The benefit of deploying an Enterprise Class Expense Management Solution extends far beyond simple productivity improvements. By using a solution such as [email protected] to enforce best practice procedures, the powerful reporting capabilities inherent in the product can be used to deliver detailed information to management and external parties such as auditors and HMRC.
Current industry sentiment around transparency and material inducements coupled with the additional obligations placed on organisations following the introduction of the Bribery Act in 2010 have resulted in far greater emphasis now being placed on Employee Expense Management.
Organisations deploying an expense management solution in the current climate must ensure that sufficient consideration is given to how the system will assist in the enforcement of both internal corporate policies and adherence to external regulatory requirements.
For example, when capturing entertainment and travel expenses, it is important to accurately identify their tax status and to ensure that claims are compliant with legislation concerning material inducements and bribery.
Our own solution, [email protected], has been designed to facilitate these needs in a number of ways:
1. Expense types can be flagged as taxable and non taxable events with automatic routing to appropriate approval authorities.
2. Items such as “entertainment”, require details such as client and event purpose.
3. Automatically adjusting mileage rates depending on miles travelled during the year and the ownership of the vehicle (Company or Private).
4. Daily allowances and incidental expenses can be catered for, with different tax treatments being applied depending on the amounts involved and the number of staff present.
5. Using industry standard protocols, such as XML, to interface to back office systems such as finance, compliance and payroll.
6. A sophisticated reporting engine that allows ad hoc and dashboard reports to be deployed throughout the organisation.