Understanding Fraud In 2020, more than 2.1 million fraud reports were received by the Federal Trade Commission from consumers. As a result, fighting fraud continues to be on the mind of consumers and businesses everywhere.
Sometimes it is a real struggle for many small businesses to keep operating costs under control. In fact, paying operating expenses was the most common financial problem identified in the Federal Reserve's Small Business Lending Survey, with 47 percent of business owners saying they would be forced to use personal funds if revenue was not received within two months.
Companies globally are missing out on USD20 billion of reclaimable value-added tax (VAT), also known as goods and services tax (GST). Yes – 20 billion US dollars. This money belongs to companies, so why would they forfeit refunds that tax authorities owe them?
You may not know, but organizations around the world lose approximately 5% of their revenue to employee fraud and occupational abuse each year. And while the scope of employee theft and position abuse cannot be understated, it’s important to act right at the core of this issue. That’s the only way to prevent occupational theft in the future. But how to recognize the fraud in your enterprise? Here are 5 signs that can help you with it!
It is the one thing that rattles and distresses all employees - completing expense claims accurately so as to receive payments in due course. Expense management is critical to any business, large or small, and setting up a process in your organization is a key component of any business operation.
Large corporate frauds have shaken both the private and public sectors in recent decades. The negative consequences of these frauds are significant, but difficult to quantify and measure. Their consequences are often financially and reputationally damaging to organizations and therefore not widely reported.
Building a company is one of the most rigorous and rewarding experiences that someone can take part in. Unfortunately, though, most businesses don’t last more than a handful of years, and part of this is due to poor financial management.
Accounting is a crucial aspect of your company's success. Automation and Artificial Intelligence (AI) now allow you to optimize accounting, from expense management to VAT reporting.
Historically HR and finance have not been the best of friends mainly due to a perception that one cares about people and the other about money. Still today in many organizations, human resources and finance are two distinct business areas and sometimes with nothing related to each other.
The expense report is used to prove any work-related expense incurred by employees. Also called business expenses or expenses claim, the expense report is used for the reimbursement of the employee. It also enables the company to prove the expense, when requested by tax authorities, for example.
When we look at the history, MS Excel was released by Microsoft way back in 1985 and it is fair to say that Excel has transformed the world of accounting and business in that time. But since then the world has changed dramatically and according to the Wall Street Journal, a lot of large companies are phasing out Microsoft Excel nowadays¹. CFOs of such companies like Adobe or ABM Industries complain that their employees take too much time to work with Excel accounting spreadsheets.
Expense fraud represents a significant economic loss for companies, and it is essential to identify and prevent it. Discover how artificial intelligence can help you do it.