An Expense Reimbursement Form is submitted by employees to recover back costs incurred while performing work on behalf of their company. Expenses may be assessed for fuel, meals, and other travel expenses such as train or taxi fares, as well as for flights. A printable Reimbursement Form template can be downloaded below.
There are often multiple charges on an Expense Reimbursement Form that takes time to be approved. Employees sometimes accrue expenses rather than submit them as they are incurred, primarily because the filing process is lengthy. For example, travel expenses incurred by sales personnel would be categorized according to the account or customer being visited. Managers can examine the cost of closing a contract and its profitability. If an account manager can close a lucrative contract worth hundreds of times the cost of the associated expenses, then an expensive flight and a long city hotel stay are worth the money invested.
Establishing guidelines for what employees can be paid helps firms manage their costs. To calculate how much coverage to include in the policy, some organizations use the "per-diem" method. A "per diem" is a daily spending limit of a certain amount of money. Some companies offer their employees a credit card that can be used to make purchases on the company's behalf. Other businesses, on the other hand, require employees to pay their own expenditures and file reimbursement expenses electronically.
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