Fraud and Compliance
Concur Audit: Closing the gaps in compliance
Travel and expense (T&E) auditing works. There’s no doubt about that. It catches errors, duplicate claims and any signs of non-compliance amongst a host of features to save your business money. However, where to begin with an audit process is not always as straightforward.
Did you know, 10% of travellers have at least one duplicate charge on their expense report? In addition, 20% of employees have at least one non-compliant purchase on their expense report.
Most companies have some form of audit process in place, but normally these are sporadic checks managed by understaffed teams. Outsourcing audit saves your business time and ensures every claim is reviewed in an unbiased way.
Our new eBook, Concur Audit: Closing the gaps in compliance, can help you improve your audit process with insight into a number of best practices.
Ultimately, there are two main areas to consider…
When Should You Audit?
Timing is often everything in life, and that’s certain with your audits. There are three key stages of the expense process to consider when auditing claims:
- Before manager approval
- After manager approval
- After payment
Best practice suggests there is only one answer to when you should audit – before expense claims are approved. This additional pre-approval audit step can help to eliminate the hassle of recuperating funds that have already been reimbursed. It also gives your employees a chance to correct any mistakes before going to a manager for approval.
These are just a few benefits of having a robust audit process in place.
Why Should you Audit?
Your “why” may be obvious but identifying and prioritising your audit goals will help you focus your audit process. There are a number of reasons why you should consider auditing your expense claims:
- Drive policy compliance
- Control costs
- Identify bad habits
- Reduce risk of fraud
- Manage VAT reclaim
To put it simply – if you want 100% compliance, you need to audit 100% of your expense claims. SAP Concur can check receipts for accuracy and claims against your policy. We even work with a number of tax partners who can help you manage VAT reclaim more effectively.
To learn more about your when, what and why you should audit, use the best practises outlined in our Concur Audit eBook, to establish a clear plan when auditing your travel and expense spending.
Download our eBook to learn more about Concur Audit