It sounds counter-intuitive, but YES you should.
Manager approval has long been the primary financial control companies had in place to prevent T&E fraud, waste and misuse. Our research finds that a company that processes 5,000 expense reports a year forces its managers to spend a combined 833 hours to the review process. Too much time is being spent on a process that does not work.
There are a few problems with manager approval as a control:
- Managers are too busy to spot all unusual trasactions that occur everyday and identify patterns of behavior over time
- Managers are often too trusting of their team members
- It's just too easy to click on the "Approve" button
This white paper discusses the shortcomings of manager approval as a control and how automated transaction analysis transforms expense audit and compliance programs to accomplish what managers cannot.
Please fill out the form to get your copy.
