Welcome to Expense Management
FEXCO offer an Expense Management service which takes the cost, time and administration out of managing expenses for organisations with any number of employees, many of whom may only claim expenses intermittently.
FEXCO partner with a leading firm in Ireland who provides Expense Management, HR and Payroll software. Using their web based expense input, together with our helpdesk, we provide the means for employees to input a claim quickly, send the receipts to our office for validation, storage and audit, followed by rapid reimbursement directly to your bank account or credit card. We also provide an upload file to keep your accounts system up to date with expenses paid.
Automatic and comprehensive, up to the minute, KPI reporting on expenses processed is available, including drill down to budget comparisons and even down to individual expense claims. We also provide support for manual input of claims for employees who can not access the web based system as well as providing a helpdesk to assist employees track the status of their claim and payment as well as providing advice and training on the entire process, including support regarding expense policies.
Moving to an external service provider for the management of expenses removes existing roadblocks in the process such as excessive reliance on paper, irregular processing time, risks of forms being misplaced at various steps, lack of uniformity in expense policies, budgeting difficulties due to late claims and independent audit not included in the process.
Lack of independent audit is seen as a particular weakness in many current Expense Management processes. FEXCO have been providing audit and payment services since 1996 and the application of our skills in this area is demonstrably linked to the reduction in the value and administration of expense payments through increased compliance and enforcement of expense policies.
Benefits for your organisation
- Centralise and gain more control over spend categories.
- Introduce standard practices.
- Monitor expenses as travel costs are increasing.
- Need to increase customer service levels for staff.
- Reduce cost of expenses and processing costs.
- Make the expense process faster and easier, from input to payment.
- Reduction in paper work and movement of paper should reduce associated risks of delays or papers being lost.
- Alignment with ePayment and banking policies (elimination of cheques) results in quicker, cheaper and more frequent payment.
Our service provides 12-18% savings to an organisation based on existing expense spend. [Aberdeen Group Report 2007]
- Up to 20% of your expenses is non-compliant spend - Introducing an Audit element into the expense management process reduces non-compliant expense spend demonstrably by up to half of this figure.
- Employee expense processing time and administration cost can be reduced by over 50%.
- Improved cash control and banking procedures for expense payments will be delivered.
Our focus is on security, speed and high levels of employee service. We are aware of the importance of reputation, transparency and efficiency within your organisation. We bring them all to play in providing an Expense Management Service that integrates with HR, Finance, Payroll, Banking, Internet Mapping and Credit Cards systems.
