Treasury Accounts Payable Financial Systems 53% Audit/Compliance Budgeting/Planning

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1 Corporate Travel & Entertainment Payment Cards THE BENEFITS FOR FINANCE DEPARTMENTS Corporate cards provide distinct benefits for no fewer than five different functions within a finance department treasury, accounts payable, financial systems, audit/compliance and budgeting/planning. This white paper sets out the advantages for each of them: Treasury Improved liquidity, Lower payment costs, Improved banking relationship, Better visibility of cash flow, Elimination of cash advances Accounts Payable Efficient payment, Internal assignment of costs, Lower administrative costs Financial Systems Streamlined processes companies can extend their Days Payable Outstanding (DPO) by 53% from the typical 30 days from date of T&E invoice up 53% to 46 days for payment by corporate card. Audit/Compliance Control through pro-active enforcement of travel policy, Control through reporting Budgeting/Planning Budget tracking and forecasting also explains the vital services cards perform for other key company stakeholders: Strategic Sourcing Supplier negotiation, Tracking contracted spend Human Resources Non-compliance deterrent, Duty of care, Temporary staff, Employee induction Travellers Themselves Convenience, Safety ADVANCING INSIGHTS ADVANCING COMMERCE. january 2012

2 Card numbers act as unique identifiers of employees, enabling precise attribution of charges to cost centres. How a Travel & Entertainment card benefits each finance function Treasury Improved liquidity optimise working capital with extended settlement terms. Lower payment costs efficient automated payment and low handling cost compared with cheques and wire transfers. Improved banking relationship strengthens relationship and provides opportunity for preferred pricing with a cash management bank if the same bank is used as the card issuer. Better visibility of cash flow single payment channel with single payment terms and fully transparent data enables more precise cash flow management. Elimination of cash advances treasury dislikes cash advances because they release funds up-front. Accounts Payable Efficient payment consolidated, consistent method to pay multiple suppliers with just one monthly settlement payment. Internal assignment of costs card numbers act as unique identifiers of employees, enabling precise attribution of charges to cost centres. Lower administrative costs efficient, automated processes allow reassignment of personnel to more strategic initiatives instead of basic administrative functions. Financial Systems Streamlined processes automated feeds can flow spend data into the companies finance systems and expense management solutions. Elimination of cash advances avoids lengthy and expensive administrative process of issuing pre-trip foreign currency. Audit/Compliance Control through pro-active enforcement of travel policy prevents non-compliant spend through controls such as card limits and merchant category blocking. Control through reporting comprehensive automated management makes it easy to run reports on non-compliance. Budgeting/Planning Budget tracking identifies Travel and Entertainment (T&E) spend at departmental level, allowing tracking against budgets. Forecasting allows historic data analysis as a guide to future spend and helps calculate accruals for anticipated T&E spend. 2 ADVANCING INSIGHTS ADVANCING COMMERCE.

3 How other internal stakeholders benefit from a Travel & Entertainment card Strategic Sourcing Supplier negotiation detailed card data leverages better deals with travel suppliers owing to precise information on vendor spend and proof that clients can measure, manage and move its business. Tracking contracted spend close monitoring of spend allows buyer to move bookings to or from suppliers to maximise potential to achieve negotiated volume targets. Human Resources Non-compliance deterrent encourages compliant behaviour because travellers know non-compliant spending is easily auditable. Duty of care helps employee relations by avoiding employees paying out of pocket corporate expenses. Employees have access to insurance and assistance services in the event of travel emergencies. Temporary staff use of one-time virtual T&E cards can pay for expenses incurred by contractors, trainees and other temporary workers where issuance of a physical T&E card is not preferred. Temporary employees can also be provided with commercial pre-paid cards which have fixed funding limits with spending controls. Employee induction issuing corporate card to new employees makes them feel like a part of the company. Travellers Convenience avoids out-of-pocket payment for business expenses, avoids back office reconciliation burden of cash advances and considerably speeds up expense reclamation process. Employees have no need to carry large amounts of cash for business and have peace of mind that all business expenses are covered. Safety employees have no need to carry large amounts of cash for business and have peace of mind that all business expenses are covered. FIGURE 1: the convergence of card, procurement, and travel management functions will impact an organisation at many levels STRATEGIC ORGANISATIONAL Indirect Spend Management Supplier Sourcing Card Strategy Hierarchy/Reporting Relationships Financial/Treasury Relationships PROCESS TECHNOLOGY Multinational Operations Regulatory Compliance System Integration (Booking, Card, Expense Management) Enhanced Data Global Management Information Source: MCA Research. CORPORATE Travel & entertainment PAYMENT CARDS THE BENEFITS FOR FINANCE DEPARTMENTS 3

