Expense & Currency Management

Relocation is not just about your employees and their families: it’s about your time, effort, budgets and cost control too.  Which is why financial management is a key element of all our relocation services.

RELOCATION EXPENSE MANAGEMENT

To help you achieve tax efficiency and monitor the total ‘spend vs. budget’, we manage, collect, pay and track all costs throughout the entire relocation process. So you receive just one monthly invoice – from us – rather than mounds of documentation to check and reconcile.

Employees can submit their relocation expenses direct to us via our easy to use online Expense Management portal saving both time and effort.

Good financial house-keeping is assured. We audit every expense and make payments in a timely manner; should submitted expenses fall outside your relocation policy or exceed the agreed budget, then we seek exception approval or reject the claim. This ensures your hard won budgets will not be exceeded without permission.

It is easy to keep track of your relocation spend with HCR. You can opt for either monthly or quarterly expense management reports based on individual cases or across an entire portfolio of relocations, and we provide annual P11D reporting for submission to HMRC too.

And you can use our online, Real-time Expense Management system too:

Our online Real-time Expense Management system – FocalPoint – provides a single resource for comprehensive financial reporting and expense reimbursement and tracks all stages of the expense process, recording:

  • When claims are submitted
  • When they are authorised, and by whom
  • When they are paid

All expenses input to FocalPoint are stored against an individual employee’s expense claim record and are viewable at any time by appropriately authorised users; and the system can be customised to your specific requirements.

CURRENCY EXCHANGE

Inbound UK relocations often involve exchanging currency or paying employees in a different currency to that of their home country.

To get the best rates, we recommend you use TorFX – a currency exchange brokerage which works with you to tailor their services and which can offer preferential exchange rates on higher amounts of currency.

For employees who wish to send money home, TorFX arranges for their funds to be converted into the relevant currency and transferred into the beneficiary account, at no cost. TorFX also sets-up direct debits, i.e. for mortgage payments, to recipient accounts outside the UK.

Key Benefits:

  • Maximum currency amount
  • Market-leading rates of exchange
  • Up to 3% saving against the banks
  • No fees; no commission
  • Online portal access
  • Dedicated Account Manager
  • Highest level of credit-worthiness in the industry

It is easy to get started: simply go to http://www.torfx.com/hcr/ for a tailored quote.

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