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Ever heard of the project management triangle? It basically states that whenever you’re building something it can either be two of these three things –good, fast, or cheap – but not all three. If you want a project to be good and fast it certainly won’t be cheap, or if you want it done quick and cheap it won’t be of a high quality.
The triangle is built upon the principal that you simply can’t have it all when it comes to getting stuff done. I’m here to present the one exception – expense audit technology.
In year’s past you probably felt your audit efforts could only be two ends of the project management triangle, but analytics are changing the way companies detect fraud. Expense audit technology is here to stay because it’s making doing certain things, including detecting fraud & waste better, faster, and cheaper than ever before.
Making It Better
Previously T&E programs could only audit expenses manually. To save time, money, and the bandwidth of auditors they would only conduct a sample audit – typically reviewing only 20% of expenses. Technology now makes it possible to audit 100% of expenses so nothing “falls through the cracks.”
Making It Cheaper
Although technology does cost money to implement and maintain, our expense audit software ends up saving our client’s money and paying for itself in a few months. Customers are able to recoup the cost of the technology by catching potentially fraudulent spending and letting employees know their expenses are being monitored. People spend differently when they know they’re being watched!
They’re Making It Faster
Technology has made everything faster – communicating, shopping, and how we do business. It makes sense. Expense audit technology also makes the audit process faster. With this increased speed companies are able to not only audit all expenses with ease, but also do a better job.