The Essential Guide to Managing Expenses in the UK

SAP Concur Solution/Managing Expenses in the UK | EXTERNAL

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Table of Contents

3 Introduction

6 The Hidden Costs Behind a Manual Process

12 Why Smart Businesses Are Switching to the Cloud

14 The Blueprint of a Best Practice Expense Solution

20 Common Misconceptions Preventing Change

22 The SAP Concur Approach to Expense Management

24 Real-World Customer Case Studies

26 Get Started on the Path to Smarter Expense Management

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THE PRESSURES AND EXPECTATIONS FACING THE FINANCE TEAM HAVE NEVER BEEN GREATER.

You’ve steered the ship through uncertain economic times, adapted to changing market forces and embraced new modes of working. And yet, your role continues to expand. Not only are you responsible for keeping finance processes running smoothly, you’re heavily relied on for strategic insights that drive business direction and performance.

“One in three global CEOs worry their CFO may not be equipped to help them with the challenges they face running the organisation.” KPMG

Introduction

But the day-to-day handling of finance operations is slowing many businesses down. The sheer amount of time and effort it takes to manage processes like expenses, invoices and payroll, can make it seem like you’re moving mountains – every month.

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TRAVEL AND EXPENSES MANAGEMENT IS ONE SUCH PROCESS THAT DEMANDS A GREAT DEAL OF YOUR ATTENTION.

It’s the second largest controllable spend in any company, accounting for roughly 10% of all operating expenses – surely the perfect place to look for economies of scale and opportunities to streamline processes.

Yet so many finance teams have never taken the time to review how they do things – continuing to rely on spread- sheets, paper forms and loose receipts. After all, it’s worked up until now. While this manual approach may seem good enough, what is it actually costing you in terms of wasted time, lost money and employee dissatisfaction?

The truth is, employees are wrestling with laborious claim processes, unsure of company expense policies; finance is spending all day rekeying data, worried about an imminent visit from HMRC; and the senior leadership team is struggling to make sense of fragmented data while needing the finance team to step up and help drive business strategy.

IN A NUTSHELL, EMPLOYEES FEEL CONFUSED, MANAGERS FEEL POWERLESS, AND FINANCE LACKS CONTROL. SURELY THERE’S GOT TO BE A BETTER WAY?

“Only one-third of organisations have a rigorously applied travel and expense policy in place.” QuoCirca

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Expense automation is not a new concept, but it’s certainly an area many finance leaders are beginning to explore as they look to cut costs, improve cash flow and help the business to grow. Cloud and online technology is constantly evolving, offering up smarter and more efficient ways of working. The very technology that finance is helping the business navigate, now holds the key to transforming age-old expense practices.

This essential guide to expense management explores the hidden costs behind manual expense processes, investigates the trademarks of a best practice expense system and offers tips on what to look out for when investigating a new expense solution.

“The top three business priorities of UK finance directors are cutting costs (52%), improving cash flow (44%) and sourcing funding for growth plans (43%).” Vanson Bourne

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The Hidden Costs Behind a Manual Process

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SPREADSHEETS ARE TRADITIONALLY THE SWISS ARMY KNIFE IN THE FINANCE TOOLKIT.

They’re great for planning, number crunching and plotting data. It’s no wonder that over the past 30 years finance has come to rely on them. But they dramatically fall down when used to manage complex process workflows – like employee expenses.

In an Aberdeen Group study, only 27% of companies said they used an automated expense management system – that is, using online tools to streamline the capturing, uploading, processing and consolidation ofemployee expenses.

If you’re like most businesses in the UK, chances are you’re also reliant on spreadsheets and paper processes to manage this crucial function. But what are the implications?

“Expense management automation is the means by which an organisation can significantly reduce transaction costs and improve management control when logging, calculating and processing corporate expenses. Independent research evaluating the use of automated expense management systems has confirmed that the cost of processing an expense claim is reduced as the level of automation increases.” Wikipedia.org

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Employees

Employees have a clear process to follow and can self-serve.

Finance

You can be confident spend it in policy and the right procedures are applied.

