Expense and procurement fraud happens at even the best-run organizations. Are you prepared to prevent such catastrophic activities from happening?
Recently, a former Procter & Gamble Co. executive assistant agreed to plead guilty to a federal charge of defrauding her company out of more than $454,000, after extensively using a P&G procurement card issued by Citibank to pay for her personal expenses. This case illustrates why organizations need effective and easy-to-use expense management systems so such behavior doesn’t go undetected – for months or years.
How harmful is expense and procurement fraud in dollars and cents? It’s hard to nail down specific figures, as so many cases never get caught. However, organizations still using methods like spreadsheets and email to process expenses and purchasing tend to be hit hardest. These manual methods often lack purchasing controls and effective auditing, frequently leading to over-budget employee spend and unregulated purchasing from off-contract vendors.
With Procure-to-Pay software, purchasing and accounting professionals can automate all procurement, order management and invoicing tasks from one platform. Reporting and analytics tools help pinpoint inefficient spend activity. And P2P solutions include essential audit trails and financial process support to automate accruals and postings, preventing fraud and budget over-runs.
Apptricity Procure-to-Pay automates your entire purchasing and invoicing process in one easy-to-use system that complies to your approval processes and is fully integrated with your ERP and legacy systems. To facilitate complete, real-time visibility into all spend activity, Apptricity P2P provides consistent compliance with budgets for purchasing.