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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]