NEW SYSTEMS MAKE EXPENSE REPORTING EASIER.Byline: Jane L. Levere The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times The tedium of filling out expense reports could soon be just an unhappy memory, thanks to American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , Carlson Wagonlit Carlson Travel Network Carlson Travel Network can trace its origin back to a travel agency that was founded by Ward Forster in the United States in 1888 and named Ask Mr. Foster. and Rosenbluth International. These travel management companies are introducing electronic expense reporting systems designed to make this aggravating ag·gra·vate tr.v. ag·gra·vat·ed, ag·gra·vat·ing, ag·gra·vates 1. To make worse or more troublesome. 2. To rouse to exasperation or anger; provoke. See Synonyms at annoy. chore less onerous. The basic concept behind the new systems, currently available only to corporations, is that whenever travelers use credit cards, their expenses are registered electronically. When trips are over and it's time It's Time was a successful political campaign run by the Australian Labor Party (ALP) under Gough Whitlam at the 1972 election in Australia. Campaigning on the perceived need for change after 23 years of conservative (Liberal Party of Australia) government, Labor put forward a to prepare expense reports, the systems allow travelers to record cash expenses and add any explanations desired. With the click of a mouse, travelers can electronically submit their reports for approval; the reports can then be routed to accounting for payments. Carlson Wagonlit estimates that users of its system can complete a report electronically in half the usual time. Travelers can prepare their expenses at any time, from any place. And submitting reports electronically can speed up reimbursement, an important advantage if travelers use their own funds to pay for their expenses. The systems enable corporations to keep closer tabs on their employees' travel and entertainment expenses Travel and entertainment expense Funds spent on business travel and entertainment that qualify for a tax deduction of 50% of the amount claimed. ; for example, they flag expense items that exceed corporations' spending limits. The systems also cut the administrative cost administrative cost Managed care A cost incurred by the 'business' end of a health care facility or university–eg, staffing and personnel costs, nursing home and hospital administration, insurance, and overhead expenses. Cf Indirect costs. of processing reports, which American Express says runs an average of $22; the company estimates the cost of processing an electronic report could go as low as $1 or $2. American Express now offers its system on a limited basis but plans to expand its availability in June; it charges corporations a one-time fee ranging from $7 to $20 for each copy of its software, plus an annual maintenance fee of $5 or $10 a user. Its system is available only to holders of its corporate credit card. Carlson Wagonlit, whose system debuted last month, says it charges corporations less than $100 a user for its software; number-crunching services are extra. This system supports only the Carlson Wagonlit corporate credit card. Rosenbluth's product, now available for testing by corporations, works with any credit card; Rosenbluth declined to disclose its fee structure. |
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