Why, in 2016, are there still so many companies using
archaic, time consuming, inefficient and laborious paper-based
Ever since I was first engaged with expenses systems some 13
years ago I have been mystified at the market's apparent
refusal to transform to technology solutions.
Why, in 2016, are there still so many large companies –
never mind smaller ones – using archaic, time consuming,
inefficient and laborious paper-based systems? Oops, I nearly
missed the sophistication introduced when many companies modernised
by moving to an Excel paper version. Yes that made all the
So why are companies not moving to a technology-based system
that clearly adds the benefits of:
Efficiency: did you
know that administering a paper-based claim can cost between
€40 and €60 according to an independent
Control : let the
system automatically monitor your policy and spending, not an
administration officer within your organisation who is tired of
looking at receipts.
maximise VAT recovery, ensure your company remains within
legislation, reduce the risk of that impending external audit.
your workforce to submit expense items on the move via mobile app
technology, and remove that awful administration burden of
"doing my expenses" once a month if they remember –
and have the time.
delight your accountants by stopping the process of holding claims
and submitting for reimbursement irregularly, causing annoying
spikes on company P&Ls.
authorisation by your managers and visibility of the process for
claimants. No more "I submitted my claim in the post weeks ago
and I haven't been paid yet".
accepted within the industry that this can easily amount to over
10% of your annual company expenses budget. How much is your annual
spend on expenses?
If the benefits are so clear, why the reluctance to
One of the major factors in my experience, is the cost of
transition. Are providers being too flexible in meeting
customers' demands, do they really have to build a bespoke
system every time to exactly replicate companies' internal
expenses policy? Is that why implementation costs are so high and
discouraging the system change?
I wanted to do something different in the marketplace and TMF
Group has supported me in introducing a service solution that
breaks the regular constraints and makes access to either local,
country or global expenses far more attractive.
Are you interested?
We have developed a system for customers to meet everyday
expense demands and legislative requirements. More than that, the
system is pre-configured across the globe using one database with
common expense categories to make global reporting and compliance
simple. The benefits are:
costs: the simple pre-configured approach significantly
improves efficiency and reduces costs.
interaction: No need to spend days in workshops, just a
couple of spreadsheets to complete, train your staff and the
service is live!
TMF Group has taken care of local country legislative requirements
within the system.
Global Reporting: a
single database with a single configuration makes global reporting
Versatility: if the
out-of-the-box solution does not work for you, TMF Group can
configure the system to your exact requirements.
On 3 July 2016 the UK's civil market abuse regime is changing. The Market Abuse Regulation has been introduced to provide a standard regulatory framework across EU member states to prevent market abuse.
The Court of Session has refused an appeal brought by a former director and shareholder of Braid Group (Holdings) Limited ("BGHL") that an order made under s 996 of the Companies Act 2006 for his shares to be purchased by the Company was wrong in law (Nigel Anthony Harden Gray and others for orders pursuant to sections 994 and 996 of the Companies Act 2006 in respect of Braid Group (Holdings) Limited).
An assignment of rights under a contract is normally restricted to the benefit of the contract. Where a party wishes to transfer both the benefit and burden of the contract this generally needs to be done by way of a novation.
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