Our sixth in a series of tips for cutting T&E waste is focused on receipt limits.
While the IRS requirement for receipts is $75, every company has a its own policy for the minimum receipt level. In the United States, most of our customers set this limit at $25. This limit usually varies to some degree by country and/or region elsewhere in the world. It is useful for companies to monitor expenses under the receipt limit and look for patterns that may indicate waste and abuse. The easiest thing to do is to look for all undocumented expenses, particularly those just under the receipt limit. We suggest looking for patterns of abuse particularly when the patterns for individuals are wildly out of line with the actions of all travelers and particularly when an individual’s patterns are out of sync with others in the same region and/or role. As observed across all Oversight customers, abuse of the receipt limit is a strong indicator of abuse in other areas of expense reporting (see tips 1-5 below).