We surveyed 150 UK financial controllers and directors to find out their approach to corporate expense management. It revealed who was spending what, where and how they accounted for it.
Respondents ranged from small businesses with £5m revenue to large enterprises with more than 1000 employees.
Here's what you will learn from this UK corporate spending report:
There are strict rules against bribery and corruption, especially in heavily regulated markets like financial services and government. FCs need real time visibility of what is being spent on whom in order to flag potential causes of concern to risk officers.
You can either have your high-flying sales director meet more prospects, or you can have them fill out an expense form. If the definition of productivity is being able to increase output in less time, then expenses are a prime example of where businesses can see rapid improvement.
3. TALENT MANAGEMENT
If people are your best assets, then the best people are your most valuable assets. To hire and retain the top talent you need to create the right culture. One that doesn’t involve asking them to use their own money on company expenses, then waiting… and waiting to be reimbursed.
4. COST EFFICIENCY
Late payment charges and the misuse of company money are a dead weight on the bottom line. If the expense management process takes too long, or there’s insufficient visibility of who’s spending how much on what, there’s no way of eliminating those unnecessary costs.
If you spend considerable time monitoring fraud and misuse of company expenses by employees - accidental or otherwise.
If you want to streamline your expense management process and to reduce paperwork.
If you want to boost staff morale and productivity, and allow your best employees to concentrate on the task at hand, not admin.