A business can't grow profitably solely by increasing revenue. In addition to driving revenue growth, every business must focus on fixing expense leaks. One of the primary reasons for expense leaks is expense fraud.
According to a survey conducted by Chrome River, employers lose $ 2.8 billion every year due to expense fraud. If organizations can fix revenue leaks by preventing various types of expense fraud committed by employees proactively, they may be able to save money.
The new-generation expense management software comes with built-in features that detect expense fraud automatically. These automated solutions detect expense fraud based on a variety of factors: policy violations and duplicate entries. They also send smart notifications instantly to let you know when fraud has been detected.
Source : https://itilite.wordpress.com/2022/06/20/what-is-expense-fraud-and-how-does-it-happen/
