Professional services
Expense management

Reducing risk, delivering accuracy and visibility of spend

When employees relocate, they inevitably create a complex and variable trail of expenses. From paying their salary to the rent and school fees, expenses need to be managed quickly and efficiently to keep your employee happy and your budgets under control. This trail also needs to be reviewed, paid, reconciled, and reported to ensure proper compliance. The consequences of mismanagement can create a spiral of confusion and complaints and increase risks of exposure to potential financial penalties.

At K2, we have developed a comprehensive global expense management service offer to help. Our focus is to ensure costs are managed efficiently, compliance is fulfilled, risks are minimised, and spend visibility is increased.

Our expense management experts are also always on hand to provide advice and support. They work to find ways to improve how your global mobility expenses are managed by tailor-making solutions to suit your people, locations and changing circumstances.

Our expense management service breaks down into three interconnected areas: consultancy, payment, and compliance:

  • Consultancy – we engage with key stakeholders to design integrated processes that will minimise disruption to your existing processes and ensure reporting is in a format which supports your payroll, tax and billing teams.
     
  • Payment – we ensure the accurate receipt, recording, and payment of supplier invoices and relocating employee expense claims. Our secure online employee expense claim system supports accurate upload, audit to policy, approval, and tracking from expenditure to payment. It also enables relocating employees to submit their expense claims that can be accessed via both android and iOS apps for ease of use on the move.
     
  • Compliance – our reporting will provide all tax, audit, and compliance data needed for payroll and accounting at the appropriate times. We guarantee accurate and precise reporting to ensure visibility of spend and to avoid year-end headaches, infrequent reconciliations, and improper tax filing. 

Our solution offers a centralised, consistent and visible global process for collecting, maintaining and distributing relocation related expenditures. Expenses are tracked, audited and coded per pre-agreed expense codes and descriptions which means we can also deliver reporting that achieves substantial time and cost saving efficiencies.

Our well-established processes and procedures reduce your exposure to risk via tighter controls and compliance. We also minimise errors and time spent reviewing expense claims and approving and managing exceptions.

We design our processes to work within your existing accounts payable processes so there is a controlled and approved flow of funds for employee reimbursements and service partner payments. We ensure comprehensive, timely and accurate reconciliations of payments, recharging of costs and provision of tax data.

We also provide a full audit trail of all relocating employee related expenditure. We can make payments in multiple currencies, cross-border, via fast track and as same day payments and also offer supplier management and payment processing.