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RECKITT BENCKISER SPRING CLEANS ITS EXPENSE MANAGEMENT PROCESS
The World’s No 1 in household cleaning - Reckitt Benckiser - has announced that its UK healthcare business has outsourced its expense management process to GlobalExpense, one of Europe’s largest payers of employee expenses.
400 employees of Reckitt’s healthcare business, which is a leading manufacturer of over the counter branded pharmaceutical products, now use the outsourced web-based service including sales, laboratory, manufacturing and administration staff. Many of the staff who use GlobalExpense attend industry conferences and business meetings overseas, so they can now benefit by submitting expenses, any time, anywhere and be paid very soon afterwards direct to any account of their choice.
Employee expense management outsourcer GlobalExpense enables all aspects of this complex back-office process to be outsourced (including all regulatory compliance, document storage and repayments to employees). It also allows management to receive highly detailed management information breaking down employee expenses incurred.
Andy Forster, Financial Controller at Reckitt Benckiser Healthcare (UK) adds:
Previously our expenses management process was purely paper based and as time went on the system proved increasingly unwieldy. Employees would have to wait up to a month to be reimbursed and a Cashier in our finance department would spend a lot of her time processing claims.
With the Healthcare business’s expenses totalling over £2 million each year, we were keen to find a service which would be able to perform the complex and time-consuming elements of validating receipts and processing reimbursements whilst ensuring continued compliance with HM Custom’s and Inland Revenue requirements regarding VAT receipts and expenses.
When we made the decision to outsource our expense management, we looked at several different services. We chose GlobalExpense because the company was, by far, the most professional, their executives showed great expertise in their understanding of tax and compliance and could provide us with the process efficiency, policy compliance and overall cost reduction we were seeking.
Following a successful pilot scheme we decided to implement it business wide. Now the Cashier is able to devote time to other areas of the business, adding value and reducing complexity. We are very happy with our decision to outsource to GlobalExpense.
David Vine of GlobalExpense said: Typically employee expense are a business’s second controllable expense after salaries. Because of the complexities of tax regulations, if employees don’t enter the right details then it can be very expensive correcting things at a later stage and even more expensive if the VAT isn’t reclaimed.
Businesses also typically have little time to analyse what expenses are being incurred and who is over-claiming or breaking company policy because of the cost and difficulty of coding and retrieving the data this is all automatically done by GlobalExpense resulting in real-time analysis capabilities.
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