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Travel & Expense (T&E) reporting is a function that almost every company has to tackle sooner or later, and according to The Hackett Group, more than 70 percent of “world-class” companies are using T&E automation technology to track and manage the process. For those companies that don’t yet have expense reporting software, preparing for and implementing the process can be daunting.
While technology can assist in improving the controls surrounding expense reporting, DataServ has found that organizations seeking strong internal controls and effective audit procedures are best served by a comprehensive approach that includes these six key components:
- Written T&E policies
- Right-sized automation
- Automated approval workflow
- Easy access to reports and documentation
- The development of a comprehensive travel and expense audit function
- Emphasis on fraud prevention
Why are all these pieces important? Unfortunately, employee fraud is a very real – and very expensive – problem, with employees using a variety of fraud techniques costing companies billions of dollars each year.
Obviously, this strategic T&E process list can look daunting, but with robust expense report automation, companies can efficiently and securely manage their reporting. Learn more from DataServ about each step in building a strong T&E process and expense reporting software, as well as more about employee fraud tactics and prevention, by clicking here.
