Better Business Travel Accounting

Friday, May 20, 2011

When employees travel frequently for business, it is vital to have an accounting process for travel expenses in place. How long after the trip will expense reports be due and how will they be filed? What information will be required and what are acceptable ranges for travel expenses? This will let employees know what is expected and keep the business running smoothly.

In addition, travel is often one of the largest categories of business expense and, unfortunately, can be a target for fraud. Even minor travel expense fraud can add up over time. By having a process in place, you will not only be able to quickly manage expense reports, but set up a system for locating and looking into red flags that may point to fraud.

For more information about what kinds of red flags to look for and the most frequent fraud schemes, this article on fraud examination has a great overview.

Labels: Travel Expenses

Posted by PEX Card

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