Era of cost cutting not over
Dec 07 2010
Businesses are looking at staff efficiencies to save costs
Small businesses are scrutinising the behaviour and productivity of employees more than ever in an attempt to save money, research finds.
According to a study of more than 150 financial professionals by IRIS Accounting & Business Solutions, 69 per cent of organisations look to put in place a more stringent enforcement of their staff expenses policy in response to current economic challenges.
Nine out of ten firms are also implementing much tighter controls over purchasing procedures, with 53 per cent scrutinising timesheets in more detail.
Paul Sparkes, product director at IRIS, says that most organisations have already been through a sustained period of operational cost cutting but many are still under immense pressure to look for further savings in order to cope with economic challenges.
‘By getting an accurate picture of purchasing and exactly where staff are spending their time, managers can better understand their business and make more informed, strategic decisions,’ he adds.
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