The shift to remote working arrangements during the pandemic has complicated some operations for finance teams, especially in employee spending.
Today, 31% of finance professionals say employees are submitting more expenses than before the pandemic; the same percentage, 31%, say they are finding more errors in their expense reports, and 78% say many employees are not cognizant of company spend policy.
As a result, companies on average lose $85,000 annually on purchases made outside of company policy, according to the October 2021 Corporate Spend Playbook, a PYMNTS and Airbase collaboration.
Setting Administrative Spend Controls
To cut down on unauthorized corporate spend, many B2B companies are adding virtual cards to their financial efficiency toolbox. With virtual cards, they can set administrative spending controls, which can also make accounting quicker and more transparent.