HERE’S HOW A MANUAL PROCESS IS ADVERSELY IMPACTING YOUR BUSINESS EVERY DAY:

1. Employees Are Frustrated and Waste Precious Time

WHAT IF YOU COULD TAKE THE PAIN OUT OF EXPENSES AND GIVE THEM THAT TIME BACK?

2. The Finance Team Is Bogged Down with Admin

When spending time on expenses, your staff is distracted from their day jobs and their sole aim of adding value – and revenue – to the business.Does this sound familiar... Your employees put off claiming expenses for weeks, even months, because the process is so painful. Then they sit down and pore over their crumpled receipts (those they haven’t lost) to make sense of what they’ve spent. They painstakingly copy details over to forms or spreadsheets while attempting to match credit card charges to the right expense lines. They’re not always sure if their expenses are within policy. Then they print out their claim, staple receipts to the report making necessary photocopies, and cross their fingers that all goes through okay.

If your finance team spend the majority of their time on repetitive administrative tasks, they’re not helping the business to succeed.

Rekeying data and manually cross-checking fields line- by-line is laborious and time-consuming. It steals valuable time away from your team that could be better spent elsewhere. Worse still, it opens your books up to a gauntlet of data entry errors. And the more you grow, the more people you need to throw at the problem.

If your process is largely manual, it might look a little like this for the finance team...

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• Receive claims on an ad hoc basis – sometimes months after they’ve been incurred.

• Manually cross-check each claim and corresponding receipts against travel and expense policies and HMRC guidelines to your best understanding.

• Follow up with employees who’ve submitted claims with missing receipts, out-of-policy expenses and missing information.

• Chase approvals and push back where managers have approved out-of-policy claims.

• Meticulously copy over details line-by-line into your finance system, hoping no errors have occurred.

• Manually pull data and reports when requested by management.

It’s no wonder your controllers find themselves frustrated and constantly dealing with errors. And it’s easy to see why payment is often delayed.

39% of employees work on admin-related business tasks – like claiming expenses – out of hours. YouGov

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3. You Lack Expense Compliance and Control

Claims that are out-of-policy and don’t comply with HMRC regulations are commonplace with a manual expense process.

Out-of-Policy ClaimsDid you know that 99% of managers approve expense claims without question, regardless of whether they meet the business’s expense policy or not? It’s unrealistic to expect employees and their managers to memorise the terms of your travel and expense policy or to consistently validate each claim against policy. They’d never get their work done. So even if employees want to do the right thing by the company, a lack of time and guidance results in out-of-policy claims slipping through the net.

That’s without considering the instances where employees purposefully fiddle their expenses. In a recent YouGov poll, 20% of employees said they thought it was okay to exaggerate their expenses – most of which is hidden under mileage – because it’s notoriously difficult to check accuracy when done manually.

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HMRC Compliance

Our research shows that roughly 86% of VAT incurred on expenses is recoverable. And yet, our experience shows that most UK businesses with a manual system in place significantly under claim the tax they’re rightfully entitled to. Why? There are a number of reasons for this: A lack of understanding and information about the rules; a culture of missing receipts; a lack of bandwidth to process VAT reclaims; and a fear of the severe HMRC penalties for getting it wrong.

If you process a high volume of claims, especially those involving mileage and overseas travel, the chances are you’re leaving free money on the table.TIP: If you’d like to find out what HMRC inspectors are looking for when they visit, download our comprehensive guide, Expenses, VAT and HMRC Compliance in a Nutshell.

“43% of senior finance leaders are very concerned about an HMRC inspection and 13% of finance leaders don’t reclaim VAT on expenses at all.” Vanson Bourne

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4. You Lack Visibility Into Company Spend

Limited transparency of your company-wide spend means you can’t effectively manage cash flow.

Whether you are trying to cut costs or grow your business, helping the business to make informed spending decisions is key. To stay on top of cash flow, you need to know where and how your money is allocated, ideally as it’s being spent. Spreadsheets, paper receipts, late submission of expense claims and lengthy approval processes all stand between you and a clear picture of your cash flow.

When you use spreadsheets to capture travel and expense costs, you don’t know where or how much employees are spending until they submit a claim. These claims are often received long after they’ve been incurred – even after the money’s come off the corporate card.

This means you’re perpetually flying blind.

