Every organization needs to have a standard and easy-to-use employee expense report form available to the employees for the sake of reimbursement of expenses during their official or pleasure visits. The employee expense report should include the details about the amount spent, date, purpose and place of expenditure. It should be accompanied by vouchers and bills of the expenditures.
Also, the employee expense report should include the signature of the authorized person who has approved the employee's visit. Employee expenses are reimbursed if the expenses are business purposes and only if the employee submits the expense report within a specified time. Business-related expenses mean those expenses that have been incurred while performing employee-related services. However, if an employee has gone for an eligible pleasure visit, then he/she can submit for reimbursement. Once the employee has completed the expense report form, he has to send it to the concerned approval department for review and the subsequent approval of the claims.
If an employee does not receive reimbursement for some expenses after submitting an expense report and the expenses are genuinely business related, then the employee may get tax rebate on such unreimbursed expenses. However, it depends on how the employer treats such reimbursements. Moreover, if the employer is following Accountable Plan of reimbursement, the expenses are not subjected to tax. Before applying for the reimbursement of his visit's expenses, it is advisable to the employee to check with his employer as to which plan, accountable or non-accountable, he will come under. Employees can submit expense reports online which, in fact, speeds up the submission and approval processes.
Some companies offer expense report software like Expense Management Automation (EMA), which is also useful to the organizations in trimming and controlling the costs, as employee travel expenses occupy a major portion of the total expenses of the organizations. Thus, expense report software helps the employees to have quick reimbursement of their visit expenses without any chaos.
Employee Expense ReportsApply Payday Loans Online
Apply Payday Loans Online
