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SETTING NEW STANDARDS FOR EXPENSE MANAGEMENT BSI OUTSOURCE TO GLOBALEXPENSE
BSi - the national standard body of the UK, which develops standards to meet the needs of business and society - announced that it has appointed GlobalExpense to manage the processing of its employee expenses.
Over 700 employees of the BSi group of companies will have access to GlobalExpense, with over 400 staff being regular claimants. Over the past five years, GlobalExpense has established itself as one of the leading providers of employee expense management outsourcing in Europe. Its web-based service enables all aspects of this complex back-office process to be outsourced (including all regulatory compliance, document storage and repayments to employees). It also allows management to receive detailed reports highlighting important management information by breaking down employee expenses incurred.
Rod Barber, Procurement Manager at BSi Management Systems adds:
Before appointing GlobalExpense, we used a software based expense package but this wasn’t a complete end to end management based system. Staff still had to send all the expense paperwork to their manager to be reviewed and we had to retain a resource in finance for compliance checking. Often there was confusion about whether the expenses had arrived in the internal post and managers were often away on business. Employees could wait up to two months to be reimbursed so the old system didn’t help speed up payment at all.
With an annual expense expenditure of over £1.5 million, mostly spent on fuel and hotel accommodation, we realised changes had to be made and GlobalExpense met all our requirements. Now field based staff can submit claims from any location, at whatever time and be guaranteed reimbursement within three days to the account of their choice.
Since we started using GlobalExpense at the beginning of the year, we have already made savings of over £60,000. Previously four purchase ledger staff used to process the expenses, now they have been deployed to work on other areas of the business. It wasn’t just a case of the team collating receipts, they would spend many hours ensuring that the company was fully compliant on tax and VAT – not an easy task when regulation changes so frequently! Now GlobalExpense takes care of all of this and along with their detailed management reports, we anticipate there will be more savings when we review all the information later on in the year.
David Vine of GlobalExpense said: Typically employee expenses are a business’s second largest controllable expense but they offer no value to the business. Because of the complexities of tax regulations, if employees don’t enter the right details then it can be very expensive correcting things at a later stage and even more expensive if the VAT isn’t reclaimed. Software alone will not ease the burden as this simply brings a cost into the business. By outsourcing to a specialist provider a return on investment can potentially be realised overnight.
Businesses also typically have little time to analyse what expenses are being incurred and who is over-claiming or breaking company policy because of the cost and difficulty of coding and retrieving the data. This is all automatically done by GlobalExpense resulting in real-time analysis capabilities.
Rod Barber concludes: The overall response from the staff has been extremely positive. Switching to GlobalExpense has been a great investment.
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