Global expenses don’t need to be so difficult

Why, in 2016, are there still so many companies using archaic, time consuming, inefficient and laborious paper-based systems?

Ever since I was first engaged with expenses systems some 13 years ago I have been mystified at the market’s apparent refusal to transform to technology solutions.

Why, in 2016, are there still so many large companies – never mind smaller ones – using archaic, time consuming, inefficient and laborious paper-based systems? Oops, I nearly missed the sophistication introduced when many companies modernised by moving to an Excel paper version. Yes that made all the difference…

So why are companies not moving to a technology-based system that clearly adds the benefits of:

  • Efficiency: did you know that administering a paper-based claim can cost between €40 and €60 according to an independent study?1
  • Control: let the system automatically monitor your policy and spending, not an administration officer within your organisation who is tired of looking at receipts.
  • Compliance: maximise VAT recovery, ensure your company remains within legislation, reduce the risk of that impending external audit.
  • Freedom: empower your workforce to submit expense items on the move via mobile app technology, and remove that awful administration burden of “doing my expenses” once a month if they remember – and have the time.
  • Regular Charge: delight your accountants by stopping the process of holding claims and submitting for reimbursement irregularly, causing annoying spikes on company P&Ls.
  • Workflow: clear authorisation by your managers and visibility of the process for claimants. No more “I submitted my claim in the post weeks ago and I haven’t been paid yet”.
  • Business savings: accepted within the industry that this can easily amount to over 10% of your annual company expenses budget. How much is your annual spend on expenses?

If the benefits are so clear, why the reluctance to change?

One of the major factors in my experience, is the cost of transition.  Are providers being too flexible in meeting customers’ demands, do they really have to build a bespoke system every time to exactly replicate companies’ internal expenses policy? Is that why implementation costs are so high and discouraging the system change?

I wanted to do something different in the marketplace and TMF Group has supported me in introducing a service solution that breaks the regular constraints and makes access to either local, country or global expenses far more attractive.

Are you interested?

We have developed a system for customers to meet everyday expense demands and legislative requirements. More than that, the system is pre-configured across the globe using one database with common expense categories to make global reporting and compliance simple. The benefits are:

  • Lower implementation costs: the simple pre-configured approach significantly improves efficiency and reduces costs.
  • Easy customer interaction: No need to spend days in workshops, just a couple of spreadsheets to complete, train your staff and the service is live!
  • Global compliance: TMF Group has taken care of local country legislative requirements within the system.
  • Global Reporting: a single database with a single configuration makes global reporting easily achievable.

And importantly;

  • Versatility: if the out-of-the-box solution does not work for you, TMF Group can configure the system to your exact requirements.

But this is only half the story.

Learn more on our upcoming webinar, An Introduction to TMF InternationalXpense

Choose the live session that suits you, or register for either to access the recording which will be available after the event.

  • Thursday, 29 September 2016 10:00AM EST | 3:00PM BST register here
  • Tuesday, 11 October 2016 09:00AM BST | 4:00PM HKT register here
Language: English

Duration: approximately 45 minutes.

Find out about our HR and Payroll services worldwide.

1T&E Expense Management - A Solution Selection Guide, August 2012.

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