A new solution by business service provider TMF Group is looking to help corporations manage employee spend, regardless of location. An announcement on Thursday (June 23) said TMF is rolling out InternationalXpense, a platform to automate employee expense claims across more than 80 countries.
According to the company, the solution is geared for heightening compliance and boosting spend transparency by automating the validation process of employee transactions.
“We have designed a standard global template that is customizable and tailored to fit a client’s organizational needs, whether they are a small company or a multinational corporation,” said TMF Group Head of Americas Raimundo Diaz in a statement. “InternationalXpense streamlines the expense claim process and assists finance teams to drive compliance and prevent fraud.”
The solution, the company added, is supported by both desktop and mobile devices. Employees record their expenses as they are incurred on the platform via receipt image capture technology; the platform assists in automating the expense categorization process, while transactions are entered in local currencies to reduce friction of conversion.
InternationalXpense is also geared towards reducing the challenge associated with paper-based processes, the company said.
“By eliminating the paperwork trail, InternationalXpense facilitates tax recovery and meets audit requirements, ultimately freeing up finance teams to focus on value-added activities,” said TMF Group in its announcement.
Earlier this year, TMF Group launched another solution with similar goals of reducing the burden of paper.
The company launched TMF QuickDocs, a product aimed at facilitating document retrieval to access corporate records across geographical jurisdictions.