Two out of Three Workers don't Claim Everything Owed to Them in ExpensesBy Concur, PRNE
Sunday, April 17, 2011
Hundreds of pounds Inadvertently Drained From Employee Pockets Each Year
LONDON, April 18, 2011 - A UK personal finance survey of 1,010 workers with expense accounts
reveals that two out of three aren't claiming everything owed to them,
creating a black hole in personal budgets. According to Concur, these workers
spend an average of GBP159 of their own money every month on behalf of their
employer and for one in five (20 per cent) unclaimed expenses add up to as
much as GBP270 a year. This is a similar level of savings typically made by
switching utility providers, at GBP263* a year.
When asked the reasons why they didn't expense everything, nearly half
(49 per cent) of those questioned admitted they often don't claim money back
because it's not 'worth the hassle', indicating how time consuming and
tedious is it to claim for expenses. 22 per cent of people said they were
'too embarrassed' to claim back small amounts of money from an employer and
five per cent felt 'guilty' about expensing money even though it is
rightfully owed to them.
Isabel Montesdeoca, VP at Concur commented, "With worries about job cuts
and inflation, people are tightening their purse strings and trying to make
their money go further. Expenses should be on the personal finance radar as
even small amounts add up over the course of a year. People should not feel
embarrassed or guilty about claiming money they have spent on behalf of their
company when they have very tight budgets to stick to at home. Fortunately,
technology now makes it easy for both employers and their employees to
manage, reconcile and reimburse legitimate expenses quickly and accurately
even when you're out of the office."
Lawrence Gold, personal finance expert added, "It's common practice for
people to look for bargains online and to use comparison sites to save money
on energy bills and get cheap holiday deals but unfortunately they are
forgetting about getting money back that's owed to them by employers."
Concur (www.concur.com/en-uk/) makes it easy for people to submit
and track expenses (www.concur.com/en-uk/small-business) online and
convert paper receipts into digital records. Online bookings for hotels,
restaurants and flights can be viewed on a personal account online, similar
to online banking. You can even take photos of your receipts (
www.concur.com/en-uk/features/mobile) with your smartphone and have
them automatically attached to your expense claim to get them signed off much
faster than filing expenses by hand. With the recent launch of Concur Breeze
(www.concur.com/en-uk/small-business) - the expense reporting service
designed specifically for small businesses - Concur now opens up this
technology to even the smallest of companies. You can track expenses, manage
cash flow and automatically integrate credit card information allowing quick
submission, approval and reimbursement of expenses cash. This all helps to
cut down on wasted money and removes the hassle out of claiming expenses.
Concur is a leading provider of integrated travel and expense management
solutions for companies of all sizes. Concur's easy-to-use Web-based and
mobile solutions help companies and their employees control costs and save
time. Learn more at www.concur.co.uk.
Notes to Editors
*According to figures compiled by moneysupermarket.com in November 2010,
the typical saving when switching utility provider was GBP263 a year.
The research for Concur was carried out by Opinionmatters.co.uk between:
13/12/2010 and 22/12/2010 with a sample of 1010+ UK people with expense
How much do you spend on expenses every month?
Less than GBP10 5.5% GBP10 - GBP20 19.7% GBP21 - GBP50 19.8% GBP51 - GBP100 21.2% GBP101 - GBP250 17.4% GBP251 - GBP500 9.6% GBP501 - GBP750 3.0% GBP751 - GBP1000 1.8% GBP1,001 - GBP2,000 1.8% More than GBP2,000 0.2%
Do you ever spend your own money on behalf of your company, but not
bother expensing it back? And if yes, how much per month on average?
No, I expense everything owed 36.1% GBP1 - GBP5 17.8% GBP6 - GBP10 15.2% GBP11 - GBP15 8.4% GBP16 - GBP20 9.4% GBP21 - GBP30 5.5% GBP31 - GBP40 2.3% GBP41 - GBP50 2.2% GBP51 - GBP100 2.9% More than GBP100 0.1%
If yes, why did you not expense it back?
It's not worth the hassle 49.1% I was embarrassed about expensing such a small amount 22.9% I forgot 17.5% I felt guilty 5.4% Other 5.0%
Press Contacts: Stacey Jones or Holly Barnes, Weber Shandwick for Concur, +44-20-7067-0500, ConcurUKPR at webershandwick.com
Tags: April 18, Concur, London, United Kingdom