Expenses fraud is sadly now common in many businesses. Whether it’s politicians making claims for exorbitant luxuries, or Joe from the sales department claiming a few extra miles on each business trip (because where is the harm in that?)
Often, even when there is nothing illegal taking place, expenses go unchecked or unquestioned and the consequence to the business is the same – expenses become very expensive!
For SME’s controlling staff expenses is vital, and when done effectively, will reduce the risk of fraud and overclaiming.
Of course, manual expense claim checks take up a lot of time and resources, and this is one of the reasons why claims will go unchecked.
MyExpensesOnline have for many years now, been providing an alternative solution to assist businesses with the expenses, making the process smooth and time effective.
With MEO, the entire process is handled, from the employee claiming, to the checks and authorisation required, to the payment being made. A claim can be started by an employee from anywhere in the world and can be completed in a matter of minutes. Authorisation is a simple task and once the claim is ready; batch payment files can be created to export into your accounting software. Inbuilt mapping technology means mileage claims cannot be falsified, and any diversions from the route must be explained.
Your unique MyExpensesOnline site will contain inbuilt policy rules (set by you). If the claimant has broken one of these rules, they are required to change the claim before they can submit.
Also, the system will ensure that VAT is claimed back where possible, and aid with P11D reporting.
Using an automated system for expenses, means you can stay in control, whilst reducing the processing time and ultimately saving money.