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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 […]

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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 […]

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Scaling up: a guide to managing finances for growing companies

Your company is no longer a start-up venture. It’s generating sales, profits are being made – or forecast – and you’ve expanded your team and office to accommodate that growth. This likely puts your business in scale-up territory. These are defined as enterprises which have over 10 employees and then grow staff or sales by above 20% a year over three years. Statistics highlight the impact made by scale-up businesses. They are highly productive, averaging £235,000 turnover per employee, according to a report last year from the ScaleUp Institute. They are also twice as likely as their peers to be […]

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New financial year, new business opportunities

It’s the beginning of a new financial year – receipts have been furiously gathered and expenses claimed. It is a time to reflect on where your business has taken you over the past 12 months. And a time to look forward with renewed energy. We speak to business owners about the lessons they’ve learned and what they won’t repeat in 2018.   It’s all about the money Royston Guest, founder and CEO of Pti Worldwide, a consultancy dedicated to growing businesses, said firms should look at where every pound is going. “We have got thousands of pounds for legal fees […]

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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 […]

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7 things to consider when managing currency for business

The past few years have been interesting for British SMEs. The EU referendum and the US election have taken their toll on currency markets creating fluctuations in the cost of overseas travel and expenses and buying and selling overseas. The pound significantly weakened against some of the world’s major currencies including the US dollar and euro, meaning for businesses it has become a lot more expensive to spend money overseas. Business profits, cash flow and competitiveness can all be affected by exchange rate movements, meaning a keen eye on currency risk is crucial. But fear not, because we’ve put together […]

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Annotating transactions on the FairFX Expense Platform

Keep track of staff spending by annotating cardholder transactions in the FairFX Expense Platform and get even more transparency over your staff expenses. Annotate all of your transactions to see exactly how much staff spend, where staff use their cards, and build powerful reports. Even better, save time by getting your cardholders to annotate their own transactions on a regular basis. How annotations work 1. Annotating your transactions is a simple process. Once you’re logged into the FairFX Expense Platform click ‘Annotate transaction’ under the ‘Reports’ menu. You’ll then see a list of cardholder transactions for the current calendar month. […]

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Making bleisure work for your business

‘Bleisure’ is no longer a new buzzword. The term, meaning a combination of business and leisure travel, has garnered a lot of attention in just a few short years, and now more employees than ever are looking to mix work and play. Research by Bridgestreet Global Hospitality suggests 6 out of 10 travellers are more likely to take a bleisure trip today than five years ago, while a study by the Collinson Group reveals 72% of business travellers regularly extend their work trips for rest, relaxation and sightseeing, adding up to an average of five days over the course of […]

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Employee travel: The new office perk?

Drinks fridges, foosball tables, flexitime, bonus holidays…perks are becoming the new norm for office environments, with managers citing improved staff morale and greater productivity as key pay-offs. And many companies are taking things a step further by offering paid-for trips abroad as well. Once upon a time, businesses footing the bill for office-wide holidays overseas would make headline news, such was the rarity of such a generous offering. Now, scores of companies include an annual (or more frequent) trip abroad as part of their basic operational outgoings. A chance to regroup PR agency Liquid, for example, introduced team weekends away […]

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Relaxed expenses versus perks – which leads to a happier workforce?

Job perks are more important than they’ve ever been. According to employment website Glassdoor, more than a third of employees say extra benefits are among their top considerations before accepting a new job, while research by merchant services provider Paymentsense shows 77% of potential employees have been put off accepting a new job because they felt the perks weren’t up to scratch. Providing extra benefits for your staff can boost morale and improve productivity, especially in cash-strapped times where pay rises aren’t feasible, but they also present challenges. What should you offer, and how do you get it right? Extra […]

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Your top Business Travel questions answered

We’ve put together answers for the questions you should be asking if you’re travelling for business, managing currency for business or managing expenses. This is the start of our ultimate guide to travelling for business. Simply click on the question to get the answer. What should I use overseas? Cash, credit card or prepaid card? What are allowable expenses for employees? What is subsistence allowance when travelling for business? How should you expense business travel? Do business expense cards work in the UK? How can I save money on foreign exchange rates?   What should I use overseas? Cash, credit […]