Increase Control and Compliance
Concur Expense provides organizations with visibility into their employee spend, assuring that all corporate policies and government requirements are followed. In fact, using an automated expense reporting solution reduces out-of-policy expenses by 40 percent. All organizations – public, private, small or large – need strong internal controls to monitor control and compliance. Consider these statistics from The Association of Certified Fraud Examiners:
- 45% of all companies experience fraud
- 22.1% of all fraud schemes are related to expense reimbursement
- The median cost of each fraud incidence is $60,000 (up from $20,000 in 1996)
With Concur Expense, defined business rules are written into the solution, specific to each organization, designed to ensure that every employee expense is within policy and without fraud. Expenses that are out of policy, as defined by business rules, are tagged and alerts are sent to management. Concur’s 360 degree view into all employee expense data helps organizations globally enforce policies and monitor compliance, all while delivering unprecedented control and valuable insight.
The robust workflow of the Concur Expense receipt validation process randomly audits receipts based on an organization’s customized policies and procedures. By using Concur® Imaging users can easily attach all receipts to their expense report by faxing or scanning them. The receipts are loaded into the expense report within minutes. And, retrieving these receipt images for audit purposes is an efficient online process.
With built-in audit rules, out-of-policy expenses are non-existent. Users are instantly alerted of spending limits and policies, increasing expense policy compliance, as receipts are validated against the organization’s defined business rules, policies and preferences.
Organizations that want to ensure that they accurately report and properly classify expenses in accordance with corporate and regulatory policies turn to Concur® Audit. Tailored to an organization’s unique needs, Concur Audit delivers detailed monthly reports and summaries, ensuring control and compliance. It’s a proactive process that catches fraud before employees are paid and improves control and visibility, allowing internal resources to focus on high-value tasks for the organization.
With Concur helping to manage the expense reporting process, advanced attendee tracking and reporting functionality captures and provides access to data needed to produce reports in accordance with federal compliance guidelines and individual state laws. Companies in industries where these regulations are critical can now have complete visibility into sales and marketing dollars spent on fueling company growth. Attendee Tracking allows organizations to comply with state regulations and keep within governmental guidelines by:
- Capturing and tracking spend data on clients, prospects, and partners
- Auditing employee spend and non-compliance by sending flags to managers
- Producing compliance reports
With Concur Expense, organizations have the tools to help minimize fraud and maximize compliance with company policies and government regulations, including the Sarbanes-Oxley Act. Section 404 of the Act mandates that adequate internal controls exist to ensure compliance. CEO's must certify their financial results. Shareholders are demanding accountability. And the SEC now has the tools and resources at their disposal to police compliance issues.
To learn more about how Concur Expense can increase control and compliance in the Employee Spend Management process, contact a Concur representative. today.