When employees travel frequently for business, it is vital to have an accounting process for travel expenses in place. How long after the trip will expense reports be due and how will they be filed? What information will be required and what are acceptable ranges for travel expenses? This will let employees know what is expected and keep the business running smoothly.
In addition, travel is often one of the largest categories of business expense and, unfortunately, can be a target for fraud. Even minor travel expense fraud can add up over time. By having a process in place, you will not only be able to quickly manage expense reports, but set up a system for locating and looking into red flags that may point to fraud.
For more information about what kinds of red flags to look for and the most frequent fraud schemes, this article on fraud examination has a great overview.
Toffer Grant is PEX's Founder and CEO. He founded PEX in 2006 as a prepaid card solution for small businesses. His background in the prepaid industry began at Clarity Payment Solutions, where he initiated 65 prepaid card programs in consumer, corporate, and emerging verticals of the prepaid card industry.