And, because there’s no connection between your various spreadsheets and your finance system, you’re reliant on your finance team to manually transfer all data. Syncing up to other company systems, like invoice and payroll, to get a full picture into spend is another matter altogether.

57% of companies report that poor visibility into spending and compliance is the greatest travel and expense business pressure they experience. Aberdeen Group

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Why Smart Businesses Are Switching to the Cloud

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YOUR EMPLOYEES ARE ALREADY ONLINE, MOBILE AND CLOUD-ENABLED. THEY EXPECT YOU TO BE TOO.

They know there’s a better way to handle expenses. And they’re right. Your workforce is getting younger, and their expectations – higher. Millennials expect to work in an environment where they can freely use their mobile phones and the latest technology. Smart companies are turning to cloud solutions that allow employees to work faster and more efficiently.

Imagine a solution that enables your employees to easily fill out, submit, review, approve and track expense claims using any device, even when they’re on the go. Where all stages of the expense process are automated and accelerated, so every person in the chain spends less time on admin.

83% of small and medium sized businesses have already deployed mobile apps to help improve employee productivity.

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EXPENSE AUTOMATION POWERED BY THE CLOUD IS CHANGING OLD WAYS OF WORKING.

Compared to on-premise software, cloud-based expense solutions, like SAP Concur, can be accessed from anywhere, data can flow freely between company applications and most significantly, automatic workflows cut out the need for employees to spend excessive amounts of time on error-prone data capturing.

Automation of travel and expenses can help organisations to reduce expense processing costs by 50-60%. Aberdeen Group

Let’s take a closer look at the framework of a best practice expense solution...

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The Blueprint of a Best Practice Expense Solution

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NOT ALL CLOUD-BASED EXPENSE SOLUTIONS WERE CREATED EQUAL.

In this chapter we’ll follow the life cycle of an ideal expense claim to uncover how superior expense automation solutions make every step in the process smoother.

1. Employees Travel and Accrue Expenses

As soon as a receipt is received, the employee takes a photo from their phone using an app that automatically attaches it to a new or existing expense claim. They can now throw away the receipt as HMRC accepts digital copies. Snap, done.

Companies whose employees use mobile travel and expense management apps save 4.5 hours per month – that’s a week each year! Aberdeen Group

They can even use an app that intelligently reads all the data on the receipt and automatically copies it over to their expense claim.

All spend on their corporate card is ported over to the expense tool – employees don’t have to manually copy data as it’s pre-populated in the tool, ready to be used. No more manual data entry.

Their expense tool already has seamless integration to their preferred suppliers – so when they use travel providers like Uber, AirBnB or Trainline, they know they don’t even need a receipt – it’s just added to their claim for them.

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2. Employees Submit Claims

When the employee is ready, they can submit their claim from their mobile app or desktop, simply selecting the receipts to attach and supplying any missing data or justifications. The tool will automatically flag any out-of- policy expenses, where there are any notes or where additional details are required, so employees can address them before claims are submitted. No more confusion.

Organisations that use smartphones to manage travel and expenses experience 28% faster approval times. Aberdeen Group

3. Managers Approve Claims

Managers are also able to easily see out-of-policy spend and can make informed decisions before approving. They’re no longer the bottleneck delaying payment as they can approve expenses from their mobile phones in a few clicks when they’re on the road. Receipts are attached to each line item, making it easy to scan and review for accuracy.

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4. Finance Receive and Route Claims

Finance doesn’t have to waste time rekeying data as it’s already accurately captured digitally in the tool. They can quickly see which claims are out of policy or don’t con- form to HMRC regulations. They simply flag exceptions with claimants with an auto-email or route on to approvers. For added assurance, some providers offer an auditing service to check claims against policy or receipts against strict HMRC requirements. Troublesome mileage claims are simplified with built-in tools like Google Maps as finance can easily check the validity of certain journeys.

Businesses using an end-to-end travel and expense solution experience 44% better company compliance rates. Aberdeen Group

5. Employees Are Reimbursed

The finance team can easily schedule payment runs thanks to back-end integration. Employees can see where their claim is in the review and payment process, which reduces calls to finance. And because the whole cycle is shortened, employees get their money back much faster. Happy employees all round.

