Travel costs and business expenses named as SME concerns
19 June 2019
Author: Sean Keywood
Managing business travel costs and expenses administration are the biggest concerns for UK SMEs, according to fuel card firm Allstar Business Solutions.
It surveyed 1,000 small business owners, and found that a disproportionate number of hours a week are being spent on managing expenses, which it says could be better spent on business activities or a better work/life balance.
Of those surveyed, 24% said that managing expenses and payments made them stressed, and 21% said worries about balancing cash flow were costing them sleep.
Major issues for employers included employees spending too much on fuel and hotels and losing receipts, while conversely employees were found to be unhappy at having to pay costs up front before reimbursement.
Allstar MD of commercial cards Thore Vestergaard said: "Business expense management isn't just a headache for businesses but also a burden for employees too, taking a serious toll on their emotional wellbeing.
"This poor mental health has repercussions for efficiency, impacting on workers' productivity and affecting business output.
"It doesn't have to be this way, though. Harnessing the latest technologies can transform businesses' expense policies, making owner's lives easier by streamlining administration and controlling employees' spending habits, all while releasing much needed cash flow into the business.
"Business and fuel expense cards like the Allstar Plus card, for instance, can help prevent common problems such as delays in reimbursement by allowing team members to pay for any expense whenever they need to, without having to use their own cash. In addition, they benefit employers by giving them complete control of all business spending."