A new study from Soldo, a B2B pay and spend automation platform that helps businesses better manage their spending, uncovered patterns in UK and European expense claims which unveil how employees in different industries are making expenses—the findings unlock data about how different industries and European countries are managing and tracking expenses.
The data, which Soldo collected using customer insights between August 2019 – July 2020, analyses the top 20 industries claiming the most expenses in the UK and Europe. Soldo also created an interactive tool, which allows users to input the industry they work in and compare employee expenses between different industries, as well as different expense categories.
Key Findings of the Study:
- Government workers tend to spend their money on food stores and personal care, ranking second for the industry with the most claims, surpassed by the courier services industry.
- The media industry claims more than the average on taxi fares, while employees in the travel industry are most often expensing food, flights, and hotels back to their employer.
- The study indicates that many employees are making expenses outside of traditionally expensed goods (e.g. airfare for work trips, business services): at least eight industries saw time and money spent in cocktail bars (mainly Engineering, Manufacturing and Machinery), on clothing items (Telecommunications), or on beauty products (Government).
- Nearly 92% of claims made by the IT industry are for business management and performance services.
As the coronavirus pandemic continues to upend daily lives and keep many people working remotely, these findings also help identify and anticipate a likely shift in future business expenses: Business travel like airfare and taxi fares have decreased dramatically since the start of work-from-home orders, while business supplies and food delivery expenses have soared. Looking ahead to 2021, business managers and HR leaders will need to optimise their budgets to ensure that employees are able to expense the items that are most important for remote workers, likely: food and coffee purchases; utility bills from increased internet or heating usage while at home; home office supplies like desks and monitors; IT services to ensure company data is secure; and more.
Visit here to use Soldo’s interactive tool. You can select which industry you’re interested in exploring expenses for and compare it to others, as well use the interactive tables to see what categories employee expenses are generated from.