If you’re an employer, you’re likely to be familiar with expense reimbursement. It allows employers to reimburse employees for expenses related to their jobs. Completing these expenses correctly can increase employee morale and company cash flow, but when expenses are incorrectly reported, they can negatively impact a business’s taxable income. There are two basic types of expense reimbursement systems: accountable and non-accountable. Each system has its own benefits and disadvantages, so it’s important to familiarize yourself with all policies and procedures. Visit for more info
Here’s A Quick Way To Solve A Problem With Expenses Reimbursement And Procurement
First, make sure your employee understands the policy for reimbursement. Most companies will allow for an expense reimbursement, as long as the employee submits their receipts. However, if CRA audits your company’s accounting records, you’ll have a hard time explaining to them what their expenses are. Then, communicate it clearly with your employees. Using an expense management tool, such as Procurify, can make the process easier and more efficient.
A comprehensive expenses management solution should include a compliant expense reimbursement policy. This will ensure that your company is complying with DOL and IRS regulations. Moreover, a compliant reimbursement policy will enable employees to submit their expense reports on the go. A good solution will also have technology to capture receipt data in real-time, which helps you reduce expenses and boost productivity. There are other benefits to adopting a robust expense management solution, such as letting employees submit their expense reports on the go.
…November 26, 2021November 26, 2021