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Interesting findings from the Concur survey include:
23 % of employees in the study agreed it is acceptable to exaggerate expense claims.
50% of employees feel embarrassed submitting expenses less than $25 (such as newspapers, small cab or bus fares).
68% of managers spend less than 15 minutes reviewing expense reports submitted by employees, 17% reported spending less than five minutes.
Of managers surveyed for the study, 39% admit to approving an expense report they believed was noncompliant with company policy.
The culprit? The article (and Concur survey) hints it is resentment for the time it takes to compile, manage, and approve expense reports at all levels of the team that is to blame. If time is the issue, then businesses definitely need to consider leveraging technology to make the expense review and audit process easier on managers who ultimately hold the approving power.
What might happen if you don’t implement an expense audit technology partner? Another recent study from JPMorgan finds:
$1 billion of the $186 billion spent on T&E expenses in the U.S. goes to fraudulent activity.
Businesses lose a medium sum of more than $30,000 each due to fraud on the expense report.