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Curious on how to prevent expenses fraud in your company? A brief guide by our fraud solicitor at ABV Solicitors

01 June 2020

When you run your own business, there is a seemingly endless list of things you need to keep an eye on. Regardless of the size of your staff, you have to make sure that they are all working effectively, that they are all confident in their jobs and that, most importantly, they are not costing your company undue amounts of capital.

Of course, checking these things in depth can be time-consuming and, while it may be tempting to overlook expenditure reports and to simply trust your staff implicitly, this is rarely a wise decision. Expense reimbursement accounts for up to 15% of all fraud committed in the UK and so, it is best for you and your business to be able to identify if any accounts fraud is taking place.

At ABV Solicitors, our fraud solicitor can help you to prevent and detect fraud within your company and can help you with the process of reporting it to HMRC. Our team can identify inaccuracies in records and accounting books, to help you identify who is responsible for the overstated reimbursements, helping you to get your business back on track.

What are some of the things to watch for that could identify reimbursement fraud? Read our brief guide to find out!

Excess spending

If you suspect that one of your staff is overspending, contact us. Our fraud solicitor from ABV Solicitors will be able to look at spending trends over a set time frame within your company and identify areas of excessive expenditure. It is particularly important to keep a professional eye on businesses that revolve around sales.

Claiming non-business related items

While it is tempting to allow your staff to charge for non-business related items (such as a stress-relieving massage on a business trip), it is not wise and leaves the door open to excess spending. And so, if you are eager to draw up an acceptable business costs list for all of your employees to adhere to, our fraud solicitor can help, saving you time and money.

Inflating small reports

If your staff regularly take business trips, it can be easy for them to turn a £3.00 taxi journey into a £10 one – as it is a small area of cost, it gets overlooked but could cost you a great deal in the long term. Our team can help you secure against such things and ensure that every penny is counted!

Overcharging cards

It is easy for staff to overcharge on the company card and so, our team at ABV Solicitors can advise you on ways to prevent this from happening, such as giving traveling staff members a prepaid card, with a fixed limit to ensure your books add up come April.

Double dipping

Listing the same charge twice for different trips, this is another way your company can get into fraud related trouble. Our team can help you to implement ways to monitor the usage of company accounts and ensure that any dishonest activity is flagged up.

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