The Global Business Travel Association recently announced the results of its Business Traveler Sentiment Index Global Report. The report assesses the overall happiness with several aspects of travelers’ overall experience, from making travel arrangements through to getting through airport security and taking various forms of ground and air transport.Expense Management, For CFOs, Expense Fraud, Business Travel, Expense Policy
Employee expense report fraud is a considerable issue across the world – in fact in a recent survey, it was estimated to cost $2.8 billion a year in the U.S. alone, with more than 1.1 million American employees admitting to submitting deliberately falsified expenses. The impact of expense fraud goes far beyond the financial loss suffered. Organizations’ liabilities can range from audits to loss of investor confidence, and of course for those responsible for expense management and approval, failing to stop fraud can be somewhat career limiting.Expense Fraud
We recently surveyed more than 1,000 frequent business travelers, to see just how honest they are when it comes to submitting their expenses. The good news is that 94.7 percent say that their expense reports are done honestly. The bad news is that the other 5.3 percent equates to about 1.1 million business travelers, who combined cost their employers $2.8 billion per year. Those who admit to committing expense fraud do so to the tune of almost $2,500 per year on average.Expense Fraud
Although nearly 33 percent of UK workers believe politicians to be the worst offenders for filing false expense claims, the majority of those workers are doing it themselves. Research reported by Personnel Today found 85 percent of UK employees fessed up to submitting at least one deceptive expense claim over the past 12 months.Expense Fraud
Savvy cyber-thieves are hitting up unsuspecting businesses by faking emails from company bosses, stealing millions of dollars along the way. The messages, which BBC News reports appear to come from a company higher-up, target the company’s finance staff. They ask staff to rush a payment through to a supplier, a transaction a chief executive can’t handle because he or she is out of the office.Expense Fraud
Even though the October 1st deadline has come and gone, the majority of retailers are still lacking the new chip credit card readers that were to have been implemented at the beginning of this month. But that may not be as big an issue as expected according to the NYSE Post - as more than half of all consumers have yet to receive their new cards.Expense Fraud
With red-light camera contracts all over Chicago, Redflex Traffic Systems CEO Karen Finley appeared to be doing a great job growing the business. All appearances were pretty much shattered, however, when details came out on just how the business was allegedly able to grow.Expense Fraud
More than two dozen Canadian senators may have been caught with their hands in the proverbial cookie jar, according to CTV News, with spending habits that raised red flags for Auditor General Michael Ferguson. Rather than simply accept their fate, however, the senators may dispute the accusations through Canada’s new arbitration process.Expense Fraud
Return fraud and other unscrupulous practices may be a thing of the past if retailers follow the lead of Alibaba. The Chinese e-commerce company is leading the pack by using a modified version of a QR code on individual items, which serves as a kind of non-wireless version of an item-level radio-frequency identification (RFID).Expense Fraud
“Fraud” is such an ugly word, which is exactly the reason some managers are wont to ignore it when it crops up in travel expense reports. They may instead refer to the practice as “stretching the truth,” or “padding the expense accounts” and ignore it altogether. They may be hesitant to call attention to the practice when it’s ingrained in company culture and those engaging in it are well-liked colleagues or friends.Expense Fraud
I just love the Chrome River application. I could probably sell it!
Can’t we just move year-end, so that we can roll out Chrome River sooner!?