Client: Concur Tech(UK)Ltd(Maidenhead)
Format: Whitepaper
Size: 284 KB
Language: English
Date: 19.09.2024
Top tips to build a culture of compliance.
When projections and priorities are always in flux, how do you comply with spending policy?
Work on a platform that’s ready for anything, and you’ll be ready to manage spending no matter what happens. You’ll be ready to preserve your bottom line, protect your company and its people, and ensure every digit of spend is spent the way you want.
Work on a platform that’s ready for anything, and you’ll be ready to manage spending no matter what happens. You’ll be ready to preserve your bottom line, protect your company and its people, and ensure every digit of spend is spent the way you want.
- Make the best, most compliant spending choices the easiest for employees to make. It should recommend preferred suppliers, negotiated rates, and other requirements as they’re making decisions.
- Use AI to flag specific expense report spending that needs manager or auditor review before reimbursement.
- Use human auditors – backed with artificial intelligence – to review expense reports and strengthen oversight without adding overhead.
- Apply machine learning and generative AI to you spend management processes for increased accuracy, compliance, and speed – and tie real-world points of reference to your spend data, policy information, and travel history.
- Use proactive requests to your advantage – giving employees, budget managers, and decision makers the foresight to see and manage multiple types of spending and safety issues.
- Make progress on sustainability goals by pointing your business travellers to the most carbon-friendly options as they book their trips. It should also use your spend and travel data to set, track, and manage sustainability efforts while complying with increasing environment, social, and governance (ESG).
- Deliver in-the-moment tips and fast answers to employees’ questions – again, as they’re making purchase decisions or filing their expense reports – to help them understand and follow new or existing policies.
- Use AI to automatically identify and manage taxable employee benefits (TEBs) captured in expense reports – everything from internet and home office equipment to subscriptions and travel-loyalty programmes.
- Infuse analytics at every step – giving decision makers near-real-time information, so they can effectively manage budgets and tax requirements while keeping a close eye on compliance.
- Use spend alerts to remind budget managers where their budgets stand, helping them avoid overspending, surprise expenses, and costly shortfalls.
- Tap into in-depth reporting and analytics to review how you’re performing against policies, how to identify trends or gaps, and how to build improvement plans.
- Use intelligent technology to improve VAT reclaim – capturing and enriching data and adapting to each market’s rules – so you can efficiently meet requirements and bring money back to the business.
