Travel expense invoices are more difficult to manage than other business payments. This is because the goods or services are consumed without a requisition or purchase order. This applies to all expense invoices, and leaves them more open to possible abuse and travel expense fraud.
Organisations are beginning to spend more on travel expenses. It is important to be aware of the potential risk of travel expense fraud. This type of fraud can bring serious consequences to a business. Organisations are reportedly spending more on travel than before the pandemic. The average expense report value has risen by 17%.
Airfare and accommodation costs are now at around 22% and 14% respectively, putting them close to where they were in 2019. The line item per invoice has increased higher than pre-pandemic, which doesn’t come as a surprise with rising costs. However, it’s driven the average invoice value up to $11,259 in 2022, a 68% increase on 2019 values. This means if businesses are de-frauded they’ll be losing more money than before.
One way businesses are often out of pocket with travel expenses is when duplicate invoices are paid. The number of flagged duplicate invoices has stayed the same over the last five years, around 7-8%. However, as invoice values go up, it becomes a bigger risk for businesses.
How can organisations manage the risk from travel expense fraud?
Ensuring a business has the right technology when dealing with expense invoices could help save thousands in fraud losses or duplicate payments. With technology, expense invoices can be approved, based on defined business rules, hierarchy, spend limits and functional approval.
Certain solutions provide GL coding for invoices. This coding can be completed either automatically or manually. After the invoice is coded, it can be presented for payment. Businesses can monitor where expense invoices are in the approval process. This ensures invoices are only paid at the right time.
Is it time for your business to invest in an expense invoice solution?
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