Travel Expense Software solutions can create huge volumes of data on employees' business travel spend. How can organisations use this to make smarter decisions?
It’s estimated that expense fraud committed by employees adds up to nearly $3 billion per year across North America. How can HR teams prevent this from happening at their organisation?
Expense fraud can happen at even the best-run organisations, but your company can definitely arm itself with the tools and processes to rein it in.
Businesses lose an estimated $2.8 billion per to expense fraud in the U.S. alone. How does this happen, and what can be done to prevent it?
The Global Business Travel Association recently announced the results of its Business Traveler Sentiment Index Global Report. The report assesses the overall happiness with several aspects of travelers’ overall experience, from making travel arrangements through to getting through airport security and taking various forms of ground and air transport.
Employee expense report fraud is a considerable issue across the world – in fact in a recent survey, it was estimated to cost $2.8 billion a year in the U.S. alone, with more than 1.1 million American employees admitting to submitting deliberately falsified expenses. The impact of expense fraud goes far beyond the financial loss suffered. Organizations’ liabilities can range from audits to loss of investor confidence, and of course for those responsible for expense management and approval, failing to stop fraud can be somewhat career limiting.
We recently surveyed more than 1,000 frequent business travelers, to see just how honest they are when it comes to submitting their expenses. The good news is that 94.7 percent say that their expense reports are done honestly. The bad news is that the other 5.3 percent equates to about 1.1 million business travelers, who combined cost their employers $2.8 billion per year. Those who admit to committing expense fraud do so to the tune of almost $2,500 per year on average.
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