Business owners and financial officers of medium to large-sized companies will probably agree that when it comes to cost-cutting or expense management, managing an organisation's day-to-day operational costs often proves to be the biggest stumbling block. This is particularly true in the GCC and Middle East, where the region is still largely focused on cash payments, which are widely regarded as being difficult to track and monitor.
Processing invoices involves considerable effort and various complicated procedures for finance officers, opening the doors to a greater margin for errors and inaccurate results. Invoices have to be matched with purchase orders, data has to be entered manually into accounting programmes and storing devices, payment approvals have to be obtained and payment inquiries from suppliers have to be fielded regularly.
And if this unwieldy process has to be repeated for every payment made by each employee in the organisation, the level of coordination and effort required becomes mind-boggling.
Attempting to curtail operational costs and improve cash flow on a regular basis is therefore akin to an amateur juggler trying to manage the movement of several balls in the air at the same time, without dropping any. Recent studies by Aberdeen Group have proven conclusively that if these payments were processed electronically, it would be 30 per cent cheaper, far more accurate and about 25 per cent faster than following a paper trail for payments.
Let's take this one step further. What if finance officers were able to access the consolidated travel and entertainment spending patterns of all employees in an organisation? Wouldn't that give them transparency over spending to allow them to negotiate better deals with airlines, hotels, transport authorities, restaurants and the like?
Indeed, with access to such knowledge, financial savings could be availed on various types of spending over a longer term, having a wider effect on business strategy as a whole. The visibility and control over an organisation's expenses would afford finance officers the opportunity to negotiate better terms with suppliers by analysing transactional data. There would also be significant time savings as employees use an automated expense programme.
For example, if the management was aware that four senior and one junior employee were travelling on business to three different locations at the same time, the organisation could use this knowledge to negotiate better deals on all tickets via the same airline or the same hotel chain at various locations.
Not only would the company benefit in cost terms and be able to take advantage of the loyalty programmes associated with hotel chains and airlines, the junior employee could also have the advantage of greater comfort as part of the wider expense management programme.
In this age of austerity and cost control, it is imperative that companies deploy dedicated expense management solutions that are both manageable and sustainable. By putting in place solutions of this kind, companies can simplify the management of expenses. The resulting transparency enhances their ability to drive savings and control over spending, giving the organisation the ability to improve cash flow.
And there is no need to reinvent the wheel. Putting in place effective expense management solutions can be done by simply building a mandate around the use of a corporate card that not only provides finance teams with spending visibility but allows them to track and evaluate expenditure, which prompts more responsible use of expenses.
Indeed, many payment service providers have developed expense management solutions that enable their clients to consolidate all travel expenses into a single account that can be billed centrally to enable maximum control.
Additionally, the enhanced visibility ensures that the solution is both cost-effective and time-efficient. Statements of accounts can be consolidated to enable centralised approval and payment, in addition to providing easy and effective monitoring of travel expenses for each employee.
But expense management solutions are not magic wands. To produce effective cost efficiency results, an expense management solution must be used effectively in the context of a well laid-out corporate expense policy. Every scenario in which an expense may be incurred should be outlined.
Most importantly, the corporate expense policy must be communicated clearly across all aspects of the business and staff must be engaged to ensure they are part of the decision-making process. Finally, it is imperative to instil a corporate culture that nurtures this policy through taking the staff into confidence and retaining their trust.
Adam Jones is Middle East vice president and head of commercial business, American Express Middle East
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Company%20Profile
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UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
Company%20Profile
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Company%20profile
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
THE SPECS
Engine: 4.0L twin-turbo V8
Gearbox: eight-speed automatic
Power: 571hp at 6,000rpm
Torque: 800Nm from 2,000-4,500rpm
Fuel economy, combined: 11.4L/100km
Price, base: from Dh571,000
On sale: this week
6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
COMPANY%20PROFILE
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In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Honeymoonish
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