New Delhi, September 10, 2018:
- What solutions does Amex offer for business expense management?
For any business, managing expenses is as important as growing the business or increase in revenues. Efficient expense management solutions play an important role in order to achieve that for both, small and large businesses as it helps business streamline and track and control their expenses. With American Express’ Expense Management Solutions, travel expenses, entertainment, and work-related costs can be recorded in a complete expense management system. This provides complete transparency of company expenses, allowing management to more effectively achieve various objectives. We also provide various expense management solutions to help companies streamline processes to further reduce time and cost.
American Express has a client list of over 60 per cent of Fortune 500 companies globally. We offer customized solutions to these companies, helping them streamline purchasing and simplifying reporting and reconciliation processes for work related expenses.
- How does Amex help companies to efficiently manage their travel and entertainment expenses?
Managing expenses and cash flows across industries can be a very challenging task especially for small and medium businesses. A solution would need to be simple making the transition seamless while delivering significant business benefits. India is leading the way in terms of both business confidence and investments. Businesses are reiterating the need for increasing spends on T&E, optimizing cash flow and using it judiciously to grow and protect the business.
Companies are adopting a back-to-basics approach and focusing on the fundamentals that will enable them better customers service, developing new products, growing the business and prioritizing business transformation and innovation.
American Express, we help companies seamlessly integrate their expense management policies and payments on our Corporate Cards program. Our corporate card programs, enables small & mid-sized businesses to have access to discounts, rewards, travel insurance and savings on everyday business spending, including travel, hotels, dining and conferencing services. With American Express® Platinum Corporate Card, The Jet Airways American Express® Corporate Card, The American Express® Corporate Meeting Card and The American Express® Corporate Card, organizations can efficiently manage their travel and entertainment expense, the second most controllable expense after employee salaries.
- What are the key findings of the American Express Global Business and Spending Outlook 2018?
According to the Global Business & Spending Outlook Survey commissioned by American Express, 37 per cent of the CFOs surveyed said they are likely to spend more on travel and entertainment (T&E) in 2018 as compared to last year in order to help meet their business priorities. The survey highlights business spending and capital investment plans that businesses have put in place to make the most of their opportunities in the years to come. According to the survey findings
- 33 percent of the Indian CFOs are likely to spend more on transportation / logistics
- 53 percent on hardware and infrastructure
- 50 percent aim to increase spending on mobile technology
- 40 percent or more are likely to invest more than last year in improving administrative process efficiency (e.g., streamlining financial, account payables, or procurement process) to help meet business objectives
- 37 per cent of the CFOs are likely to spend more on travel and entertainment (T&E) than last year
The survey revealed a significant evolution in the role of the finance executive from a leader of strategy to that of a strategic advisor (53 percent). 60 percent of the executives feel that the use of credit enables them to negotiate better payments terms on payables and receivables as well as volume discounts on purchases with suppliers and customers would yield substantial financial benefit to the company.
- What are the Corporate Payment Solutions by Amex?
Amex offers wide range of options in corporate payment solutions as per the need of users.
- The American Express Platinum Corporate Card– Collection of fine privileges and extraordinary benefits across travel and business along with fabulous rewards and an exceptional level of service, because businesses today deserve the best.
- The Jet Airways American Express Corporate Card– An intelligent business ally, the Jet Airways American Express Corporate Card is a holistic expense management solution that allows to optimise company’s profit from air travel, lounge privileges, between travel destinations, exemplary service and support.
- The American Express Purchasing Solutions– Specifically designed to help streamline company’s commodity spend on items such as telecommunications and stationary, helping them save money and improve the purchase procedure with greater compliance and fraud protection. Companies get the additional benefit of improvement of procurement and payment process from end-to-end, automates the entire reconciliation process. Companies also get the advantage of setting a maximum or variable spending limit per transaction and per month for individual cardmembers
- The American Express Corporate Meeting Cards- Designed to help companies gain great visibility and control over virtually all meeting expenses – from accommodations to incidentals, and airfare to thank-you gifts. One can use the Corporate Meeting Card to plan and pay for all types of meetings or events,conference management, association management, conventions, business and executive meetings, incentive trips and others.
- Buyer Initiated Payments- An electronic payment platform that reduces processing costs and improves liquidity with extended payment terms compared to traditional invoice payments. BIP also helps organizations and their retailers participate in the trading cycle digitally thus avoiding payments through cheques and drafts. It also gives companies complete control over their payments to preselected merchants.
- How is the American Express corporate card different from the other players?
Our expertise lies in turning data into valuable information for our corporate customers, who can use it to make key decisions about how to manage their expenses and strengthen their businesses.
We bring product and service differentiation to our Card members in the expense management space by not just offering ‘Corporate Cards’ but also being strategic business advisors to our clients in driving their bottom line.
This is possible due to our strategic and competitive advantage of having a closed loop network that enables us to we bring together corporate, cardmembers and merchants together on to our integrated global payments platform which is the largest globally.
AmEx with its corporate card program and customised solutions catering to various business needs like procurement, travel and entertainment etc. helps companies manage their expenses, enhance control on expenses and streamline payment processing.
- Are you planning to expand your corporate card services to Tier 2 and 3 cities?
India continues to be one of the fastest and key growth markets for American Express and we have a strong business presence in the country. We are already present in 15-16 cities which are tier II cities.
Corporate Comm India(CCI Newswire)