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USA: "The outlook for the U.S. economy and manufacturing - 2008"

USA: "The outlook for the U.S. economy and manufacturing - 2008". 8-page report by National Association of Manufacturers.

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back to index backAMERItalk November,  2005


Employee Compliance

American Express has just completed a poll of 250 financial executives showing that employee compliance will be an increasingly important concern in 2006.

Mid-sized companies in particular don't have a good handle on how their employees are adhering to stated T&E policies. Only 21 percent of financial executives in this segment claimed to be "very confident" about employee compliance.

Economic concerns -- such as the rising cost of capital, healthcare, and energy prices -- are causing companies of all sizes to more closely scrutinize their T&E policies and compliance. Sixty-three percent of survey respondents said that they are looking at T&E reports either "much more" or "somewhat more" carefully than in the past. Twenty-two percent of respondents indicated that their companies took unspecified "punitive action" against improperly filed or claimed T&E reports.

American Express believes that the shortfall in employee compliance correlates to the use of checks. The survey showed that 51 percent of companies use checks as the primary method of expense payment while only a third of companies use procurement or corporate cards, which American Express says "can provide data to track purchasing behavior."

Regardless of whether checks or cards are the primary payment tools, the main problem is that companies are not tracking employee spending patterns with enough rigor to ensure compliance. A dashboard, complete with workflow and alerts, could keep track of the necessary information, cut down on maverick spending, and enforce compliance.

Given rising costs, now's a good time to ensure employee compliance. Specifically, half of polled executives were concerned about rising costs for industry meetings and events; 45 percent cited cell phone and mobile device costs; and 41 percent were worried about international travel costs.

Source: Line56.com - GAI


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