VAT rates increased in Switzerland on January 1, 2024. Companies need to take stock of the situation straight away in order to prepare and to make the right changes to their ERP and accounting systems.
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In the UK, about a third (32%) of workers deal with work expenses. Among those who do, many are professionals and administrative staff.
Interestingly, even though expense management software exists, only 40% are using software to manage business expenses. Many are relying on old-school methods: 35% use basic spreadsheets and 10% still use pen and paper for expense management. [source]
In this digital age, using old-school methods for managing business expenses only means putting an additional burden on your head. Without any smart software handling your routine financial paperwork, you would only have mountains of receipts of coffee runs, travel through vouchers, invoices, bills, and purchase orders left at your desk.
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Do you frequently reimburse employees for business expenses paid on personal cards? It’s not uncommon for employees to grab lunch with a client, travel to meetings, and purchase company supplies using personal funds.
Reimbursing these expense claims isn’t always as clear-cut and streamlined as business owners would like. In fact, the threat of fraudulent expense claims poses a serious concern, as a recent study uncovered that nearly 1 in 4 employees have committed expense fraud.
Bolstering your expense claim function relies on understanding the basics, like how expense reports work, the associated challenges, and how to implement an efficient claim process. This is exactly what we’re going to cover in this article. Let’s dive in!
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The UK saw a significant number of business visitors in 2023, with over 37.1 million visits recorded. [source]
From securing new clients to fostering stronger partnerships, business travels bring a number of business opportunities along. With opportunities, it carries challenges though.
For companies, managing these business travel expense reports after each trip is often complex and challenging. Per diems bring a simpler, more efficient solution to manage business travel expenses.
Under the regulations of per diems, you no longer need to review receipts for every meal and travel cost that your employee makes during the business trip. Per diems provide you with a standard daily allowance to reimburse travel expenses to your employees.
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To remain competitive, a company needs to have a clear vision of its expenses and control them rigorously. But to be effective, you also need the right tools! You need to choose tools that will give you a global view of your flows and that will enable you to make strategic decisions for your company.
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Financial risk management requires rigor and anticipation. As CFOs know, every grain of sand in the machinery has a cost, with varying degrees of impact on operations. Risk management is therefore a strategic challenge, particularly in a tense economic and geopolitical climate.
How can you limit the impact of internal or external factors and preserve your company’s financial equilibrium? Sound risk management involves identifying the main threats and defining an effective prevention policy.
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Corporate cards are a means of payment for employees’ (strictly) professional expenses. Linked to the company’s bank account, there are several types and names: prepaid card, business payment card, or pro card.
Unlike traditional expense reimbursement systems, corporate cards offer a number of advantages to help optimize business expense management. For example, employees no longer need to advance personal funds, which could have posed financial problems for them in the past. The cards also streamline the accounting reporting process.
However, companies that use these cards will need to pay attention to security and control issues.
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Is artificial intelligence a threat or a productivity lever for the finance sector? It’s hard to say, but in all likelihood, it is in the interests of finance professionals to include AI in their digital transformation process. By saving time and improving data reliability, finance departments can focus on analysis and decision-making.
But while most managers and boards of directors are convinced of the usefulness of AI, they sometimes find it difficult to determine how to implement it. In this article, we invite you to take a closer look at the concept of artificial intelligence as applied to accounting.
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Although companies have been digitalizing on a large scale for years, it is clear that one department has been neglected: the Administrative and Financial Department.
What’s more, the current health crisis and the resulting upheaval in the way that work is organized have highlighted the difficulties encountered by these support functions. When working remotely, many people have been held back by an outdated or poorly thought-out system, or have been unable to access the tools they need to perform their tasks.
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Business travel is part of daily life for a company’s employees. Depending on their position and their work needs, it might involve one-off trips or more regular business travel.
Managing and optimizing business travel has become a real issue for companies. The global pandemic, in particular, has had a strong impact on business travel.
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