A new report released today by payments experts, Caxton, has revealed the challenges posed by expense management processes and policies within many UK businesses – resulting in UK PLC facing £2.8bn in lost productivity each year.
The survey of 150 financial controllers’ attitudes to expense management found that 23% of UK businesses – that’s almost a million companies – still process expenses using paper-receipts stapled to an expense form. This is leaving organisations more vulnerable to expense misuse, as well as being significantly more likely to waste time chasing incomplete forms – up to 100 hours a year.
Shockingly, the research found that over half of UK businesses (53%) either do not have an expense policy at all or feel that theirs is not fit for purpose. 36% of financial controllers surveyed feel that they have insufficient control over spending limits.
“With the amount of financial scrutiny that UK companies operate under today, there is no real excuse for financial controllers not to have a clear and efficient expense policy in place,” comments Jane-Emma Peerless, Chief Commercial Officer at Caxton. “Many of the organisations we work with are constantly looking at ways to improve their efficiencies and drive costs down. Simply by switching to an automated expense process could improve the productivity of your finance team by nea