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6. Finance Reconciles Travel and Expense Spend

All records are stored digitally, ready for HMRC inspection. The tool seamlessly connects to other ERP and accounting solutions, so finance can report back on accurate travel and expense spend. Data is captured as and when it happens and employees are submitting claims much earlier in the process. Time can be better spent on activities like reclaiming eligible VAT on spend, which is far simpler to work out.

7. Finance Leadership Get Visibility

Expenses spend is easily combined with supplier invoice data, payroll, marketing, sales and HR tools for a holistic view into spending and company-wide data. Senior management has visibility into outgoing spend much earlier on so they can calculate cash flow with fargreater accuracy.

Finance can access hundreds of pre-built and custom reports to drill down into the metrics that matter. Highest spenders, top out-of-policy departments, most spent by cost code – it’s all instantly accessible so you can take corrective action and drive desirable spend behaviours.

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The Ideal Expense Reporting Solution Should...

• Take the emotion out of expenses Employees are no longer unsure of policies and managers don’t have to police their employees as the company policies are automatically applied.

• Simplify the process Manual steps are cut out of the process at every stage and employees are guided through the end-to-end experience.

• Eliminate frustration Take the pain out of repetitive tasks like retaining and stapling paper receipts to a claim and filling in spreadsheets.

• Speed up the process Each action should be quicker to achieve. For instance, managers should be able to approve expenses in real time from their mobile devices.

• Boost efficiency Employees work more efficiently and spend less time on tedious expense tasks. They’re also reimbursed quicker.

• Free up employees They should have more time to focus on their day jobs and value-added activities.

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Checklist of Key Features to Look For

✓ Support employees on the move: Can your employees upload receipts, submit claims and approve them from their mobile devices?

✓ Easily apply company policies: Does your solution incorporate your travel and expense policies and best practice industry controls?

✓ Comply with HMRC regulations: Does your tool make it easy to see discrepancies and flag them with your workforce?

✓ Make it easy to reclaim VAT: Can you easily see where tax is reclaimable and does your tool automatically update as VAT rules change?

✓ Connect to company systems: Can you easily integrate finance tools and connect data across your existing business tools for greater visibility?

✓ Give you upfront visibility into spend: Can you see early on where spend occurs and do you have reporting capabilities that enable you to make strategic business decisions?

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Common Misconceptions Preventing Change

LET’S FACE IT, MANAGING EXPENSES WITH SPREADSHEETS AND DEALING WITH PAPER RECEIPTS IS A BIND.

It’s a terribly inefficient process that erodes productivity and is cumbersome to control. And although you may appreciate the benefits an automated expense system will bring, it might seem easier to carry on the way you are than to make the change – after all, you’ve put up with it for so long. Many finance leaders we speak to have preconceived notions that stop them moving forward. This is what we typically hear:

Expense Solutions Are Only For Big CompaniesFALSE: They’re ideal for companies of all sizes as they don’t require significant IT resources or infrastructure thanks to the cloud and can be deployed in a quick time frame and scaled up as your business grows.

It’ll Cost Too Much and Spreadsheets Are FreeFALSE: There’s no upfront investment with our cloud-based solution and spreadsheets are costing you enormously in terms of loss in time and lack of visibility.

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It Doesn’t Take That Long for Employees to Fill out Claims ManuallyFALSE: Businesses with an integrated travel and expense system re- quire on average 47% less time to process expense claims – not to mention cutting out admin errors.

It’ll Take Too Long to Set Up – and It’s ComplicatedFALSE: With SAP Concur, you can be up and running within weeks. An implementation team will guide you every step of the way and apply your travel and expense policies and best practice rules automatically to your workflow.

There are Lengthy Contracts to Contend WithFALSE: You can opt for a 90-day notice period with SAP Concur and even sign up for a pilot programme to test and future-proof your platform.

Automation Will Make the Finance Team RedundantFALSE: By simplifying and streamlining your expense process, your finance team will have more time to focus on more value-added strategic activities, like claiming VAT back.

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The SAP Concur Approach to Expense Management

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At SAP Concur, we believe in making expense management simple and transparent. In so doing, the entire process is streamlined for employees, managers and the finance team.

IT’S EASY TO SET UP, EASY TO USE AND QUICK TO SEE RESULTS.

