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:
Any invoice submitted in the system twice, be it from the same employee or a different employee
Any mismatch between the amount claimed by the employee and the attached invoice
Expenses that violate any of your corporate policies that have been configured in the Happay platform
Any prohibited items (like alcohol, non-vegetarian items, etc.) that are not allowed to be claimed based on your company’s policies
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!
Discussion about this post