4 Tips to Prevent Expense Fraud to Know About
Expense fraud costs businesses millions of dollars each year. Suffice to say, if your staff members have expense accounts, you’ll want to make sure what they’re submitting is on the up-and-up. Below are 5 tips you can take to help prevent fraud. Define your policies Make sure your employees understand what they can and cannot […]
How to Prevent Expense Fraud
Employee expense reimbursement fraud is costly to businesses- and in 2021 it was estimated that the average cost to businesses (with fewer than 100 employees) was in the realm of $30,000 per year. Not to mention, that if one or more employees commits lower-level expense fraud (such as expensing meals and/or fictitious mileage reimbursement requests), […]
How to identify occupational fraud at your company
Occupational fraud, i.e., workplace fraud, isn’t a victimless crime. In fact, a 2018 report from the Association of Certified Fraud Examiners found that the median loss for US-based businesses is approximately $108,000 annually. Although there are several different types of fraudulent activities that constitute occupational fraud, for this blog, we’re going to focus on asset […]
What is Expense Fraud?
In 2018, the Association of Certified Fraud Examiners found that expense reimbursement fraud accounted for 21% of fraud in small to mid-sized businesses. A second study, commissioned by ACFE Global Fraud, found that 5% of a company’s annual revenue is lost to fraud. Consequently, if you own a small business and your employees have expense […]