Safeguarding organisations against expenditure frauds with Ascent Travel and Expense Management System

From duplicate entries to fraudulent claims, organisations face multiple challenges when it comes to travel and expense management. In this landscape full of risks, organisations require a robust solution that not only streamlines expense management but also safeguards against potential fraud. 

This is where the Ascent Travel and Expense Management System (T&E), a comprehensive solution designed to address these challenges head-on, comes into the picture. Ascent T&E offers a multifaceted approach to preventing expenditure fraud, leveraging a range of innovative features to bolster organisational integrity and financial security.

Real-time expense tracking

With Ascent Travel and Expense Management System, organisations gain real-time visibility into their expense landscape, enabling them to monitor transactions as they occur. This proactive approach empowers companies to identify anomalies promptly and take corrective action before issues escalate.

Easy recording of expenses with AI technologies

Instead of manually recording expenses by referring to bills and invoices, the system provides the capability of uploading these documents. After uploading the documents, the system intelligently uses OCR and machine learning to read and analyse the contents to automatically populate expense records. It is also possible to review the analysed contents and amend them before recording. This makes the expense recording process fast, easy, and accurate.

Real-time travel spend insights

The system provides organisations with invaluable insights into their travel expenditure real-time, allowing informed decision-making and expenditure optimisation. By staying abreast of travel spending trends, companies can proactively identify potential areas of concern and implement preventive measures.

Strong anti-fraud controls

Ascent Travel and Expense Management System is equipped with robust anti-fraud controls, including measures to prevent duplicate entries and fraudulent claims. By leveraging advanced algorithms and data validation techniques, the system detects and flags suspicious activities, mitigating the risk of financial losses due to fraudulent behaviour.

Comprehensive reports

The system generates comprehensive reports that offer a detailed breakdown of expenses across various parameters, including team, project, client, and trip-wise costs. This granular level of insight enables organisations to conduct thorough audits and identify any irregularities or discrepancies.

Expense claims approval via email

Ascent T&E streamlines the expense approval process by facilitating approvals directly through email. This seamless integration enhances efficiency while ensuring that all expense claims undergo rigorous scrutiny before being approved for reimbursement.

Warning and auto-approval action for flag policy violations

The system incorporates warning mechanisms and auto-approval actions for flagged policy violations, ensuring adherence to organisational policies and regulatory requirements. By enforcing compliance at every step of the expense management process, Ascent T&E minimises the risk of fraudulent behaviour going undetected.

Multi-level approvals

Ascent T&E supports multi-level approvals, enabling organisations to implement hierarchical approval workflows tailored to their specific requirements. This hierarchical structure adds an additional layer of oversight, reducing the likelihood of fraudulent claims slipping through the cracks.

Travel and expense management made proactive with Ascent T&E

In conclusion, the Ascent Travel and Expense Management System (T&E) stands as a stalwart guardian against expenditure frauds, offering organisations a comprehensive suite of features to fortify their financial integrity and mitigate risks. By leveraging real-time tracking, robust anti-fraud controls, and comprehensive reporting capabilities, Ascent T&E empowers companies to safeguard their assets and uphold the highest standards of transparency and accountability in travel and expense management.