Finance Directors should tighten-up a firm's expenses budget, according to a leading management company.
David Vine, managing director of Global Expense, has told dofonline.co.uk that his firm estimates that businesses in the UK are to subject to £350 million in fraudulent expense claims each year.
He added that with 2008 predicted to see businesses' profits coming under "severe pressure", then corporate expense policies should be monitored to avoid fraudulent claims.
"For instance, if a business makes £1million profit on £10million of turnover, then cutting expenses costs by £100,000 is worth an additional £1million of sales," explains Mr Vine.
He also claims that with financial pressures on employees, there could be "more temptation" to add "an extra five pounds" on expenses "here and there".
Accountancy Magazine has also reported that a study by the Institute of Chartered Accountants of Scotland found that
finance directors are suffering from "a lack of confidence" in the UK economy.
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