Blame it on sticky fingers, late nights, or month end deadlines. Employee misconduct can sometimes just be an honest mistake. Yes, there are instances when the misconduct is intentional, and it happens again, and again, and again...until it becomes headline worthy.
When you’re sifting through hundreds of receipts and come across a questionable one - how can you confidently confirm it’s fraudulent? What gives it away?
Long gone are the days of picking up blank receipts from a cabbie. With the advent of technology, fabricating receipts has never been easier.
I once sat in an interview with a Manager who told us, step by step, his process to approve his team’s expense reports. His story went something like this: his team would place their completed expense reports in his desk drawer throughout the month. On the last weekday of each month, the Manager would take out the stack of expenses and gear up his ink pad and rubber stamp with his name. He created the rubber stamp process because he was tired of signing each and every expense report by hand. He would spend no more than 15 seconds reviewing and approving each expense report. Then, he would walk the expense reports to the Accounting Manager for reimbursement.
According to a 2016 ACFE Report, 82% of companies utilize annual financial audits as a common anti-fraud control
A recent 2016 report shows an astonishing 37% of companies still rely on managing their T&E with paper and Excel. Many of these companies may not realize they’re relying on the same manual expense review and sample testing procedures they used a decade ago. What you’re left with are loopholes that can put a company at great risk, both financial and reputational, due to a reluctance to change.
Your long awaited family camping trip comes around. You've just earned a weekend away from Excel after closing the month-end books. Only a handful of errands are left between you and roasting s’mores at the campsite - just pick up a first aid kit and some batteries. You turn on the ignition and the 'check engine' light comes on. Gasp! There’s a sinking feeling in the pit of your stomach.
The timing is terrible. (Isn’t it always?) We’ve all been there. You may not have realized it, but a business expense management program is just like auto maintenance --
If you're involved in T&E, Concur Fusion is an event you won't want to miss!
Join AppZen at Fusion 2017, Concur's annual client conference offering a range of educational sessions on bringing innovation and value to business expense, invoice, and travel programs.
This year we're excited to be both sponsoring and presenting at Fusion. Our CEO, Anant, will be leading a discussion on how new AI technologies are being used in T&E audit and enabling the real-time detection of fraud and compliance issues.
Join industry leaders and innovators, like AppZen CEO Anant Kale, at SIlicon Valley Forum's Feb-28 conference in Palo Alto to learn about the impact AI is having on enterprise software - and what it means for your business.
Register here: AI and Enterprise: The Future of Smart Software
It promises to be an insightful day with a number of interesting discussions. Hope to see you there!
When: Tues Feb. 28, 2017
Where: SAP Silicon Valley, 3410 Hillview Avenue, Palo Alto, CA 94304 (map)
Amazon’s much anticipated launch into supermarket retailing is set to open, with the first store in Seattle already available to Amazon employees. Although its arrival has been expected, what is surprising many is the way in which Amazon is launching it.