In a small business of two or three people, it’s easy to keep track of expenses. Due to the amount of transactions being small, transparency comes naturally. It would be quite difficult to try to pass off a phony expense if there are only ten other expenses.
You wouldn’t notice the absurd taco expense from the example above until it wreaking havoc on your accounts payable in QuickBooks. Now, with a small company, it would be very easy to figure out who created such a crazy expense, and then clear up the matter.
When your business grows, though, there’s more to keep track of. Suddenly you have twenty employees filing twenty expenses per month – that’s four hundred expenses! You’ll probably delegate the handling of these transactions to an accountant of sorts, becoming even further removed from your company’s expenses. Even if your accountant is using an expense tracking solution like ProOnGo, it’s possible to not notice an erroneous expense.
Once you do finally track down that bad expense and correct it, the question becomes, How did this happen, and how do I make sure this doesn’t happen again?
Most of the time bad expenses just come from simple mistakes rather than something as dramatic as fraud. You know that, but you still want to find out who touched the bad expense so you can send them a friendly reminder to pay closer attention to details. However, if an expense has passed by two or three different people, tracking it down is going to be more of a pain than it’s worth. Wouldn’t it be nice if you had an audit of that expense so that you could see who created it, who approved it, and who sent it to your QuickBooks?
Introducing ProOnGo’s new feature: Audit Reports!
Our reports now include a comment for each expense which details who created, submitted, approved, and then reimbursed every single expense.
The audit report protects you from fraud, allows you to hold your employees accountable for their own expenses, and gives you peace of mind. If a bad expense is ever filed, you won’t have to hold a witch hunt for who’s responsible; you have the information right in front of you. This allows you to deal with the problem quickly and effectively. You now have ultimate control over your company’s expenses.