Organisations are under enormous pressure to reduce costs. Despite this, many internal processes, including the expensereporting process, rely on inefficient and non-transparentpaper-based processes that are difficult to leverage todeliver cost savings. This is a missed opportunity: For most organisations, Travel and Entertainment (T&E) spend is the second largest controllable cost after payroll and significant cost savingscan be captured quickly and inexpensively with the right tools. Outlined in this report are the 5 steps that you should follow to quickly realise a dramatic reduction in your T&E spend

1.
5 Steps to Immediate
Travel & Entertainment
Cost Savings

2. 5 Steps to Immediate Travel & Expenses Cost Savings | Online Expenses Article 2
5 Steps to Immediate Travel & Entertainment Cost Savings
Organisations are under enormous pressure to In addition, you should consider including the T&E policy
reduce costs. Despite this, many internal document in the employee handbook and state in the
processes, including the expense reporting process, standard employment letter than an employee is obliged
rely on inefficient and non-transparent paper-based to remain in compliance with this policy.
processes that are difficult to leverage to deliver
cost savings. This is a missed opportunity: For most
organisations, Travel and Entertainment (T&E) “Automating the expenses
spend is the second largest controllable cost after process can drive costs down
payroll and significant cost savings can be captured to as little as £4 per expense
quickly and inexpensively with the right tools. report”
Outlined in this report are the 5 steps that you
should follow to quickly realise a dramatic reduction
3. Use an online management tool
in your T&E spend.
Yes, we’re touting our wares here: We believe that a key
step in the process is to implement an online expenses
1. Revise your expenses policy management process. The good news is that there are
While policy preparation is far from enjoyable, the time solutions that are user-friendly, quick to implement and
invested will be repaid many times over as a well- which do not require formal training. You can view a
constructed expenses policy is a key tool to reducing T&E demonstration of our solution by contacting one of our
costs and improving staff productivity. To help you on sales team. Only once you have such a solution in place
your way, we can provide you with an Expenses Policy will you have the tools necessary to capture the
Guide and a sample expenses policy template. Please immediate cost savings on offer:
contact marketing.fsc@fundtech.com with your request.
• Dramatic reduction in processing costs.
By capturing data at source, the time taken to
2. Communicate the policy clearly compile, submit, approve and account for expenses is
If it’s your intention to reduce your T&E costs by a specific vastly reduced. According to studies, it can cost as
amount (15% is typically an achievable target), then much as £40 per claim to generate and process an
make that clear and ask each employee to make their expense report using non-automated methods.
contribution by following policy and taking the low cost Automating this process can, depending on the size of
options wherever possible. Self-policing by employees is a the organisation, drive that cost as low as £4 per
key element in reducing T&E spending. Make the revised report.
policy available on your corporate intranet or in another
location where it is readily available to all employees. We • Lower travel and entertainment costs.
also recommend using email to inform of policy and to A transparent online expenses management solution
periodically remind employees of their policy obligations. makes it easy to enforce compliance with expenses
Put reminders in your calendar to this effect. policy through inbuilt policy rules, the ability to reject
claims at the click of a button and through
encouraging self-policing of claims by employees.
Fundtech FSC 2011 | www.accountis.com | sales.fsc@fundtech.com

3. 5 Steps to Immediate Travel & Expenses Cost Savings | Online Expenses Article 3
4. Query all claims that fall outside policy
Now that the policy and process issues have been
addressed, you have the tools in place to efficiently
enforce expenses policy. While it is important to allow a
line manager to sign off on all claims, we recommend
that final approval and receipt checking is centralised in
the accounts department so that claims are treated
consistently across the organisation. One of the benefits
of an online solution is that claims can be rejected at the
click of a button, for explanation or amendment. The
rejection option is a very effective stick that when used
sensibly will deliver enormous benefits in reforming the
behaviour of your recalcitrant employees.
About Fundtech Online Expenses
5. Look for other cost savings
Online Expenses allows organisations of
Now that your processes are capturing all expenses-
any size to make the transition from
related data electronically, you can leverage your paper-based expenses, to online, saving
investment to capture many other cost savings. Some of valuable time and money both in the
these are outlined below: form of reduced staff costs and lower
travel and entertainment spending.
• More efficient tax compliance. The information Online Expenses can benefit a broad
required for VAT and P11D compilation will be at your range of industries from SMEs to
fingertips. multinational organisations. The ability to
access all expense information in one
secure location increases control and
• Client/Project recharging. With a robust and enables more efficient reimbursement.
reliable system in place, you’ll be able to recharge Furthermore the flexibility of the software
expenses in a consistent and auditable fashion. Any allows specific company requirements to
be addressed through a standard
expense item that is recharged boosts profitability
configuration. This web-based solution
with almost no associated cost. can be accessed anytime from any
location. Expenses can be submitted
• Supplier negotiation. Consolidated spend by online as well as using credit card
interfaces, SMS, iPhone and Blackberry
category allows for the negotiation of preferential
applications and without the need to
rates with hotel and other suppliers. install the software.
• Management information. As consolidated For further details please contact:
expenses data is available at the click of a button,
Fundtech
longer term trends in spending can be readily Intec, Parc Menai
identified and addressed. Bangor, North Wales LL57 4FG
Tel: +44 (0) 845 120 8050
Email: sales.fsc@fundtech.com
Web: www.accountis.com
Fundtech FSC 2011 | www.accountis.com | sales.fsc@fundtech.com