It is a fact… mismanaged expenses costs UK businesses untold
amounts of money every year, and we are inundated with examples of how this
happens by looking at the news.
The latest example comes from Oxford University. The Daily Mail
recently reported that one University boss claimed a staggering £70,000 since
being appointed in January 2016! The Universities newspaper revealed that
Professor Louise Richardson’s air travel alone cost nearly £57,000, plus
£10,000 on accommodation costs.
The university have said that all the claims made, relate to
business travel, however we can use this example to see just how quickly
expense claims can mount up. Without effective monitoring and reporting, the resulting
cost to a company can be astronomical.
We are constantly reminded of instances of mismanaged
expenses, fraudulent expenses and outrageous claims, but what can we learn from
these stories to help our company to not fall victim to the same practices? What
processes can be implemented, which will ultimately save thousands of £’s a
MyExpensesOnline has used nearly 20 years of experience to
develop the solution to mismanaged expenses, and we continue to develop our product
to meet the growing demands of business.
Expense limits and other criteria defined in your expense policy
are enforced within the MyExpensesOnline solution, removing
the ability to overspend. Combined with numerous available authorisation procedures,
the effective reporting tools allow for close monitoring of expenses. Seeing
how much is being spent, where it is being spent, and by who it is being spent,
can help you to crack down on problems areas. The clarity provided by the
software is invaluable, particularly with vast numbers of claims.
If you believe this to be something which could benefit your
company, get in touch today to find out more.