Corporate travel accounts for one of the most substantial expenses in today’s world. This is because branches are now aiming for a worldwide approach in their marketing to maximize their revenue.
It is thus essential to send representatives to various locations now and then to meet clients and open branches among other business-related operations. Unfortunately, a few employees have taken advantage of these travels to defraud their employers.
Thankfully, there are various options for minimizing the chances of corporate travel fraud in your organization. One of these is to have a contract with sedan rentals in Manila for the road travel of your employees in the Philippines and adjacent locations.
This way, you can be assured that employees will not give you inflated mileage costs and fake out-of-pocket expenses for domestic travels. The following are the other options for reducing corporate travel fraud.
Invest in a corporate card program
Most businesses steer clear of corporate travel credit cards believing that employees will carelessly spend and it will be challenging to manage. A corporate credit card will, however, ease the amalgamation of your travel expenses and validate all the costs charged to it.
This will provide tight controls over the expenses your employees will have. Moreover, people will not carelessly spend money when they know the office reviews the things that will be charged to the card. Most corporate travel credit cards also come with several discounts on hotels and flight bookings.
Integrate your corporate travel expenses
Automating the expenses of your company’s travel will only do so much without integrating your data. The integration gives you a picture of your employees’ spending and gives you tight control over it.
Moreover, with the data automatically integrated into the expense management system, employees cannot later falsify or modify their expenses.
Introduce pre-approvals
There are some expenses that a credit card might not cover. This will necessitate an employee to spend their money or the cash your company gives for these.
In these cases, some employees might falsify receipts to get reimbursed for more than they spend or pocket some of the cash you give. Introducing a policy for pre-approving all expenses will minimize the forging of receipts.
Have a solid reimbursement policy
You should have a solid reimbursement policy for any out-of-pocket expenses for your employees. You can, for instance, require original receipts, or limit personal credit card use for only a few payments.
Have the policy communicated to your employees so that they know what to expect and have some standardization. This minimizes the chances of abusing or circumventing various terms in the policy to favor some employees.
Employees nowadays are looking for ways to earn an extra buck from your company without sweating for it. Corporate travel fraud is one of the most exploited avenues for this. You cannot entirely negate corporate travel expenses in your company when aiming for profits.
The steps mentioned above will, however, minimize the effects of the travels on your bottom line. This way, you can guarantee the profits from sending your workers to represent you in various operations beyond your company’s geographical borders.