Completing and managing travel expenses is one of the most costly and time consuming tasks today. There are many solutions and technologies available. Meridian Global Services, a leading supplier of employee expense management outsourcing services, have a white paper which lists the Top 10 Errors and Solutions to Help Your Employees To Manage Their Expenses which are:
- Incorrect amount entered in expense system by employee
- Missing receipts
- Dates of travel incorrectly entered thereby distorting travel allowance calculations
- Currency of the receipt entered incorrectly
- Incorrect expense time selected
- Original receipt not submitted
- Limits set by the EMS can be easily bypassed by the employee
- No business expenditure climbed
- Claims for additional or extra charges
- Preferred supplier is not used.
This list shows the main problems and the technologies that can be used to overcome the current burden.
New technologies + service + VAT collection
The technologies include: scanning of invoices for the mobile phone, huge databases of approved suppliers and linking to the card schemes. Use of these technologies is certainly reducing the burden once the technology is integrated with an overall service that is the full results are achieved. Many suppliers try to do this, combining their technological solution with different levels of service.
However, the elephant in the room is reclaiming VAT, this can far outweigh the cost of travel expense management.
To achieve the ultimate solution expense management you need to have a combination of latest technology to minimise the burden, really good service and support, and VAT collection.
CTMfile take: Meridian’s approach using their technology Expenseflo with full service support and the leading VAT collection service is close to what is required.
Taxidermy and dance classes: does your company receive ridiculous expense claims?
A survey of 2,200 US CFOs found that 23 per cent of companies have seen an increase in inappropriate expense requests in the past three years. The claims included a “doggie day spa” and taxidermy.