Ogling that gorgeous two-carat, princess cut diamond ring your employee proposed to his fiance with? Your company bought it, and
Employees are getting more comfortable using corporate expense accounts for inappropriate purchases, a survey by the spending management company, Oversight, found. Forty percent of employees have, or know a colleague who has, purchased a personal item or service that went against company policy. While most inappropriate purchases consisted of restaurant meals (18%), one survey respondent admitted to
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The pandemic could be making this worse, especially during holidays, an Oversight executive says. Consumer spending on Valentine’s Day this year is projected to reach around $21.8 billion, according to the National Retail Federation. For this reason, Oversight advises their employer-clients to keep a close eye on their expense reports around the holiday.
“During the pandemic, we continue to see new employee spending behaviors and patterns translate into escalated risk,” said Nathanael L’Heureux, chief client officer for Oversight, in a release. “As we approach Valentine’s Day, organizations should be aware of the potential for increased personal purchases that get expensed as business purchases, especially during these strained economic conditions.”
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As employees continue to work from home during the pandemic, employers are also likely to see expense reports for office furniture. While many companies allow employees to expense these items, Oversight’s survey found that some employees were using the policy to buy big screen TVs and sound bars, instead of
Oversight audits employer expense accounts for fraudulent purchases. Scroll through to see their guidelines for helping employers detect inappropriate spending in their employees’ expense reports.
