In recent times, initiatives such as the Sarbannes Oxley Act in the US have dramatically raised the profile of compliance within the corporate world. As a key element of any corporate compliance policy, expense management has shared some of the limelight. As a result, an Expense Management Solution (EMS) is now critical to any business concerned with corporate compliance. But what is an Expense Management Solution (EMS)? Does your company need one? And where do you find a good one? Just as importantly, how do you successfully implement and integrate an Expense Management Solution (EMS) into your corporate environment. This article sheds some light on these issues.
What is an Expense Management Solution (EMS)?
The term expense management solution has been used to describe quite different commercial products and services. In the context of this article, an expense management solution is defined as a technology based system that processes:
(i) transaction records received from a credit card issuer (detailing employee use of corporate credit cards0; and
(ii) cash reimbursement claims originated by an employee.
In practice the target...
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