Having to manage costs on a global basis is a welcome challenge to face. It’s a consequence of a growing company that’s expanding into new markets.
It’s something that TransMedia Dynamics (TMD) has experienced as the thriving media asset management company has evolved into a truly global operation. From their headquarters in the UK, the company now has offices in the US, Australia and Malaysia; providing services for a range of clients which includes the BBC, Discovery Channel and National Geographic.
It’s this global growth that helped to highlight some of the weaknesses that existed with the system they had to manage and monitor reimbursement costs.
As the scale and complexity of business travel increased, the time and resources needed for efficient expense management became a significant administrative strain. It’s a problem the company solved by switching over to Webexpenses – a powerful cloud-based solution that’s designed to cope with the demands of today’s global business environment. It’s a scalable system that’s simple to use and can be configured to meet the exact needs of each client – whether it’s a start-up or a global corporation.
The reasons TMD chose Webexpenses include:
Automated expense processes
With a cloud-based system and real-time processes, the time consuming and error-prone tasks related to global employee expenses are automated.
The system automatically identifies the correct exchange rates based on the time and region of a reimbursement cost. Country-specific checks and alerts can also be set for different regions.
Webexpenses allows an employee to manage their costs from wherever in the world they happen to be. This is done via a smartphone app which allows any paper receipts to be converted into a digital form.
It allows costs to be updated as and when they are incurred with a central finance team given instant access to all of the latest spending information.
Streamlined expense management system
By removing the reliance on manual ways of working, smarter management of global expenses will typically reduce processing times by 25%. The benefits are felt throughout an organization – from business travellers to finance teams.
By streamlining the process, it removes one of the barriers that can stifle business growth for companies as they start to scale-up and expand globally.
TMD is just one of the many companies throughout the world who is using Webexpenses to handle the expense challenges of international growth.
You can find out more about why TMD chose Webexpenses and how it’s helped to boost their business in this video case study.
If you’re interested in finding out more about how Webexpenses can help you, request a free demo.