What does this mean?
It means knowing exactly, from one year to the next, what was spent, who spent it, and why.
It means being confident that your expenses policy is being applied as intended.
It means your expenses team are not continually being asked to find out what has happened to claims.
It means not needing to manually check every claim in order to ensure that cost centres, project and account codes are correct.
It means being assured that you can safely recover all your allowable VAT without worrying about under-claiming or over-claiming – anywhere in the world.
If expense management is not under control, then you are almost certainly wasting valuable time and money, while also leaving your company open to significant tax penalties at some point in the future.
Accounts Payable, Payroll and HR
These three departments get very busy at certain times, especially at month end during the pay run and at year end. However, busy period or not, expense claims just keep on coming.
However . .
- If all expense items were allocated correctly,
- If they didn’t need to be checked for errors and policy violations,
- If they didn’t need to be analysed for employee tax liabilities,
- If the VAT didn’t need to be double checked,
- If cardholders didn’t need to be chased to reconcile transactions,
- If fuel card holders didn’t need to be reminded to make contributions, and
- If travellers didn’t need to be asked to return cash advanced for a trip
. . so much time and money could be saved.
ExpenSys is designed to automate all of this activity, and take the pressure away.
Unique Question & Answer Methodology
Using ExpenSys, it is not necessary for either claimants or finance staff to allocate expenses to GL codes, directly or indirectly, because the unique ExpenSys method will make the correct allocations every time on the basis of the information provided by the claimant at point of claim entry – no matter in which territory the expense occurred.
Similarly, business policy, employee tax liability and VAT recovery, for either ‘out of pocket’ expenses, or corporate card transactions, is effectively controlled at source.