Who's Spending your Money? expenses Reporting
expenses ™stores every claim in a centralised database enabling you to report on the individual spend of each department, team and employee.
This type of report is an invaluable tool when monitoring your employee spend and the return on your expenditure.
FOR EXAMPLE: if you want to monitor the success of your sales team you can report on each individual’s spend and compare with revenue created. This will help your team to make maximum use of their time outside of the office.
Step One: Run a report in expenses showing employee spend throughout the Sales Department. Then export to Microsoft Excel:
Step Two: Collate spend by department and compare with revenue:
By being able to split your employee expenses spend by sale regions, you are able to monitor the return of your investment and make informed business decisions and strategies accordingly.
If you have any questions about how expenses can help you to manage your employee expenses spend simply call our expenses team on 01522 881300 or request that a member of our team contacts you by clicking here
expenses Customers have their say
USER STORY: HL DISPLAY
HL Display is a leading supplier of the world's retail industry. They provide in-store solutions for the Display of Price, Product and Campaign information as well as On- and Off-Shelf Merchandising.
HL Display implemented expenses in February 2005, here Ian McKinnon, Finance Director UK, explains how the system has been helping HL Display achieve their goals:
“Software Europe helped us to understand the benefits of bringing an automatic expense management system in to replace our manual process. We now have a system that not only provides an effective management reporting tool but also helps us to control costs and facilitates trend analysis.”
“HL Display’s employees found expenses easy to use from the outset and now benefit from a quicker and more streamlined payment process meaning that they are no longer waiting long periods before being reimbursed.”
“The support we have received since implementation has also been very helpful. When we have had cause to use the telephone helpdesk, issues have always been dealt with efficiently.”
Additional User Stories can be downloaded by clicking here
Are you in control of your contracts?
Software Europe has recently under-taken a development partnership with a large IT services provider, to enhance our web-based contract management system to manage multi-client contracts and the associated contract challenges and tasks.
This partnership has enabled us to gain an in depth understanding of the challenges faced by Contract and Procurement Managers in effectively managing today's complex contracts .
We would like to invite you to our free ½ day seminar on Effective & Automated Contract Management. The seminar will be held on Thursday 17th November at our Lincoln office and will include help and advice on:
- How to improve your existing contract management processes
- Cost savings opportunities from your existing contracts
- Demonstration of our web-based contract management solution
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This event will also allow you to network, listen and exchange knowledge with other contract professionals similar to yourself. For further information and/or a copy of the agenda email framework@software-europe.co.uk or call 01522 881300.
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Are you Violating the 6th VAT directive?
The European Court has found the UK to be in violation of the 6th VAT directive and as a result organisations in the UK may now be unable to reclaim millions of pounds in VAT, incurred as a result of business mileage.
Why has this arisen?
Currently UK businesses allow employees to purchase fuel and then the business reclaims the VAT element.
The EC Advocate General requested that this be investigated by the European Court in late 2004, as the employee making the purchase is not VAT registered, and the 6th VAT directive states that VAT can only be reclaimed from a transaction made between two VAT registered parties.
Should this finding become law, what will the real impact of this legislation?
If the average expense claimant does 25 miles to the gallon the reclaimable VAT is about 2.4p per mile (assuming that a gallon of fuel costs £4 and the vehicle uses 16 pence of petrol per mile). If this employee travels 15,000 miles in a year, under the current system you would rightfully claim £360.
Should the European Court's finding become UK law, organisations would be subject to a substantial loss in reclaimable VAT:
Travelling employees |
Miles travel pa |
VAT portion |
1 |
15,000 |
£360 |
100 |
15,000 |
£36,000 |
500 |
15,000 |
£180,000 |
What do we need to do?
Many Fuel and Credit card companies are claiming that the only way to avoid this loss is to introduce a system now that allows the billing to be made directly to the employer.
Some accounting firms are expecting an announcement from the government regarding the implications of the 6th VAT directive on fuel claims in either the November 2005 or April 2006 budget.
Software Europe has spoken with HM Revenue & Customs who said there were no plans for this to come into force and, in the event of implementation, there would be significant notice of 6months to 1 year.
Rest assured that if and when the announcement comes you will be able to continue processing all resulting data through expenses , producing comprehensive details of personal and business miles expenditure.
The 6th VAT directive is amongst the agenda items at our 2006 User Group. For further details of this event or for further information on processing fuel claims
email expenses-info@software-europe.co.uk
Please note that this article covers FUEL issues only.
The 6th VAT directive covers all receipts issued through a non-VAT registered party. TOP
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