• Get up and running quickly: Most clients are active in less than two weeks.

• Scale as your company grows: Add invoice and travel capabilities on the same platform.

• Access 24/7 customer support: A dedicated team of professionals are on hand to answer all your questions.

WE’VE GOT SOLUTIONS TAILORED TO YOUR BUSINESS.

• SAP Concur App Centre: Access hundreds of tools to improve the way you work.

• Seamless credit card transactions: We work with most major banks to import data, saving you time and reducing errors.

• Network of providers: We partner with a growing list of travel providers to connect data and make your job easier.

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FINALLY, GET VISIBILITY INTO YOUR CASH FLOW.

• Insight: Today we can automatically populate up to 90% of expense claims, giving finance early visibility.

• Reporting: Simple-to-run reports give finance the insights they need, without the hassle.

• Security and stability: We hold industry-leading certifications on security and stability standards and are regularly audited.

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POhWER is one of the largest advocacy charities in the UK, offering information, advice and support to people who experience disability, vulnerability, distress and social exclusion.

They attempted to automate their expenses, but the chosen solution wasn’t working for them. “The user-interface was poorly designed, and we couldn’t run effective audit trails because the system kept crashing,” says Special Projects Manager, John Gooch. From the start, they saw that expenses were taking up a large amount of admin and staff time.

But, since they implemented SAP Concur, Gooch says POhWER’s employees have reduced the time spent doing their expenses from three hours each per month, to less than 30 minutes. Furthermore, the admin controller reduced the time she spends on expenses from 50% of her day to less than 5% of her time.

Real-World Customer Case Studies

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Roy Castle Lung Cancer Foundation is a national charity with its head office based in Liverpool, UK. They work to defeat lung cancer in the UK by funding medical research. Karen Golden, Head of Finance said they came to use SAP Concur because their manual process involving Excel spreadsheets was too time-consuming.

“We ran the risk that policies weren’t adhered to internally, or on the HMRC side. It was a problem on the admin side and if we’re expanding, we want to control expenses and make sure they’re transparent, particularly if we have people working remotely.”

“As a relatively small charity we’re also concerned about the costs – we don’t have the funds to invest in large, expensive systems. We researched a couple of options and once we saw SAP Concur in action, we realised we could afford it and it would save us time – hence, money.”

Quickly after implementing SAP Concur, the charity realised a saving of one and a half days per month of the finance team’s time.

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Get Started on the Path to Smarter Expense Management

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We hope you found this guide useful and are considering a move away from outdated spreadsheets to modern automation. Expenses don’t have to be a headache for everyone involved and there is a much easier, cheaper and faster way. Remember, no one will ask you to fix a process they don’t realise is broken. But they’ll sure be glad you did.

If you’d like to talk to a SAP Concur representative, we’d be happy to advise on any of the topics covered.

Not sure if automation would add value to your business? For a free consultation call +44 (0) 1628 645 100.

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ABOUT SAP CONCUR SAP® Concur® is the world’s leading provider of integrated travel, expense, and invoice management solutions, driven by a relentless pursuit to simplify and automate these everyday processes. With SAP Concur solutions, a top-rated app guides employees through every trip, charges are effortlessly populated into expense reports, and invoice approvals are automated. By integrating near-real-time data and using AI to audit 100% of transactions, businesses can see exactly what they’re spending without worrying about blind spots in the budget. SAP Concur solutions eliminate yesterday’s tedious tasks, makes today’s work easier, and help businesses run at their best every day. Learn more at concur.co.uk or the SAP Concur blog.

Sources:• Aberdeen Group, 2013. The Role of Mobile. Technology in Modern T&E Expense Management.• Aberdeen Group, 2014. The Travel and Expense Management Guide for 2014.• SAP Concur, 2013. Employee Expenses Benchmark Report.• KPMG, 2015. The View from the Top.• Vanson Bourne research in SAP Concur eBook, 2014. Expenses, VAT and HMRC Compliance in a Nutshell.• YouGov, 2013. Expenses Exaggeration in the UK Research.

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SEVEN WAYS TO SIMPLIFY SUPPLIER INVOICE MANAGEMENT EBOOK enUK (19/10)

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