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 un reimbursed 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
Have you ever experienced creating, submitting, modifying, attaching receipts, and claiming your expenses using a mobile device? Doesn't it reduce your efforts to a great extent?
Yes! online expense report software automates and accelerates the process of claiming your business expenses. It is an on-demand expense software that challenges its competitors in the marketplace by providing its users with more advanced features that save time and leave them delighted.
Here are some of its key features:
Anytime and Anywhere Online expense management software enables you to create and send expense reports easily and helps you reclaim your expenses with just a few taps on your smart phone anytime and from anywhere. This software is available on all Android and IOS mobile devices. Know Status of Your Reports Submitted reports will be categorized automatically based on the approval process and get displayed in their respective areas. This helps you know the status of your reports easily. Recall Your Reports. Online expense management software allows you to recall rejected reports and modify, edit, and resend them for approval without creating another expense report. Dazzling User Interface. The software, with its intuitive user interface, ensures that its users have fun while working with expense reports. The application is easy to use and includes many shortcuts including pre-categorized line items with significant icons. This saves you a lot of time and helps you create reports in a streamlined manner. Capture and Attach Receipts. Users can capture receipts and attach these to their reports directly from their mobile devices from any place, making it easy for users to claim their expenses. This system also eliminates fraud and mistakes usually made while calculating expenses. online expense report software also provides accurate tax details relevant to their respective expenses in various countries. This software supports an eco-friendly environment by eliminating the use of paper and replacing it with soft receipts.
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