4 Introduction Why Travel & Entertainment Cards? For finance professionals This paper explains how each of the following functions within a finance department benefits from the deployment of a corporate travel and entertainment (T&E) card: Treasury Improved liquidity Accounts payable Efficient payment Financial systems Streamlined efficient processes Audit/compliance Improved control Budgeting/planning Improved tracking and forecasting This paper also briefly explains how other important stakeholders within the organisation benefit from a corporate T&E card. These include strategic sourcing, human resources and travellers. Treasury is responsible for the management of a company s funds. Its essential task is to bring money into the company as quickly as possible and prevent it from leaving the company for as long as possible. For travel managers Travel managers usually have an excellent understanding of how a corporate card helps their work in terms of policy control, supplier negotiations, duty of care etc. However, they are not always aware of the many different ways in which the same card programme answers many needs within their finance department. This paper explains how a card helps each of the finance functions listed above, and is intended to facilitate communication and understanding between travel and finance professionals within the same organisation. Setting up a policy that requires employees to use the company-issued credit card has made a big difference. 1 Director of Financial Services, Fortune 500 corporation Why now? Finance is increasingly interested in corporate cards Finance departments are taking a much more direct interest in card programmes than in the past. There are three main reasons for this trend: In the current challenging financial climate, the core benefits of a card improved control, better data and greater visibility have never been more important. With credit a more important issue than it has been for decades, opportunities to improve Days Payable Outstanding through cards has become considerably more relevant. Financial departments are increasingly viewing their relationship with their card issuer within the context of their wider banking relationships. 4 ADVANCING INSIGHTS ADVANCING COMMERCE.

5 HOW A Travel & Entertainment CARD BENEFITS EACH FINANCE FUNCTION Treasury What does treasury do? Treasury is responsible for the management of a company s funds. Its essential task is to bring money into the company as quickly as possible and prevent it from leaving the company for as long as possible. Treasury is responsible for liquidity, ensuring there is enough cash to meet the company s debts at any given moment. It also raises equity capital and working capital, and invests surplus funds in short-term instruments such as seven-day interest accounts. Treasury has key relationships with the company s banks. Improved liquidity Payment by card helps a company optimise its working capital by delaying settlement of its debts. Settlement terms on a card vary but, on average, they are in the region of 30 days from the time the card issuer presents its statement. It is therefore beneficial for companies to encourage employees to put all appropriate business-related spend on their corporate cards to improve liquidity. The chart below shows why. Typical payment terms, or Days Payable Outstanding, for paying a T&E supplier by invoice are 30 days. If paying by card, however, the client is sent a monthly statement by its card company and then usually has up to 30 days from the date of the statement to settle. As a result, Days Payable outstanding are extended from 30 days for payment by invoice to up to 46 days for payment by card. FIGURE 2: Working capital benefits of using a Travel & Entertainment card Buyer makes T&E purchase Buyer pays by Cheque Payment by card helps a company optimise its working capital by delaying settlement of its debts. day 1 day 30 Payment of invoice via Cheque net 30 days Payment by card Buyer Days Payables Outstanding (DPO) Cheque Supplier Days Sales Outstanding (DSO) Receivables * Supplier DSO Account Receivables Buyer DPO Payables Accounts Net benefits to supplier is 3 days DSO Net benefit to Buyer is ±16 days DPO Buyer has reduced DSO for supplier by 27 days and extended DPO by 16 [±14] days day 3 Payment received from supplier s bank day 16 [±14] Issuer bills buyer day 46 Buyer pays issuer Source: MCA Research. CORPORATE Travel & entertainment PAYMENT CARDS THE BENEFITS FOR FINANCE DEPARTMENTS 5

