Most of us already know that the United States Postal Service is in grave financial trouble due to people communicating more through email, and it is no surprise that runaway expenses are also contributing to their huge losses. The agency lost an estimated $16 billion last year, and part of that was more than $1 million in over payment of expenses. An expense management software with automated controls, real-time receipt visibility, and built-in expense rules that are automatically enforced could have curtailed the majority of this abuse, helping to cut Postal Service costs.
As at other companies, both public and private, Postal Service employees improperly submitted expenses for reimbursement and misused government-issued credit cards for personal use. Some Postal Service expense fraud was attributed to executives. In September, David Kosturko, a former Postal Service executive, was convicted of defrauding the agency of more than $17,000.
A more common fraudulent activity was when employees booked two airline tickets from the same destination, canceled the more expensive ticket, and took the cheaper flight. The employees then turned in expense reimbursements for the pricier flight.
Read more about how the “Cash-strapped Postal Service Was Probed for Travel Expense Waste.”
Reporting By Elvina Nawaguna; Editing by Karey Wutkowski and Mohammad Zargham
- How Automating Invoice Processing can be a Shot in the Arm for Hospital Finance Teams
- Why your Expense Policy Should Follow your Business Travelers (Not Just the Other Way Around)
- Why is Mobility the Foundation of Effective Expense Management in Construction?
- The Cost-Control Benefits of Analytics in Expense Management
- 7 Reasons Why the Finance Team Should Push for Expense Management Software
We love you guys! Everything is going great.
Wow! This Chrome River is great. Word has spread [in our firm] and people that were not invited to be in the pilot group rollout have asked to be included!