Expense Fraud Isn’t Beneath Anyone
Expense fraud in itself is bad enough. It’s even worse when it’s done to a rural Canadian school district with limited funds. And it gets worse still when the perpetrator is a board superintendent of the school district, a person who holds the “highest position of trust.”
FraudTelepresencing - Is Business Travel Going Virtual?
Meeting with business partners and colleagues across the globe is vital for business. But how you go about it is rapidly changing. Innovation management researcher Paul Levy predicts physical business travel may be on its way out, replaced by virtual business travel that lets you meet, greet and collaborate without the need to leave your office.
For CFOsExpense Fraud Whopper: Nearly $190K Reportedly Went to …
A mistress! A UK worker who used his expense-fraud gains to shower his Argentine mistress with presents will now be showering with other inmates as he serves out his two-year jail sentence. Phillip Tamplin, 53, had been an employee of the British telecommunications company of BT Openreach since he was 16. The Telegraph reports over the last two and one-half years of his employment there, he submitted more than 100 false expense reports to the tune of nearly $190,000.
FraudBribes, Speed Money, Extortion, Expense Reporting Fraud
Bribery and fraud are not words you want associated with your company, but avoiding them may not be as straightforward as you think. Corruption doesn’t always come barreling in like a freight train. It can slither in like a snake, striking when you least expect it and are least prepared to handle it. A recent piece in McKinsey Quarterly examines the most common types of corruption companies can face in the global marketplace along with actions they can take to keep it at bay.
Expense ReportsOops! Lack of Compliance Oversight May Have Cost San Diego Big
You know that old joke about the left hand not knowing what the right hand is doing? Well, no one was laughing when that very phenomenon occurred with San Diego’s municipal purchasing, according to the Times of San Diego, leaving the door open for loads of potential fraud.
Expense ManagementShould Your Business Approve Luxury Hotel Expenses?
Travel expenses can be pretty high to begin with, making the idea of luxury hotel stays for employees seem ludicrous. But that added bit of luxury can go a long way toward offsetting the bustle, headaches and hassle of corporate travel. Buying Business Travel says investing in the well-being of your regular business travelers can pay off handsomely.
Expense ManagementAnything Worse Than Expense Fraud? Well, Yes
Expense fraud is bad, but it’s not the only way or even the worst way companies can get scammed. The annual Association of Certified Fraud Examiners report revealed nearly 50 percent of small businesses eventually fall prey to some type of fraud. Each instance averages $114,000, and is usually pulled off by a trusted employee.
Expense Reports, FraudHackers Hitting Up Travel Industry
Travel-related websites have been hit hard with data breaches over the past few months, with hackers infiltrating more than 20 sites. Two of them were United Airlines and American Airlines, TechWorld reports, and it’s not necessarily your personal information the hackers are after. These guys want your miles.
Business Travel, Expense ManagementIntegrate Corporate Cards with your Travel and Expense Solution
I know, I know. The thought of employees running rampant with activated plastic in their hands can sound a little scary at first. Especially when we hear some of the real-life stories of poor decisions with corporate credit cards like lottery tickets, cosmetic surgery, and pet food! But the flip side includes benefits for both your company and your weary business travelers. So whether your company calls them company cards, travel cards or T&E cards, consider these benefits:
For Travel ManagersExpense Fraud Costs Companies Millions
A little padding of the corporate expense account can add up to a lot of lost cash, as evidenced by a report from Oversight Systems. The report found companies lost nearly $14 million due to fraudulent expenses filed in 2014 – and that was a loss calculated over only a 90-day period. Do the math to estimate losses from expense fraud over the entire year, and annual losses climb to more than $50 million.
Expense Management, Expense Reports, FraudSearch
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Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.