When Fexco Expense Management Services (EMS) sat down with a global leader in the consumer goods Industry employing over 100,000 staff-members, the company’s headaches in relation to rolling out their new Pan-European Purchasing Card (P-Card) became apparent very quickly.
The services Fexco EMS provides are specifically tailored to meet our clients’ needs and to eliminate their particular challenges.
Since no two clients are alike, we are continually developing service arrangements to address various scenarios. This client needed to achieve three key outcomes:
- Minimise administrative work for their cardholders.
- Maximise their company’s policy adherence and VAT compliance.
- Establish optimum process-flows for both data and documentation.
Fexco EMS came up with a niche P-Card solution; utilising bespoke technology combined with audit and customer services capabilities, in order to achieve:
- Easy access, single-point-of-contact support for cardholders, incorporating reminders and instructions.
- Comprehensive reporting on every transaction.
- Data for VAT returns.
- End-to-end document tracking and archiving.
- Policy- compliant, transparent, efficient processes across all entities and regions.
- No rework or administrative burdens for the client.
The outcome is how success is measured and the results set a very high bar in P-Card management:
- Over a 90% policy compliance rate.
- Every transaction is reconciled, audited and reported.
- Seamless integration of data for monthly VAT returns.
- Fast, transparent resolution of cardholder queries.
- Processing times substantially reduced.
- Costs substantially reduced.
- End-to-end transaction tracking and document management.
The innovative Fexco P-Card Service allows clients to avail of “automatic” local VAT reporting essentially; Fexco turns their Level 1 data into Level 3 data for seamless integration to their accounting system – as well as card reconciliation, transaction analysis, cardholder support and document management services.
Fexco provides a range of commercial card reconciliation services, click here for a free trial of our latest employee expense management software, Expense Manager.
Alternatively, please contact EMSmgt@fexco.com for a consultation.