This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
10/21/2021
Average Firm Loses $85K Annually on Purchases Made Outside of Company Policy
PYMNTS.com
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.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information