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What you need to know about expense reportsExpense reports are just part of business life for many people. Common business write-offs include taxi fare, business lunches or meetings, hotels, travel expenses, and any other expenses incurred for job purposes.
However, nowadays expense report padding is something all businesses need to be on the lookout for. This occurs when employees fudge the numbers on their reports in order to be reimbursed for more money. Expense report fraud is also on the rise, and makes up 12% of all corporate fraud cases. Expense report fraud is more than just an extra lunch or two tacked on. The average expense report scheme cost companies $60,000. Knowing this, it is important for business managers to be on the lookout for expense report fraud. The following are some tips that will help you know what to look out for when looking at expense reports. Know what the common schemes are. Double billing for expense reports is also common. For example, an employee has two receipts for a dinner and submits the duplicate a month or so after the original was submitted, banking on the fact that the employer won't notice he or she dined at the same restaurant for the exact same amount the month before. Expensing personal expenses as business ones is also fairly common. This can include smaller things like meals or transportation fare, but can be more expensive, like vacations that are written off and expensed as business reports. How to catch them
Expense report fraud is on the rise, and it can end up costing companies thousands a year; in fact, the average employee can easily expense an extra $5,000-10,000 a year of personal expenses with little effort. The above tips are just a few things you need to know about expense reports.
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