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 non-compliance amongst other things 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…
Why should you audit?
There are a number of reasons why you should consider auditing your expense claims:
- Improve compliance
- Control costs
- Identify bad habits
- Prevent fraud
- Manage VAT reclaim
Long story short – if you want 100% compliance you need to audit 100% of your expense claims. 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.
When should you audit?
Businesses often choose to audit expense claims at different times:
- Before manager approval
- After manager approval
- After payment
Best practice suggests that you audit before your expense claims are approved. This means only claims that are 100% complaint to policy are 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.
The best practise guidelines in our Concur Audit eBook, will help you review your current process or start your auditing journey to see lasting improvements across your business.
Download our eBook to learn more about Concur Audit