6 More Time to Pay Versus Financial Incentives In many cases, larger corporate clients are offered a financial incentive from their issuer in the form of a rebate for each card payment they make. However, clients can also vary the permitted settlement period with their issuer. Since delayed payment effectively means the issuer is lending its client money, a longer settlement period will usually mean a lower rebate. Clients therefore have the flexibility to choose in their contract whether they want more rebate or more time to pay, according to their specific cash flow challenges and other considerations. Corporate Travel & Entertainment cards represent an additional cash management product that can potentially strengthen a company s existing relationship and secure overall preferred pricing. Lower payment costs Cards are the most efficient form of payment. The traditional alternative, cheques, involve cumbersome manual processes and incur expensive handling costs. Automated payments (such as Automated Clearing House) are generally efficient, but their handling costs are higher than for cards and they are far from being accepted universally, especially by T&E suppliers such as hotels, restaurants and taxis. Improved banking relationship Corporate T&E cards represent an additional cash management product that can potentially strengthen a company s existing relationship and secure overall preferred pricing. Better visibility of cash flow By consolidating T&E spend through a single payment channel, all with the same payment terms, visibility of spend data improves considerably. In addition to other benefits provided by data, treasury can track the company s cash flow much more precisely and predictably. Elimination of cash advances Issuing cash advances to travellers is administratively inefficient, but it is also unwelcome for treasury because it involves releasing funds up-front. In addition, there is no certainty about how long it will take to recover the unused funds and account for the payments made through cash issued as an advance. Accounts Payable What do accounts payable do? Accounts payable is the department responsible for paying suppliers. Payment is usually made after the product or service is received, so it is effectively a form of extended credit from the supplier. Efficient payment A card is a consolidated, consistent way to pay numerous transactions to one supplier with just one payment. There is also only one set of terms and conditions to observe. Corporate cards are positioned as charge cards, which means they are expected to be paid off in full every month. Consequently, there should be no late payment fees, which can increase the final price settled for invoice-based transactions. 6 ADVANCING INSIGHTS ADVANCING COMMERCE.

7 An additional indirect benefit is that suppliers also prefer to be paid by card because their Days Sales Outstanding the amount of time it takes them to get paid by their bank are reduced to 3 days, compared with a typical wait of 30 days for payment by invoice (see figure above). As a result, payment by card helps maintain good relations with suppliers. Internal assignment of costs One of the greatest strength of corporate cards is that card numbers effectively act as unique identifiers for employees. Accounts payable can therefore track exactly who in the organisation has paid for any transaction made with a card. As a result, charges can be correctly assigned to the appropriate cost centre. The unique identification process means corporate T&E cards offer a complete, seamless and automated flow of expenses into the appropriate buckets in the general ledger. It is a much more efficient process for accounts payable than payment by invoice, which requires manual input, making it cumbersome and error-prone. Lower administrative costs Efficient and highly automated processes mean fewer personnel are needed to perform basic administrative functions. As a result, accounts payable staff can be freed up to perform higher-value strategic tasks. Financial Systems What are financial systems? Financial systems are the processes and procedures used by an organisation s management to exercise management control and accountability through the use of software. These include recording, verification and timely reporting of transactions. Streamlined processes Automated feeds flow spend data from cards into the general ledger of an enterprise resource planning system (e.g., SAP or Oracle) and also into automated expense reporting tools (e.g., Concur). Data feeds are daily and made in a compatible format with the financial software the company uses. Processing time is also accelerated considerably. Eliminates cash advances The lengthy and expensive administrative process of issuing pre-trip cash advances is removed. The unique identification process means corporate Travel & Entertainment cards offer a complete, seamless and automated flow of expenses into the appropriate buckets in the general ledger. Card data automatically populates into electronic expense reports. Reimbursable expenses are paid directly by our company s accounts payable to the credit card company. No receipts are required for credit card expenditure under $25. 2 Senior Travel Manager, Fortune 500 corporation CORPORATE Travel & entertainment PAYMENT CARDS THE BENEFITS FOR FINANCE DEPARTMENTS 7

