Expense Fraud has increased 206% during remote working –(Oversight Report). Interestingly this report was published around the same time Happay launched Smart Audit – making it all the more compelling for CFOs.
This blog further uncovers, HOW Mr KABRA WILL BE SAVING INR 5.48 CR IN THE YEAR 2021.
If you haven’t read the first blog, please do read it here.
There are 3 major types of expense fraud. I had dissected the first one in the last blog. The second one is even more intriguing:
- Duplicate Bills
- Incorrect amounts [not matching the bills]
- Restricted Items [like alcohol]
Donning a sarcastic hat, Mr Kabra quotes some of the “honest mistakes” with lots of pun:
I was stunned, but excited at the same time. This is really a big problem and I strongly believed we could solve it. I felt a gush of energy and with a big smile, I assured Mr Kabra that we have a solution which can put a check on this systemic expense fraud.
He didn’t believe me, but really wanted to see how we will fix this.
We had implemented and gone live with Happay’s end to end Travel and Expense management solution at Mr Kabra’s company in July 2020 [as mentioned in the last blog].
We had also implemented the SMART AUDIT module with the Amount Accord feature.
Here’s how it magically identifies if there is any difference between the amount mentioned in the invoice vs the amount submitted by employees. Check it out.
Mr Kabra still couldn’t believe that this is real and he tested it live with 8 more invoices.
“This is a real tangible value add. I am surprised why we were even evaluating other solutions. You guys have nailed it”