News & Views from MyExpensesOnline

LATEST EXPENSES SCANDAL - Why is Monitoring Expenses Vital?

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 year?

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.