8 Audit/Compliance What do audit and compliance do? Audit is the unit within the finance department, which oversees accuracy of record keeping and account functions within the company and ensures company money is spent within established guidelines. Compliance units are found in organisations ranging from stock market brokerages to public sector institutions to ensure compliance with statutory and regulatory obligations. Financial governance is important to avoid unnecessary cost through unauthorised spending. However, it has also at least as far back as the introduction of the US government s Sarbanes-Oxley Act (2002) been important for legal and reputational reasons. Increasing emphasis on risk management is leading a drive to make spending transparent and readily accountable. Audit/compliance are not always functions within finance. They may exist as a standalone department reporting to human resources, the chief financial officer or chief executive officer. Control through pro-active enforcement of travel policy Corporate clients can build travel policy into their card programme to prevent non-compliant spend before it even happens. The most common example is to impose spending limits on cardholders. Clients of MasterCard issuers can vary the limits for each cardholder, and can apply limits to the number of transactions or total spend on a daily and or monthly basis. Good internal controls are in place to help curb fraud use. Our entire expense reporting/reconciling process is automated, including reimbursement of expenses. 3 Administrator, large-market corporation Automated collection of management information on card spend makes it much easier to compile reports to monitor spend compliance. Blocking merchant categories Corporate customers of issuers can apply more detailed controls for cardholders, such as blocking use of cards for specified merchant categories. MasterCard has 743 different merchant category codes to define and distinguish the 33.3 million outlets (as of 4Q2011) where it is accepted. Working with their card account manager, clients can set rules that let employees use their card for appropriate business purposes in establishments such as hotels, restaurants and gas stations, but not for personal items like electronics or jewelry. Control through reporting Automated collection of management information on card spend makes it much easier to compile reports to monitor spend compliance. For instance, compliance managers can easily run a report to see all restaurant spend of more than US $100. Without a corporate card, this would be a laborious task unlikely to yield a complete answer. Managers can also run exception reports on cardholders who have made transactions outside of a travel policy. 8 ADVANCING INSIGHTS ADVANCING COMMERCE.

9 The growing importance of card acceptance Some card issuers have much wider acceptance than others and this distinction becomes important for compliance reasons. If a card is not accepted at numerous hotels and restaurants, then it is difficult to gain full oversight of T&E spend. Acceptance is growing in importance as workforces become increasingly mobile and geographically diverse. Mobile employees are having to spend more on numerous items, such as stationery, which would once have been purchased centrally. Visibility of this spend is only possible if it is channelled through a card with widespread acceptance. Budgeting/Planning What is budgeting/planning? Budgeting and planning are usually core strategic functions for which a CFO is directly responsible. Budgeting is a process for setting financial targets for the organisation and monitoring performance against those targets. Planning is the evaluation of likely revenues and costs for the organisation, allowing the CFO to decide what would be realistic profit & loss targets for different departments to achieve. Suppliers are more likely to make a more precisely tailored offer if they have data about how much the client is spending. Using card data helps define the total value of that company s spend to the supplier. Budget tracking Corporate cards enable CFOs to identify T&E spend at departmental level, and, therefore, track spend against budget and take corrective action, if necessary. Forecasting Analysing card data to see how much a department has spent historically on T&E is a helpful guide to forecasting how much it will spend in future. However, additional information such as understanding international expansion strategy is also essential. Planning of this kind enables companies to actively manage their cash on hand; by assessing likely impending spend on travel, the treasury department allocate funds to pay for it. HOW OTHER INTERNAL STAKEHOLDERS BENEFIT FROM A Travel & Entertainment CARD Strategic Sourcing Supplier negotiation Companies with detailed card management information about their travel spend consistently obtain better rates from airlines, hotels and other suppliers for two main reasons: Suppliers are more likely to make an accurate proposal if they have data about how much the client is spending and where. Using card data helps define the total value of that company s spend to the supplier. The conversation with the supplier moves from a number of room nights to the total relationship (including spend on meals, internet etc). High-quality management information is a convincing indicator to the supplier that the client can measure and is, therefore, effectively managing its travel spend. It tells suppliers that the client is able to steer policy and deliver CORPORATE Travel & entertainment PAYMENT CARDS THE BENEFITS FOR FINANCE DEPARTMENTS 9

