American Express launches company expense management solutions
New Delhi: Financial services multinational American Express' (Amex) Indian arm on Wednesday came out with a series of expense management solutions designed to help customers plug leakages in corporate spending, particularly on travel and entertainment expenses.
In a statement here, Amex, which works with over 13,000 small, medium and large sized corporates in India, said there is ample room for ushering in efficiencies in the country in the absence of fully automated processes to monitor expenses.
"With no fully automated processes to catch non-compliance in policies related to expenses, there is ample room for ushering in efficiencies, especially on travel and entertainment spends, which is seen as among the top three controllable expenditures besides salaries and benefits for corporates," it said.
Among Amex offerings are the "Corporate Purchasing Solution - a customizable and flexible web-based corporate account tool which helps organisations streamline their commodity spend."
Besides, there are Amex corporate cards for organisations to efficiently manage their travel and entertainment expense, allowing companies to redeem reward points.
With the Amex Business Travel Account (BTA), corporates get the opportunity of consolidating and centralizing all travel and entertainment billings that helps keep a tab on expenses, the statement said.
"BTA also provides comprehensive travel data and monthly billing for extended payment terms. With a single account number, companies enjoy improved expense visibility," it said.
A fourth solution is the Buyer Initiated Payments linked to the American Express corporate card, which provides companies with extended payment terms, "ensuring the timely negotiated payments to vendors," the statement added.