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Reduce expense verification time by 80% with Happay’s Smart Audit

Team Happay by Team Happay
September 16, 2021
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Table of Contents

Toggle
  • Introducing Smart Audit
    • Duplicate bills
    • Amount mismatch
    • Out-of-policy expenses
    • Restricted items:
  • The impact of Smart Audit on your organisation

Did you know that it takes an average of 18 minutes to correct one expense report?

What’s even worse is that even after spending so much of time and effort, there is A LOT of money that companies are leaving on the table due to inefficient & manual verification processes. From duplicate bills to out-of-policy spends that go undetected, expense reimbursement fraud accounts for nearly 14% of total business fraud in an organisation, according to a 2018 ACFE report.

We live in a world that thrives on making things happen at the click of a button. Yet, expense verification seems to be stuck in the 1900s with age-old spreadsheets and paperwork. Finance teams even today are spending hundreds of hours checking each field and line item. Every invoice needs to be checked for missing information, unattached bills and at least 6-8 different fields like date of expense, complex policy violations based on employee grade / department, duplicate bill submissions and a lot more.

It is no surprise that frequent business travellers are always stuck in a never-ending reimbursement loop because of lengthy reimbursement cycles.

Introducing Smart Audit

Smart Audit checks each line item in your expense reports to auto-flag any irregular out-of-policy spends as well as compliance violations in real time based on your company’s reimbursement policy.

Here are all the things that Happay’s Smart Audit can auto-flag for all approvers as well as your finance team based on your company policies:

Duplicate bills

Any invoice submitted in the system twice, be it from the same employee or a different employee

Smart Audit - Duplicate checker

Amount mismatch

Any mismatch between the amount claimed by the employee and the attached invoice

Smart Audit - Amount Accord

Out-of-policy expenses

Expenses that violate any of your corporate policies that have been configured in the Happay platform

Smart Audit - Amount Accord

Restricted items:

Any prohibited items (like alcohol, non-vegetarian items, etc.) that are not allowed to be claimed based on your company’s policies

Smart Audit - Restricted items

While all the above checks are auto-flagged for the approvers and the finance team, any mandatory field left empty including unattached invoices are auto-flagged for employees at the time of expense submission, wherein employees are not allowed to submit an expense report unless all the necessary fields are duly filled by the employee.

The impact of Smart Audit on your organisation

  • Up to 95% policy compliance
  • Cut down verify time of your finance team by up to 80%
  • Delight your employees with shorter reimbursement cycles of 5 days or less
  • Uncover repeat offenders and fraudulent schemes that might be exploiting the loopholes in your current approval system

Interested in learning more about how you can save more money, reduce the burden on your finance team and offer great digital expense filing experience for your employees with Happay? Schedule a demo today!

Related Posts:

  • Tactics for Smart Expense Management in Business
  • 7 Best Zoho Expense Alternatives and Competitors
  • Expense Audit: A Guide to Expense Auditing Procedures
  • 10 Best Expense Management Software in 2024 [UPDATED]
  • 10 Best Spend Management Software for Enterprises…
  • 10 Best Expense Reimbursement Software and Systems…
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Table of ContentsToggle Table of ContentToggle

  • Introducing Smart Audit
    • Duplicate bills
    • Amount mismatch
    • Out-of-policy expenses
    • Restricted items:
  • The impact of Smart Audit on your organisation

Get started with Happay now!

If you are looking to understand how our products will fit with your organisation needs, fill in the form to schedule a demo.

Schedule a demo

© 2023 Happay

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    • Travel & Expense
      • Travel & Expense Management Software
      • Employee Tax Benefits
      • Branch Petty Cash
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    • Happay Cards
      • Prepaid cards
      • Epic Cards
      • World Travel Card
      • Invoice
  • Card Stack
  • Resources
    • Blog
    • Webinars
    • Ebooks
    • Happay FAQ
    • Customer Speaks
  • Company
    • About Us
    • Careers
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© 2023 Happay

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