LONDON--(
Press Release Power)--A new report released today by payments specialists, Caxton, has revealed the challenges posed by expense management processes and policies within many UK trades - resultant in UK PLC facing £2.8bn in lost output all year.
The survey of 150 financial controllers' arrogances to expense running found that 23% of UK businesses “ that's almost a million companies “ still process expenses using paper-receipts affixed to an expense form. This is leave-taking organisations more vulnerable to expense misuse, as well as being suggestively more likely to excess time chasing partial forms “ up to 100 hours a year.
Outrageously, the research found that over half of UK trades (53%) either do not have an expense policy at all or feel that theirs is not fit for purpose. 36% of fiscal controllers surveyed feel that they have deficient control over outlay limits.
œWith the total of financial analysis 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, notes Jane-Emma Peerless, Chief Commercial Officer at Caxton. œMany of the organisations we work with are constantly looking at ways to improve their efficiencies and drive costs down. Simply by switching to an powered outlay course could improve the efficacy of your finance team by nearly 100 hours a year.
The research findings concur with the launch of Caxton's new Business management platform. This provides a fully automated end-to-end expense solution, including a choice of two different corporate cards depending on business needs, a mobile app to let employees fast record and store all their receipts, and back-end functionality that enables accounts teams to track and manage expenses in real time.
The study tinted that paper receipts are listed as the biggest hindrance for financial controllers, and - 35% - mainly in companies with under 500 employees - feel their system places an unnecessary burden on employees. In addition, 35% of companies still ask their workers to pay for their occupational outlays out of their own abridged then claim it back.
For more material about the latest insights into corporate expense running, transfer the 2019 Caxton Expense Management Report.
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About Caxton
Caxton is a market principal payments company. Based in London, we've been forerunners in currency services since 2002. We were the first to launch multi-currency cards with bank-beating rates, and constantly innovate our products to service our 750,000 private and business customers. Last year, we successfully handled 7.3 million associates, while our annual business reached ‚¬1 billion.
We run businesses with expense running and payments solutions.
Contacts
For all media enquiries please contact:
Sonia Rehill
Email: sonia.rehill@caxtonfx.com
Direct: 020 7042 7648
Find out more on our website: https://www.caxtonfx.com
