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Managing employee expenses in the financial sector
Adopting best practices to meet changing needs
By: Quocirca
Published: April 2011
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Adopting best practices to meet changing needs
The fierce gaze of the public is on financial institutions around the world.  As governments try to assuage the public's anger - and to deflect any focus from their own shortcomings - there is a renewed push to drive transparency through many aspects of how the financial markets doncut their business.  One such area is around travel and entertainment expense management - historically seen as a key tool for closing business, it is now being seen as an area open to outright bribery, for abuse by individuals or just sheer excess.  Institutions need to put tools in place in order to meet the changeable and often contradictory global rules.

The report looks at:

  • "Finance" is now a dirty word to the majority of the public
  •  Laws are already changing - and will continue to change
  • The need to prove that expenses are not bribery leads to new challenges
  • Domain expertise is becoming increasingly important
  • Expense management is mission critical, but is a commodity process
  • The user will decide if an expense management system is capable
  • Coping with mobility is a key aspect

Conclusions
Ensuring that expense claims are reasonable is no longer just a matter of internal concern within financial instititutions.  The need for expenses to fit within legal constraints, to be seen as what constitutes bribery and what exceeds acceptable subsistence and entertainment spend means that systems have to be put in place that can deal with rapidly changing legal frameworks, yet make it easy for employees to remain within policy and demonstrate compliance in their day-to-day business expenses.

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