Running a tenancy and expense management program can be a significant burden for many HRs and organisations, and the need for outsourcing is high. This creates an opportunity for relocation companies. In fact, you might already be doing it without even knowing.
Let’s have a look at the key considerations to make before streamlining your expense management program:
What expenses will you cover with your service? Utilities, rental costs, school fees etc. This is to be discussed with the HR manager and clearly stipulated in your service contract.
Levels of approval. For each of those costs, the approval process needs to be defined. Does it require HR approval, or do you have the power of approval?
What business model will you use? There are multiple to choose from: Commission-based; Fixed fee; A mix of both.
Cash Flow. Managing your cash efficiently is a key priority. The most common way is by pre-payments made to a joint account between your relocation company and the organisation, to ensure you never take any additional financial risk.
The good thing is that tenancy and expense management are recurring business needs and involve mainly admin tasks. With the right tech platform to monitor your work, you’re bringing even more opportunities for success.