corporate payment

How British businesses are wasting millions without knowing it

Are you the type of business traveller that browses for a good deal before booking a hotel room? Or maybe you even try to use public transport over taxis, where possible? That’s great, but all of that hard work can go to waste if you end up falling for a simple trap that could mean you inadvertently put your business out of pocket. It’s called DCC and its collectively – and unnecessarily – costing companies £99m. The DCC trap DCC, or Dynamic Currency Conversion, is offered by restaurants, hotels, meeting places and via ATMs overseas, giving those picking up the […]

gb and eu flags

Brexit deal or no deal: how can SMEs prepare?

With the government‘s long-awaited White Paper now published (a 98-pager which sets out the sort of relationship the UK wants with the EU after Brexit) and debate on the Chequers deal in full swing, many businesses are trying to plan a course for what might lie ahead come 29 March 2019. Preparing for the unknown Less than a third of UK business leaders have carried out contingency planning on Brexit, according to a survey this summer by the IoD. EU & Trade Analyst at the Institute of Directors (IoD), Claudia Catelin, said that of those IoD members that were contingency […]

cash in hand

The airport currency rip-off every business needs to know about

Businesses are always looking for ways to cut costs. Well, here’s an easy one – stop your business travellers from ever exchanging currency at airports. Planning your currency is an important part of travelling for work and business travellers who don’t plan ahead could end up getting ripped-off before they’ve even stepped on the plane. An investigation into exchange rates on offer at UK airports in July showed business travellers leaving their currency exchange until the last minute, and relying on airport exchange desks, could lose over £100 worth of Euros for every £500 exchanged. Some airport currency exchange desks […]

woman in airport lounge

Don’t let jet lag ruin your business trip: tips from experienced travellers

Investor and entrepreneur Matt Haycox learnt the hard way about the ill-effects of jet lag when travelling for work. He says: “In the early days, jet lag would kill me, and I wasn’t giving my businesses the best version of me, but instead a tired and underwhelming shadow of myself. This often resulted in poor decision making and communication.” He is by no means alone. A study by Kayak and Airbus found that jet lag costs UK businesses £241 million a year through mistakes made by jet-lagged staff. According to its findings, jet lag affects travellers for an average of […]

currency eyes

How to keep your business safe from banking fraud

You work in a busy finance department of a fast-growing company. You receive an email from your CEO, asking you to make a large payment from the business bank account – and to do it ASAP. It’s for an important, time-sensitive deal. You quickly scan the message, one of many filling up your inbox. Perhaps you don’t notice that the email address isn’t quite right. The chief is getting impatient and sends you a chasing email soon after, piling on the pressure. It’s urgent – have you made the payment yet? You don’t have time to really think through the […]

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International currency transactions: your questions answered

Businesses venturing into overseas markets need to understand how best to make and receive payments in different currencies. Below we answer some of the most common questions being asked about international currency transactions. How do multi-currency business accounts work? Businesses that trade across borders normally need to hold accounts in more than one currency, or face the costly process of constantly converting money to and from Sterling. Multi-currency accounts are intended to simplify this, by enabling businesses to manage all their day-to-day business banking and international money transfers in one place. They make it easier for businesses to be paid […]

atm scam

10 business travel scams and currency tricks to avoid

Even seasoned business travellers are at risk of being taken in by scams and fraud that can cost them or their company money – sometimes before they have even left the office. And it’s no small problem. According to Action Fraud, run by the City of London Police, fraudsters stole £6.7 million from 4,700 unsuspecting UK travellers in 2017 with two key scams largely to blame. It identified the most common scams as the sale of fake airline tickets (47%), and accommodation booking cons (38%), where fraudsters use fake websites, hack into legitimate accounts or post fake adverts online to […]

airport boards

Fear of flying and business travel: what employers need to know

Nearly one in six Brits are scared of flying, thanks to anything from a fear of heights to a previous bad experience with turbulence. This high rate of ‘aviophobia’, revealed by YouGov research, could make life difficult for businesses that need to send employees overseas. After all, UK companies sent staff on a total of 7.2m business trips abroad in 2016, according to the Office for National Statistics. But what can companies do if a member of staff refuses to step on the plane? What if their job role changes to include overseas travel? And what if an experienced jetsetter […]

laptop bag

Are business travellers liable for lost tech?

Tired, burdened with luggage, and perhaps rushing through a foreign airport, it’s easy for a business traveller to lose or damage their gear, be it personal possessions or business property. But how can businesses protect themselves? And who is responsible for the financial cost of replacing a device such as a laptop or mobile phone owned by their employer? As a rule, responsibility is with the employee, says Steve Pritchard, an HR consultant for Anglo Liners: “This can often depend on the circumstances surrounding the missing item, but in most cases, the employee in possession of business property will be […]

HR Hotline: how soon can you send new employees abroad?

Every month, we quiz HR experts on the questions that really matter about expenses, employee travel and business across borders. Send your business travel, HR and expenses questions to us via Twitter for your chance to be featured in a future HR Hotline article. They may be keen to impress and ready to work their socks off. But new employees, whatever their level of experience, need time to understand how their new business functions, and to get to grips with its processes, culture and clients. A study by Oxford Economics showed that new staff can take between six and twelve […]

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HR Hotline: are you ready for the sharing economy?

Every month, we quiz HR experts on the questions that really matter about expenses, employee travel and business across borders. Send your business travel, HR and expenses questions to us via Twitter for your chance to be featured in a future HR Hotline article. Having enjoyed the convenience and value-for-money of sharing economy services – such as Uber, Lyft and Airbnb – in their free time, many people now want it replicated in their business travel. But is your business ready for this growing demand? One quarter of UK business travellers used a sharing economy, or peer-to-peer accommodation provider such […]

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Wellness matters for all employees – wherever they are

BrewDog’s paid Puppy Parental Leave for new dog owners, and weekly yoga classes at Qubit’s offices are among the quirkier policies offered by companies to look after the wellbeing off their staff. Then there’s the more standard perks designed to improve employees’ health and wellbeing, including free gym memberships and subsidised meals. How important are these wellness benefits though? And do you need to start implementing them for your employees? Happy workforce “Employers are broadening their horizons when it comes to rewarding and incentivising employees,” says Laura Matthews, workplace wellbeing consultant at Barnett Waddingham. She adds: “A happy and flourishing […]