SME Fraud Protection Guidance
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As a small or medium business, you can’t afford the risk of fraud.
Maintaining a tightknit employer-employee relationship can help to mitigate fraud, although things become more complicated when you send staff on the road, with the prospect of covering expenses.
As such, small business protection is necessary – spending habits have to be secure, organised and legitimate. So, it’s wise to bring your anti-fraud measures up to the right standard. Today, we’re going to tell you how to tighten up expense management for employees on the road.
Assign a bank card for corporate expenses
It’s easy to take staff loyalty for granted. For convenience, you may be tempted to let someone pay for fuel, repairs, accommodation or toll fees out of their own pocket before paying them back. Yet this a process that can easily be manipulated.
Creating an expense account for each employee is a far safer method. Set an allowance that they’re able to use per day and check bank statements to ensure everything lines up with their claims. The statement will show when and where the payment is made – making small business protection simpler.
Upgrade to a fuel or general expense card system
For added peace of mind, we suggest looking into an Allstar Fuel Card for diesel and petrol payments on the road. It’s viable for more than 7,700 fuel sites in the UK. Drivers can top up, pay with the fuel card, and let the funds organise themselves in a dedicated online account. These result in consolidated invoices that make HMRC expense reclamation much easier.
However, this isn’t restricted to fuel investments. Take it further with an Allstar Plus Visa Card, which broadens the range of expenses your staff are able to pay for.
Foster a digital receipt culture
It’s worth instilling a digital toolset to replace paper receipts, if you want to be doubly sure that the transactions are on-point. There are many software solutions on the market. Investigate which you’ll prefer, and brief every employee how to use it on-the-move.
Create a schedule when you can go over the expenses together and see where unnecessary payments may lie. After all, the staff member’s future is tied up with the company’s – they have to know that saving you money affects the business’ growth, which ultimately benefits them.
Such advice is invaluable for the typical SME, whether your processes are fleet-centric or not. Small business protection is gained by knowing exactly what’s going on with the finances you’re in control of. Contact us to make sure you are in control of your expenditure, stopping fraud in its tracks.