Techniques in Reimbursing your Expenses

Some people think of expense reimbursable as those an employee incurs when purchasing either goods or services for the employer they work for. Others define reimbursable expenses as those the company incurs when performing work for a client such as postage, delivery fees, etc. And others bill out material and labor costs on a cost plus basis and call these charges reimbursable expenses. When an employee travels for the company they expect to be reimbursed for the expenses of their travel, hotel and meals. A company should have in place a clearly defined policy of what will be covered and even more importantly what will not be covered. Some companies institute a per dime policy that sets a maximum cost to be reimbursed for food and other miscellaneous items. The employee will pay out of their own pocket for all expenses exceeding this per day rate. The per dime rate usually excludes travel charges such as plane or train fare, and hotel rooms but might expect the daily rate to cover such items such as taxi fare, tolls, etc. Room service and alcohol beverages are not usually covered unless a client is being treated to dinner as part of customer relations and the expense is acceptable and usual in your company. But in all cases, companies will require receipts for all expenses incurred with appropriate notes as to why and for whom the expense was incurred and expect those expenses to be reasonable to the purpose of the trip. If your company does not collect the necessary information and receipts these expenses will not be allowed to be taken on your tax return.

Employees who travel locally using their own vehicle may be reimbursed for mileage which usually covers not only gasoline, but also cost of insurance, and wear and tear. Tolls and parking are listed as expenses to be reimbursed over and beyond mileage expenses. Mileage rates are usually set using the current Internal Revenue Service rates which are reviewed and adjusted each year. Receipts are required for tolls and parking expenses and mileage logs stating the beginning mileage, the ending mileage and the client's name and location and the purpose of the trip are required in order for the company to expense these items on their tax returns. The employee should submit copies of their logs to the company before being reimbursed for the expenses.

Company Business Travel Expense on Large Percentage

In the entire year of your business operation do you think your company did a business travel? Well business travel is one of the main important to the any kind of business firm engaging more clients to the company. Speaking of travel of course there is always an expense with it a company travel expenses this is where most of the accountants seen that travels have the most expense in the company.

In the most recent company report it shows that the business travel makes the most sales in different kinds of travel agencies which illustrates a need for managers and entrepreneurs to outfit their operations with top level expense management software. According to statistics provided by Results Travel to Travel Weekly, business travel makes up roughly 28 percent of all trips that they book, displaying a widespread reliance on such excursions.

"That fits nicely with the average overall increase our data reflects in business mix that is closer to 50-50 between international and domestic travel - with international travel gaining an additional 6.5 percent since we last conducted our (member) Census," said John Risner, the vice president and general manager of the firm, while speaking to the Travel Agent Central news outlet.

The report noted that 53 percent of business travel was domestic, as opposed to 46 percent for international business trips. Speaking to the news outlet, Risner noted that the results suggest an increase in optimism in the face of the lingering recession.

Taking more Attention with the Sunshine Act

In this year the new law is finally to take effect but understanding the reality of this kind of law is quite confusing especially in managing payments compliance with the law which makes you even more frustrating. Good thing there is Certify in the rescue to help you.

Who are the people that are need to comply with the Sunshine Act Law. In accordance with the new regulation all applicable manufacturers of covered drugs, devices, biological products, and medical supplies must provide an annual report to Centers for Medicare & Medicaid Services (CMS) of all information regarding payments, ownership, investment interests and other transfers of value to physicians and teaching hospitals. You must comply if you are a:

Medical Device Manufacturer

Drug Manufacturer

Biological Product Manufacturer

Medical Supplies Manufacturer

The best solution for your 2013 Sunshine Act is choosing a solution provider that can help you to track down all the spend, all of the required fields, in order to remain in compliance with the new regulation.

When searching for a vendor, look for a provider who can:

1. Implement Quickly Implement with your current finance systems quickly. You will need to have a solution in place to begin tracking expenses beginning August 1, 2013.

2. Provide instant Access to Reports Provide instant access to create the federally required report.

3. Provide access to the NPI database Integrated directly with the NPI (National Provider Identifier). A tight NPI Integration will allow you to search and attach the appropriate physicians to expenses in accordance to the Sunshine Act regulation requirements.

4. Provide mobile access for on-the-go functionality On-the-go access to the NPI database, makes it that much easier for your traveling employees to record and report their spend instantly.

Business Traveling made Easy

In most firms business traveling is one of the most important part of the any business are the business travel meeting with the other people in the business world is essential and a plus factor in your firm and knowing more knowledge about business. If you are planning for a business travel make sure that you must be ready for it. Traveling is fun and exciting but together with the work it is just like you must need to have a full focus and time to take an adjustment with it. Preparing for a business travel is one of the first step that you must need to do and securing an airline ticket for the day of your departure. Since you have so many things that are need to prepare for your travel hassles in getting an airline ticket may occur. Eliminate the delay in your business travel with the Certify online travel booking sites.

Here's how it works: Certify LoginFirst: Log into Certify Login to Certify on your computer, tablet or smartphone and click the Travel tab. The system knows who you are and also knows your travel preferences, travel history, airfare credits, payment method and company or role-based policies.

Certify Travel SearchSecond: Enter Travel Details Select which type of travel booking you are searching for, flight, hotel, rental car or any combination of the three. Enter the dates of travel and preferred vendor and see the approved choices appear on your screen in seconds.

Certify Travel BookingThird: Make a Selection & Book Make selections and your trip is booked, in about a minute flat. Furthermore, when the booking is complete you and your manager receive a pre-trip notification email containing the details of your travel booking. Change your mind? No problem. You've got 24 hours from the time of booking to make a change or cancel the trip in Certify, without any haggling or penalties.

Awesome factor: Once an employee books the trip in Certify, the system automatically creates an expense report. On the road, she can submit receipts for meals and other incidentals in a few seconds using her smartphone. Back in the office, the expense report is automatically created and she can submit the report in the exact format that accounting needs.