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.
Inbound UK moves often involve exchanging currency or paying employees in a different currency to that of their home country.
We recommend using leading currency provider TorFX to help you make the most of these international transfers.
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. With TorFX you can also set up direct debits, eg for mortgage payments, to recipient accounts outside the UK.
- Excellent exchange rates
- No transfer fees
- Expert insights
- Dedicated Account Manager
- 24/7 transfers online or through their app
TorFX is a 5-time winner of the Moneyfacts Consumer “International Money Transfer Provider of the Year” award. TorFX were established in 2004 and are part of a group employing over 500 currency experts across 20+ global offices.
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