Lax expense management 'can have wide-ranging effects'

Poor expense management practices can have far-reaching negative effects on a firm, according to the Federation of Small Businesses. 

Stephen Alambritis, a spokesman for the organisation, explains that such laxity may well damage its reputation of a company as individuals such as investors and bank managers could become aware of this fact. 

Continuing, he warns that such negligence can also lead to lax employment procedures as well as careless health and safety practices. 

As such, Mr Alambritis suggests that the culture within a firm must be one where everything is recorded and all expenses are based on receipts.

"That is where a business gets off to a good footing and that's right from the top - expense claims for the chief executive down to the petty cash box," he concludes.

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