The article discusses financial complexity in healthcare, including fragmented spend processes and compliance pressures. By automating financial workflows and connecting spend data, healthcare organizations can improve transparency, reduce fraud risk, and ensure resources are directed to patient care.
SAP Concur published an article outlining the importance and best practices of effectively tracking business expenses. The article notes that accurate expense tracking delivers multiple benefits: stronger financial records for audits, better financing capability, improved financial transparency, more accurate financial planning, tax benefits, and fraud identification. Best practices include opening a business bank account, selecting the right accounting system, managing receipts, connecting financial institutions, and establishing performance measures. The article also lists common types of expense fraud (fake expenses, double billing, filing personal expenses, refund reimbursement, inflate…
This SAP Concur blog post highlights how manual processes and spreadsheets lead to poor spend visibility, inefficiency, and errors. Automated expense and invoice solutions can capture spending early, reduce errors and fraud risk, and support better decision-making with improved data.
This SAP Concur blog post provides best practices for identifying high-risk expense types and reducing non-compliant spending. It lists 14 high-risk expense types and recommends clear policies, technology enforcement, and ongoing training to mitigate risks.
SAP Concur article targets higher education and K-12 school districts, emphasizing assessment of pandemic-era digital fixes. Spend management platforms provide real-time visibility, budget control, and improved employee experience. Data shows T&E spend violation rate skyrocketed 292% from 2019 to 2020. Median loss of occupational fraud in education is $56,000. Adopting integrated platforms can save $777,000 annually on travel and expense reporting, increase compliant reports by 65%, and reduce errors by 52%.
SAP Concur published a blog post discussing the impact of cash versus credit card spending on corporate savings. The article notes that non-compliant cash spending is difficult to track and can lead to fraud and waste. In contrast, card payments are cheaper, easier to track, and provide better data quality and corporate rebates. It cites Harvard Business Review data indicating that organizations can almost always find 15% to 20% of spending that hasn't been managed closely.
PwC's 2018 Global Economic Crime and Fraud Survey found that 49% of organizations globally have been victims of fraud, up from 36% previously. Companies are scrutinizing travel and expense (T&E) spend to prevent and detect fraud. SAP Concur experts answered questions at an ACFE webinar on global expense policy compliance, gift handling, audit rules, automatic corporate card feeds, senior management expense review, and AI detection tools, recommending automation, integration, and proactive reporting to build a best-in-class T&E program.
SAP Concur published a blog post discussing how technology can help businesses prevent fraud and save money. The article cites a report from the Association of Certified Fraud Examiners (ACFE) estimating $7.1 billion in annual losses due to internal fraud, with the average organization losing 5% of its annual revenue. It notes that small and mid-size businesses face higher risks of duplicate invoices and recommends preventing fraud through automated expense management, mobile solutions, and clear policies.
SAP Concur cites a May 2021 Oxford Economics survey of over 500 senior business leaders across seven countries, finding increasing agility is the top goal but culture change and digitizing manual operations remain challenges. Among businesses that digitized expense, invoice, and cash flow management, 43% cite increased agility and resiliency from digitizing AP, 42% cite increased productivity from digitizing expenses, and 35% cite increased functional collaboration from digitizing cash flow management. AMI-Partners research found SMBs saved $30K annually with automated expense solutions and $34K with invoice solutions; Concur customers saved $39K annually with each solution. ACFE estimates…
This SAP Concur blog post states that a clear T&E policy reduces errors, saves time, and reduces fraud risk. Ambiguous rules lead to noncompliant expenses and employee confusion. Clear guidelines improve communication and speed up approvals. It suggests using an expense policy builder to create a personalized policy.
This SAP Concur blog compares cash and corporate card payments, stating cards are cheaper, easier to track, and reduce fraud. Cash is hard to manage and prone to errors and non-compliance. Cards provide real-time data, increase rebates, enhance fraud detection, and boost employee satisfaction. It suggests training and mandating card use to increase adoption.
SAP Concur states that according to the most recent global study on occupational fraud and abuse, the typical organization loses 5% of annual revenue to white-collar crimes. From 2018 to 2019, this included 2,504 fraud cases, 125 countries, $1.5 million average loss per case, and $3.6 billion total losses. ACFE President James D. Ratley says fraud rises during economic uncertainty. ACFE survey shows 55.4% of respondents said fraud levels increased in the past 12 months; nearly 60% of in-house CFEs reported layoffs, 35% of those companies eliminated some controls, and only 3.2% increased controls. SAP Concur recommends automated internal controls to supplement human oversight.
A SAP Concur blog post discusses expense fraud and compliance challenges for global businesses. It cites an Oversight Systems study finding that 37% of business travelers had at least one exception on their T&E reports, and estimates the typical organization loses 5% of annual revenues to fraud each year. It recommends distinguishing real fraud from unintentional mistakes, using corporate card programs, receipt requirements, and communication plans to reduce errors and focus on actual fraud. It also suggests zero-tolerance policies, third-party audits, and random checks.