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Employers looking to tighten up on expenses. Pearson May News Update - Monday 1 June
- Employers looking to tighten up on expenses
- Late payment a problem, VAT cut of little help, say businesses
Employers looking to tighten up on expenses
Increasing numbers of businesses are planning to scrutinise employee expense claims more closely in the future.
A survey carried out by LinkedIn, the networking website, found that almost a quarter of the firms questioned in the poll had lost money through over-claimed expenses.
Another quarter conceded they had no accurate figures on whether staff expenses were legitimate or not.
Just half of the firms surveyed believed that employees were only submitting proper and appropriate expenses.
One in 10 SMEs said they intended to examine their expenses systems and policies with the aim of tightening up processes.
Cristina Hoole, the European Marketing Director at LinkedIn, said: “Most of us claim honest expenses from costs we pay through our day-to-day jobs, but it seems that a significant proportion of UK businesses are suffering as some employees push the boundaries of what should and should not be claimed.
“At a time when businesses are keener than ever on reducing costs, I think we can expect the ripple effect to carry on through the private sector.”
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