As an expert in travel and expense management, we talk to many companies and hear our share of stories about fraud. Overwhelmingly, the majority of employees are doing the “right” thing when it comes to submitting their expenses for reimbursement. However in those rare instances, it’s good to know that Concur has your back. Automation is a powerful deterrent when it comes to fraud. And, automating as much as possible is the best way to prevent, detect and mitigate financial fraud.
Here are some of the ways Concur helps organizations combat errors and fraud:
One solution – With Concur’s end-to-end travel and expense management, all T&E related activity is captured – from travel booking through reporting. This means that you are able to reconcile what was booked with what was actually expensed and have all the analytics in one place. If anything doesn’t match up, you’ll know.
Guided decision making – To enhance control over employee spending, your corporate travel policies are built into Concur – allowing you to control spending before it even occurs! When your travelers are perusing travel options in Concur, they know what’s within policy and what will need manager approval first. Because Concur lets you set the limits for travel, your employees are free to choose their own unique travel plans and preferences within those limits.
E-receipts – Concur has partnered with many travel vendors to offer electronic receipts (e-receipts). Complete, live and electronic folio data directly from airlines, hotels, and car rental companies, these e-receipts contain the entire record of a supplier transaction. They feed directly into expense reports, so you know that the information is accurate.
Card integration – Automatically capturing the transaction data directly from corporate cards and credit cards, Concur populates this information into expense reports. No more manually entering transaction data. No more mistakes!
Smart Expenses™ – All sources of data generated during the normal course of travel are automatically recorded and reconciled to ensure accuracy and to flag any problems. With Smart Expenses, airline, hotel or car rental expenses are managed automatically based on the policies and compliance controls you have chosen. That means less chance of human error and fraud.
Powerful data analytics – Improve visibility into your organization by comparing itinerary data, corporate card charges, cash expenses, invoices and supplier-contracted rates. Concur allows you to track where your employees are spending money, find errors and potential instances of fraud and ensure policy and regulatory compliance. Now, this is true business intelligence!
Audit – Get out the magnifying glass, because Concur allows you to look very, very closely. You can verify line item expenses against submitted receipts while ensuring that purchases are in compliance. When you audit with Concur, you proactively reduce waste, misuse and abuse.
Mobility – Business travel doesn’t always go as smoothly as we hope. Flights get delayed or even cancelled causing us to unexpectedly need to search for alternate arrangements. With Concur’s mobile app, your employees have immediate access to their travel itineraries making it easy and convenient to make in-policy travel booking decisions while on the go. Also with Concur’s mobile solution, travelers can pay for taxis through their smartphone. Not only is this convenient, it helps to prevent card numbers from being stolen.
Unfortunately, fraud happens – even to the best of companies. The good news is that Concur can help.
- Use the Power of the Smartphone to Prevent Fraud
- Detecting and Preventing Travel and Entertainment Expense Fraud
- Bottom Line: React to Expense Fraud Right Away