NEW FEATURES FOR MICROSOFT DYNAMICS GP eConnect: Nothing new to report this month. WHAT’S NEW ON THE WEB Timesheets Entries Partially Completed: We now support the saving of timesheets in an incomplete state, but with prevention of submission until they’re fully filled in. PO Linking to AP Bills: An oft-requested feature that’s now available! Time Off Recall: Now your employees can recall a Time Off entry, even if it’s approved, as long as it’s for a future date. Don’t forget we support expense recall as a setting too, and our next release of our mobile expense apps will support recall (but
Expense report fraud is corrosive. If it’s happening at your company, it probably goes on undetected. At least it starts out that way, as a sneaky (non-compliant) purchase makes its way into an expense report submitted by a trustworthy employee or—heaven forbid—group of trustworthy employees. Unfortunately, that’s just the beginning. Expense Report Fraud: It’s A Big Problem That’s Costing You In their article, The Impact of Expense Reimbursement Fraud, global financial advisory firm Stout Risius Ross estimate that over $1 billion is lost to fraudulent expense reimbursement each year. Additionally, consider these statistics from the Association of Certified Fraud Examiners’ (ACFE) 2014 Global Fraud Study:
- Median loss due to expense reimbursement fraud is $30,000
- Median number months to detect expense reimbursement fraud is 24
- Percent of fraud cases involving expense reimbursements is 16.5 for companies with less than 100 employees and 13.1 for companies with 100 or more employees
- Unassigned or unused credits—an employee’s business trip gets cancelled, for instance, and they receive a refund on their corporate credit card that they use to make a personal purchase rather than returning the money to their employer.
- Duplicate or fictitious expenses—an employee or group of employees conspire to submit the same business lunch receipt, for example, using different expense reports.
- Cash advances—an employee withdraws cash from an ATM using their corporate credit card and claims (fraudulent) business expenses in their expense report
Expense report fraud is corrosive. If it’s happening at your company, it probably goes on undetected. At least it starts out that way, as a sneaky (non-compliant) purchase makes its way into an expense report submitted by a trustworthy employee or—heaven forbid—group of trustworthy employees.
Expensify and Nexonia have reached an amicable resolution of their legal dispute concerning Nexonia’s use of Expensify’s SmartScan mark. Expensify appreciates Nexonia’s immediate steps to remove Expensify’s term SmartScan from its website and products and accepts that Nexonia was unaware of Expensify’s trademark for it.