Loopholes in Hong Kong expense management practices put corporate governance at risk

A survey sponsored by Concur, conducted interviews with companies with over 250 employees in Hong Kong, and examined how the expenses are processed in their businesses, over 400 finance managers and regular employees responded. It is found that mobile workforce is on the rise in Hong Kong companies, however, few finance managers have strategy in place to digitally transform the expense operations, some companies are even unable to fully support business operations on the road with end-to-end solutions. The survey results suggest that Hong Kong companies are putting their businesses at risk in several areas:

  • Potential fraud, due to human errors and inaccuracies of expense data
  • Lack of corporate governance, there is insufficient support of end-to-end expense management to detect non-compliant expenses
  • Loss of employee productivity and dissatisfaction, company systems do not fully support mobile expense management
  • Losing competitiveness edge among other Asia cities, only 18% of finance executives have a digital transformation strategy in place for finance

 

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