Improving Policy Compliance in an Era of Decentralized Employee Spending
Spending is getting simpler, and while that’s a good thing for employees on the move, it’s getting harder for companies to control. And the brunt of that burden—the part where someone has to make sure the rules are being followed—lands on your desk.
Here’s how it happens: With spending becoming increasingly decentralized, and employees becoming more empowered to make spending decisions on their own, your company’s risk goes up. Someone has to take an even tighter hold on the reins of regulatory compliance, internal policy compliance, fraud and employee safety. That’s where you come in.
That’s also where SAP Concur solutions come in. But before we get to the solution that audits more than one million expense reports a month, you need to ask yourself where you stand on the rules.
Why should you audit expenses? Get the oversight to prevent out-of-policy spending.
When should you audit expenses? Stop problems before they start by auditing before expense reports are approved.
Where should you focus your audit? Start with 100%, then narrow your focus on the highest risks.
These answers are summarized further in a detailed audit infographic, which also highlights the seven steps to building a successful audit process. And when you get through that, you get to SAP Concur solutions.
So what exactly does this solution solve?
We automate expense, travel, and invoice processes, so you can eliminate hours of manual effort and the human errors that go with it. You’ll also be able to audit expenses and policy compliancy efficiently—before expense reports are approved and before trying to recoup money you’re already reimbursed.
And because those expense reports are automated, mobile and essentially effortless, it’s easier for employees to follow your policies and get them done on time, preventing delayed reports from impacting budget accruals and raising red flags in compliance review.
SAP Concur tools help you put payment controls in place that actually improve compliance. You’ll get the data and tools you need to see spending clearly and manage it proactively – as well as audit services that provide fast, objective, third-party reviews without gobbling up your internal resources.
How well does it work? Let’s look at the numbers
Companies using SAP Concur solutions achieved:
- 28% improvement in auditing-staff efficiency
- 62% increase in the number of employees following T&E policies
- 67% reduction in lost receipts1
- $672,000 in savings on business travel per organization2
Those kinds of numbers make a real difference on the bottom line and big impact on your day-to-day to-do list. For more information, do a little a review of SAP Concur Audit Service.
1,2 “Empower Organizations to Digitally Transform Their Expense, Travel, and Invoicing Processes,“ IDC, October 2018.
