For organizations with significant T&E expenses, excessive spend can become an issue, leading to significant financial losses for an organization, in some cases up to 6% of lost revenue. Left unchecked, expenses can result in fraudulent T&E claims, particularly if there is no internal safeguarding process for T&E spend management. Switching from a manual expense management system to an automated expense management system can instantly begin addressing the issues related to fraudulent and/or excessive T&E spend. By using an automated, and thus streamlined process, questionable spend is immediately identified and addressed, while bringing accountability to all levels of the organization. With T&E compliance measures in place, potentially excessive and fraudulent spend is identified faster, easier, and more efficiently.
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