Corporate Expense Management solutions provider Concur Technologies Inc. on Wednesday announced a strategic alliance with ACL Services Ltd., a global provider of audit and data analysis technology, to launch a new fraud detection module that aims to reduce the incidence of travel and entertainment (T&E) expense fraud for Concur Expense customers.
“The focus on corporate governance and proper internal controls continues to drive greater transparency into corporate financial results that will consequently build shareholder trust,” said Steve Singh, chairman and chief executive officer for Concur Technologies Inc. “With the passage of Sarbanes-Oxley, companies are under tremendous scrutiny. As a result, corporate officers are demanding greater visibility and accuracy in every significant financial process.”
By partnering with ACL, Concur Technologies will offer customers a new set of reporting and intelligence capabilities designed to ensure the legitimacy of expense transactions while providing an added level of oversight within the expense management process.
The Transaction Assessment Module, when coupled with the feature set and services of Concur Expense, accurately and efficiently tests for indicators of fraud to identify and deter unauthorized use. ACL’s market-leading data analysis software identifies trends, pinpoints exceptions, and highlights potential areas of concern, overcoming the stumbling blocks that hamper conventional fraud detection methods.
“As a result of our strategic alliance with ACL, our customers will be able to delve even deeper and see further into their expense reporting process. Companies will be able to enforce a far greater measure of control over the millions of dollars that are being spent on travel and entertainment each year,” Singh said.
Concur Expense automates each step of the T&E expense management process — from expense report preparation and approval to policy compliance, data analysis, and reimbursement. Travelers are aided by the direct pre-population of expense data from their corporate charge card and mobile devices. Expense reports are automatically routed to managers, who can approve expense reports online and receive immediate notification of non-compliant entries. Accounting departments receive expense reports online and automatically link to financial and payroll systems, eliminating the need to re-key expense data.
