![[Manage International Expenses] in One Place](https://cdn.crossborderpaymentsolutions.com/tr:f-auto,w-639,h-225,fo-center/uploads/2024/09/1725458021-Expenses%20(3).png)
Many cross border payment solution providers have built in expense management that also hooks up to accounting software like Xero, Sage or Microsoft Dynamics 365.
Individual workflows create simpler reconciliation and greater transparency on spending.
Features of cross border expense management
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Group Cards by Need
Cards can be assigned to individuals, teams or wider departments where necessary.
This can be managed centrally by finance or accounting teams. This ensures everybody has visibility on exactly what they need.
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Multi-currency support
Expense management comes with multi-currency support in most cases. This means global teams can have global budgets.
These budgets can then be segmented by currency and visibility on currency spend, as well as currency risk management becomes easier.
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ATM and cash withdrawals
If needed, expense management systems will also track ATM withdrawals and use.
Receipts can be uploaded to ensure cash spend is accounted for, and associated with the specific withdrawal.
Some ATM withdrawals are charged at over 3%, and checking a balance can cost upwards of $5.
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Integration with accounting software
Expense management can be linked to accounting software as well. Xero is the most widely supported software across the industry, but plenty of others are available.
This will link all multi-currency and expense spending to your central accounting software. For larger businesses, with multiple spend amounts, this is a great time saver.
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Custom workflow and risk control
Using an international expense management tool you can create approval processes with multiple users or budgets, manage criteria for expense submissions. These can be reviewed and approved on the go using mobile devices.
This will then sync to anything setup.
Visibility on transactions
Expenses can be submitted simply, often through an app with the ability to take pictures of receipts.
Actual spending can also be seen in real-time. With visibility on the amount, any currency conversion paid and the individual team or budget the transaction is associated with.
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Compatibility with Ads
Budgets, and virtual cards, can be associated specifically with certain operations within a business.
One of the most common of these is advertising platforms (like Google Ads), but all types of platforms are supported.
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Pay direct
Once everything is merged together, it is pretty simple to pay directly for any expense claims.
This can speed up the process and reduce reconciliation for employees.
Why opt for them
There’s a few different reasons that using an expense management tool for international spending is a good idea.
Skip card fees
Avoid currency conversion for transactions
See spending in real time
Expense management in multi-currency solutions
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Often expense management forms a greater part of multi-currency accounts and platforms.
Discover what each has to offer.
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Be clear on
When using an international expense management solution, ensure you are fully aware of the following:
If exchanging ahead of spending, ensure the rate is one you are happy with. You'll always get a better deal than using a bank, but be sure you know what the cost is.
Also, if a debit card runs out of money in one currency and spending continues, conversion from another account will be made at the point of sale.
This can be slightly higher than what you would pay when converting ahead of time.
The providers
Compare expense management providers
The right expense management option is different for every fleet. We always recommend comparing to get a clear picture of what is on offer, vs what it is your business needs.
Use cases
Expense management tools are used by many different company types across the world. Here are some examples of where they have been used.
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Recapping expense management solutions
Expense management solutions all for international visibility on spending
Expense management solutions cater for different areas of the business
Expense management tools allow finance teams to split budgets by teams or budget types
Expense management solutions reduce the currency conversion cost
Expense management solutions offer custom workflows for managing spend
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