Why Companies Should Choose an Industry-Leading Expense Management Program
An industry-leading expense management program will provide a number of benefits for companies. To effectively manage relocation program expenses, a company must devote a significant amount of internal resources. Departments and functions include Human Resources, Accounting, Accounts Payable, Payroll, Tax, and Auditing. Complexity increases in cases of global expense management issues such as foreign currency conversions and payments. Companies should choose industry-leading solutions to ensure department needs are met.
What is the GMS Expense Management Program?
- Online expense submission
- Easy expense tracking
- Anytime, anywhere, any device accessibility
- Payroll reporting that is fully secure
- Exception cost tracking
- Custom reporting options
- Easy to use dashboard
How Does the GMS Expense Management Program Reimbursement Process Work?
The reimbursement process is quick and easy for transferees, for any location where they reside. GMS Expense Management is able to handle multiple currencies, so transferees can submit expenses without having to convert currencies on their own.
Reimbursements and invoices are processed within one to two days. All reimbursements are transmitted through Automated Clearing House (ACH) or global wire transfer for quick turnaround. Lump sum payments can be processed before the transferee’s start date.
The ACH network is central to US commercial transactions. Reimbursements are made through direct payment via electronic transmission in an ACH transaction to the transferee’s bank account.
Global Wire Transfer
With a global wire transfer, the transaction is paid for at the sender’s bank. The recipient’s bank receives instructions for deposit. The recipient’s bank then deposits money from its own reserve account to the transferee’s account. Following the global wire transfer, the two banks settle payment on the back end of the process.
Some companies may provide a lump sum payment to a transferee. GMS Expense Management can easily process lump sums before the transferee’s start date, unlike typical company accounting systems.
How is Invoicing Handled?
The GMS Expense Management program is fully customizable to meet any requirements for coding, frequency, and format. GMS offers several flexible funding options, as well as easy payment terms. GMS also offers prepaid card solutions that provide even greater flexibility for companies and transferees. With a prepaid card, money is already available on the card and transferees have instant access to funds.
How Does the GMS Expense Management Program Integrate with Payroll?
Important payroll functions such as tax calculations and reporting are quick and efficient with GMS expense management. The GMS approach includes:
- Year-end employee tax reporting
- US W-2 compensation data calculations, accumulation, and reconciling
- Regularly scheduling payroll and wage updates
- Tax assistance calculations that are consistent and flexible
- Tax coding done in accordance with US Internal Revenue Service guidelines
- Estimates for assignment and tax costs
- Expatriate compensation balance sheets and worksheets
Beyond auditing actual to claimed expenses to ensure receipt accuracy, GMS expense management provides several value added services. Confirming expenses comply with company policy is critical to ensure fair and equal treatment for all employees. The program documents all exceptions to ensure proper approvals are in place. By integrating the company’s policy within the expense management program, it is easy to identify business expenses as compared to those that are truly relocation expenses.
What Should Companies Seeking to Outsource Their Expense Management Program Do?
Companies that are seeking to outsource their expense management program should look into the GMS Expense Management program. GMS provides an industry-leading technology solution for employee reimbursements. Also, GMS provides accurate tax accounting and reporting. Industry standards guide the conduct of all necessary audits to ensure accurate program implementation. Customized reporting options meet each department’s needs for information critical to their function.
GMS’ team of corporate relocation experts has helped thousands of our clients outsource their expense management program. Our team can help your company understand how to benefit from industry-leading expense management solutions.
GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation™ technology platform.
Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.
Contact our experts online to discuss your interest in the GMS Expense Management program, or give us a call at 800.617.1904 or 480.922.0700 today.