£10 of Every £100 Paid Out in Expenses in 2011 Out of Policy
LONDON, UK, 29th February 2012 – A report analysing expense claims made by more than 200,000 UK employees has revealed that companies paid out £692 million last year in out of policy expenses. According to the study conducted by travel and expense company Concur, for every £100 a UK business paid out in expenses last year, nearly £10 (£9.85) was spent outside of that organisation’s expenses policy, for example on business class tickets for short haul flights, or rooms in non-preferred hotels.
The findings are a concern for businesses trying to retain visibility and control over their finances during a period of economic uncertainty. In addition, they suggest that although most UK companies have an expenses policy in place, employees – and their managers - are struggling to interpret it properly. Only a tiny 1.2 per cent of out of policy submissions last year were actually caught and rejected by the approver.
