You have successfully eliminated your paper T&E process and launched a cloud based T&E solution. You have users submitting digital receipts and your spend data is better than ever. Are you ready to now automate the way your employees track and submit their mileage for reimbursement?
In an interview with Spend Matters Mike Bassi says, “Businesses tell us [that mileage is] number one or certainly one of the top five total volume expenses that companies are paying now, and yet there’s almost no control over it. It’s all based on people entering logs, and those logs are seldom accurate. When you look at trying to control your costs, having an audit trail is important, and mileage reimbursements almost never include audit trails.”
This large area of expense is also prone to padding and fraud. The Association of Certified Fraud Examiners (ACFE) finds that 14% of all occupational fraud comes from T&E. Mike says that when companies automate their mileage tracking process they find a 10-25% reduction in submitted mileage spend.