News
Group Lotus outsources its employee expense processing
Press Release issued by Kelso Consulting
British sports car maker Lotus has outsourced processing of its employee expenses to GlobalExpense. The move, which is currently being implemented after a comprehensive trial, will considerably reduce its cost of complying with complicated tax, national insurance and VAT regulations on employee expenses, whilst ensuring it maximises the tax it can reclaim.
The system will be used by 500 of Lotus’s 1400 employees, mainly engineers and sales representatives, who travel all over the world incurring a wide variety of expenses in different currencies. In a typical year Lotus’s employee expense bill is in the region of £1m.
Employee expense management outsourcer GlobalExpense 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 highly detailed management information breaking down employee expenses incurred.
Debbie Wicks, Lotus’s Tax and Treasury Manager, said: “It will significantly reduce our compliance costs – keeping track of all the changes in tax legislation is time-consuming. After a trial of GlobalExpense we have concluded that outsourcing this whole process will increase the amount of tax reclaimed whilst removing the cost of having a full-time position handling the processing of employee expenses.
“When an employee wants to file a claim, they can now do it immediately from wherever they are in the world using a web browser – typically from their laptop. The payment will be in the bank or credit card account of their choice by the end of the following week – often before the expense payment will have been debited.”
David Vine of GlobalExpense said: “Typically employee expenses are a business’s second to fourth largest controllable expense. 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 – or even more expensive if the VAT isn’t reclaimed. Businesses typically often have little time to analyse what expenses are being incurred 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.”
Issued by Kelso Consulting on behalf of GlobalExpense
For further information please contact:
| Ashley Whitaker | Tim Prizeman/Geoff Pomerantz | Alastair Florance |
| Chief Executive | Kelso Consulting | Group PR Manager |
| Global Expense | PR Asvisers | Group Lotus PLC |
| 0870 242 5427 | 0207 072 2310 | 0195 360 8000 |
Notes to editors:
GlobalExpense provides an individually tailored expense management service for businesses across the UK. This enables organisations to outsource their entire expense process to an expert third party and benefit both from increased accuracy and reduced administration costs.
Founded in 1999, the GlobalExpense service was designed by a specialist team with expert knowledge of accounting and tax. Our services relieve clients of the high volume, low value time-consuming duty of processing employee expense claims and complying with the law. At the same time, our economies of scale allow us to pass on direct savings, improved management information and an excellent service to our clients and their employees.
Clients include a wide range of large and smaller businesses, including: Alcatel Telecom UK; Brakes; Central Telecoms; CHP; Telenor Business Solutions; The Travel Company; and WH Smith plc.
About Group Lotus
The main operating subsidiary of Group Lotus PLC is Lotus Cars Ltd which has two operating divisions - Lotus Cars and Lotus Engineering:
Lotus Cars builds and commercialises Lotus sports cars - currently the Elise and Exige.
Lotus Engineering provides comprehensive and versatile consultancy services to many of the world’s OEMs and Tier 1 suppliers, offering a full engineering service from initial concept and project design through development to full production prototype build.
Lotus Engineering is continually developing new products and technology through investment in research that will remain a vital element of the company’s future strategy. For example, Lotus Engineering made a significant technical contribution to the engines of approximately 10% of new cars sold in Europe this year. It has also developed highly advanced technologies in lightweight high performance vehicle engineering for clients, whose high-profile products are now in production. Lotus involvement in many of these projects is, and will remain, confidential.
The Group provides specific expertise in the design, development and manufacture of niche products. Lotus is manufacturing the new Opel Speedster/Vauxhall VX220 model for General motors.
Back to news index
Contact us
Phone us on
08717 40 80 10