10 business to preferred suppliers and redirect bookings to rival suppliers if an acceptable discount is not offered. Clients are in a strong position to shop around for better negotiated rates when they are armed with card data that provides a complete understanding of where and how much they spend with a given supplier in a given expense category. Tracking Contracted Spend Close monitoring of supplier data through card spend enables travel buyers to control their travel programme with maximum effectiveness. For example, if the data shows spending with a particular supplier is on track to exceed agreed volume targets, the buyer can adjust travel policy to steer bookings towards a different supplier. Conversely, the buyer can see if bookings are falling short of negotiated targets and investigate why travellers are not using the preferred supplier. The ability to capture, analyse and manage spending more efficiently. 4 Senior Purchasing Agent, Fortune 500 Corporation Travel buyers can obtain spend data from other sources, most notably the travel management company (TMC), which books their flights, and perhaps accommodation and car rental as well. Why Card Data? Travel buyers can obtain spend data from other sources, most notably the travel management company (TMC), which books their flights, and perhaps accommodation and car rental as well. However, while TMC data is usually of a high standard, it only covers what is booked before a trip. It does not cover spend incurred during a trip. Spend not covered by TMC data includes items such as restaurant bills and the final cost of bookings originally made through the TMC. Example Air ticket A traveller buys an economy-class seat through a TMC, then upgrades to business class at the airport or add extras such as checked baggage. As a result, the final amount recorded on the corporate card is much higher than what was booked through the TMC. Example Hotel booking In many cases, travellers book direct with the hotel, and the spend data would be lost without a corporate card. Yet, even if the hotel is booked through the TMC, the data only covers the room rate. In contrast, the card data states the full amount paid at check-out, including extra items such as food & beverage and internet access. Some hotels, including most major chains in the US, provide what is known as folio data to card companies, giving a full breakdown of all the items listed on the cardholder s bill. Human Resources Non-compliance deterrence Cards help to reduce non-compliant spend significantly and thus avoid disciplinary issues because employees know that all card usage may be audited and provide clear evidence in cases of non-compliance. 10 ADVANCING INSIGHTS ADVANCING COMMERCE.

11 Duty of care Corporate cards help employee relations by giving employees a mechanism to pay for corporate expenses rather than paying out of their own pockets and by eliminating the need to carry large amounts of cash. Cards also provide various insurance and assistance services to employees if problems occur while travelling, such as sickness or theft and help with tracking of employees in emergencies. Corporate protection As an industry standard, a corporate card programme includes corporate liability waiver insurance. If an employee uses a card to buy goods or services that are outside company policy (e.g., for gambling), then the corporate client is compensated for the unauthorised spend, so long as the corporate client has clear policies and procedures in place to control employee card use. There is no comparable insurance for inappropriate payments by invoice. Issuing a corporate card to a new employee is an important part of the induction process, making them feel like they are part of their new company. Temporary staff Another problem for HR is how to make payments for temporary staff, contractors, apprentices, trainees and interns. It is not usually appropriate to authorise workers in these categories to buy services on account or to give them their own T&E card. However, there are suitable payment card alternatives; including one-time virtual cards for a fixed-value transaction with a specified supplier, such as paying a hotel bill for a trainee or commercial pre-paid cards which have fixed funding amounts with spending controls. Employee induction Issuing a corporate card to a new employee is an important part of the induction process, making them feel like they are part of their new company. It is also an ideal opportunity to instruct new hires about the company s travel policy and the new hires responsibilities relating to T&E spend. Travellers Convenience and safety A corporate card: allows travellers to avoid paying business expenses out of their own pockets saves them the bureaucratic burden of obtaining cash advances considerably speeds up expense reclamation, especially if they are using an automated expense management system with a pre-populated card feed. avoids the security risk of travellers carrying large amounts of cash Employees not paying out of pocket is a key factor. 5 General manager of finance, large-market corporation CORPORATE Travel & entertainment PAYMENT CARDS THE BENEFITS FOR FINANCE DEPARTMENTS 11

12 contact For further information about how MasterCard can help you, please contact either of the following: Al Diamant Senior Managing Consultant Global Commercial Knowledge Centre MasterCard Advisors Max Chatterjee Vice President Commercial Cards UK & Ireland ENDNOTES Corporate Travel Card Benchmark Survey, RPMG. For additional insights, please visit and insights.mastercard.com MasterCard. All rights reserved. Proprietary and Confidential. Insights and recommendations are based on proprietary and third-party research, as well as MasterCard s analysis and opinions, and are presented for your information only. ADVANCING INSIGHTS ADVANCING COMMERCE.

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