequences, some of which will eventually come home to roost in many organisation's AP departments. While the current situation may be extremely rare, in some cases it has only exacerbated an existing problem area.
In this article we will investigate common fraudulent activities within Employee-initiated spending, especially Travel and Entertainment (T&E) and how Finance Professionals can deter fraud and drive policy compliance.
Employee business expenses are the second largest controllable cost for organisations and therefore a vital area to focus on in terms of control and reducing spend. There are number of options that can help with expenses fraud and support internal expense management systems and processes. This article explores the pros and cons of each.