Companies are using artificial intelligence to audit expense reports, catch fraud faster and lose less money. They are also making the process of filing expenses much easier for employees WorldAtWork
NEW YORK - It sounds like it should have been impossible to miss, but it took more than a year for an industrial equipment company to discover $12,000 worth of doggie day spa charges on an employee’s expense reports.
Only a fraction of expense reports are closely examined, so it is no wonder that companies experience more than $7 billion in annual losses from fraud, according to the Association of Certified Fraud Examiners. “It started out as a small infraction that led to an investigation that led to other things,” said Terrence McCrossan, chief executive of Atlanta-based Oversight Systems, which audits about $2 trillion worth of employee spending each year and works with employers like the U.S. Department of Defense, McDonald’s and General Electric.
One of SAP Concur’s newest offerings is Concur Detect by AppZen, which does a 100 percent audit of incoming expense reports. If a charge has a red flag, it goes to a human auditor. One Concur Detect customer, Portola Pharmaceuticals Inc, said it had reduced the number of expense reports that required review by one-third.“Employees are claiming the same expense multiple times. That happens more often than you can imagine,” Kale said. “It’s not fraud, but an honest mistake.”
There is also true fraud. Oversight Systems, for instance, found an employee who expensed for parking over and over using the same receipt each time. By the time the fraud was discovered, the parking lot no longer even existed.
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