Results from a study conducted for American Express Global Commercial Card by Accenture, shows that businesses have begun to hold staff more accountable for business spending. This includes implementing a policy around spending, educating staff about the consequences of their expenditure, and enforcing the policy.
Other strategies included data analysis—benchmarking expenditure against other businesses and spotting spending trends to make more informed decisions—and planning for the long term by simplifying processes and improving investments into expense management.
“Insights like these are particularly useful during challenging economic times, as they place a focus on leading business practices that help companies identify steps they can take to achieve cost savings,” said James Ellis, managing director of Accenture’s Finance Operations practice. “For companies that enter a down economy from a strong position, dollars saved often times can be redirected to activities that deliver more value to a company.”
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