Bankhall has appointed GlobalExpense to manage the whole of its employee expense claims process.
Bankhall typically pays £300,000 in employee expenses every year, mainly for vehicle cost claims and travel expenses.
Darren Veevers, finance director, at Bankhall says: “Purely in terms of the cost reduction we’ve made, GlobalExpense has been worth it.”
“We’ve probably saved the time of two and a half full-time finance function employees, who are now doing the job they were originally employed to do rather than handling claims admin.
“We chose GlobalExpense to provide process efficiencies, improve compliance and reduce costs – in that order.”
Bankhall employees can now make an expense claim from anywhere.
The GlobalExpense system is web-based and is therefore accessible compared to software solutions that need to be downloaded onto every PC.
Veevers says: “Previously, getting line managers to manually sign-off paper-based expense claims was a difficult task and delayed repayment.
“Staff sometimes had to wait up to a month before being reimbursed.”
David Vine, managing director of GlobalExpense, says: “Increasingly financial service companies are looking for a complete end-to-end expense management system rather than just a software expense package.
“I am meeting far more people in the financial services industry who recognise the value of business process outsourcing.
“GlobalExpense has been appointed by seven financial services companies who were keen to handover the complex and technical process of calculating employee expenses to an outside specialist.”