• expense management vendors

    10 things to consider before shortlisting expense management vendors

    If you are searching for an expense management solution, the chances are high that you are creating a list of vendors to evaluate. You probably went through multiple solutions and attended product demos for a number of them. But were you able to quantitatively and qualitatively gauge the software of your choice? In this article, we outline 10 points to keep in mind while you are creating your list.  Company size Your choice of expense management software will vary depending on the specific needs of your company. One of the requirements is whether the software can accommodate the needs of all your employees. The company size parameter becomes quite essential…

  • expense-management-software-taxes

    How does expense management software help with taxes?

    Business taxes are often considered the tricky part for a finance team. You can have questions about various laws and rules, which can lead to confusion. Is this payment taxable? Can we claim a deduction? During the tax season, you can hear such questions, if you happen to pass by your friendly accountant’s desk.  To add to this list, we have employee reimbursements, often overlooked in most companies. Improper management of T&E expenses can lead to poor employee experience and a loss of money for your company.  In this article, we discuss the tax rules and regulations around employee expense reimbursements. We also explore the importance of expense management software…

  • roi-expense-management-software

    What is the ROI of expense management software?

    Chances are you asked your CFO for a budget to buy an expense management software for reimbursements. You might also be the CFO trying to understand the ROI of using an expense management software. Irrespective of who you are, it is necessary that you are aware of the costs and potential returns of such an investment.  The returns of investment in an expense management software can be categorized into two: the tangible ones and the intangible ones. The tangible results include the monetary benefits like savings on fraudulent expenses, savings from higher compliance with expense policies, and like. The intangible results include benefits like higher employee satisfaction levels, higher retention…

  • cost-free-expense-management-software

    How much does your free expense management software cost you?

    We are an expense management software company, and we are always looking for what people are searching for in the market. To our surprise, in this age of automation, people are still searching for expense report templates, expense report forms, and other manual methods of managing expenses. Some enterprising accounting professionals are searching for things like “free expense management software.” From our understanding, these professionals do realize the benefits of using expense management software. They are either low on budget for a dedicated system or are not sure about the returns of such an investment.  In this article, we try to find out the real cost of using free expense…

  • 2019-mileage-rate-IRS

    2019 Volunteer mileage rates and IRS reimbursement guidelines

    Americans love giving back. In 2017, 77.34 million American adults volunteered through an organization and gave a collective 6.9 billion hours of their time. Their volunteering hours generated $167 billion in economic value, but none of them got a paycheck. If you are a charity that relies on volunteers, then you can either reimburse them for their expenses or allow them to deduct costs from their income taxes. To help you, here’s our guide to reimbursing volunteer mileage and expenses. Some questions we cover are  – how does the volunteer mileage rate work, and what do you and your volunteers need to do for reimbursement or deductions? Let’s dive in!…

  • tax-rules-per-diem

    What are the tax rules for per diems?

    There are so many details that go into running a business. The last thing any business owner or professional would want is for the IRS to examine their filed returns. An examination is an audit. Even though less than 1% of tax returns get audited, you want to make sure your business falls within that other 99%.   Filing business taxes are typically more complicated than individual returns. That’s because there are so many variables involved in the return process. If you have employees who travel for business, you might be considering per diem allowances.  If so, do you know the tax rules for per diems? If you want to understand…

  • irs-mileage-reimbursement-guidelines-fyle

    Your comprehensive guide to 2019 IRS mileage reimbursement

    We depend on our vehicles to take us from Point A to Point B, but we don’t want to break the bank in the process.  Still, most of us end up shelling out much more than we’d planned to keep our cars running in top condition. In fact, figuring in gas, insurance, repairs, and insurance, the average cost to own and maintain a car in 2019 is nearly $10,000 a year! Would it be ideal if you could recoup some of those expenses come tax time? You might be able to do just that. Specific IRS mileage guidelines dictate whether or not you qualify for a vehicle-related tax deduction and,…

  • 2019-irs-per-diem-guidelines

    Your guide to understanding 2019 IRS Per Diem guidelines

    If you or your employees travel for business, you may be eligible for per diem reimbursement to cover some of the costs associated with your important dealings. The term “per diem” is Latin for “per day” and means that you can receive reimbursement for some basic travel-related expenses and request them on a daily basis. As a company or business owner, what is the IRS per diem requirements and guidelines? This information is extremely crucial to know, so read on to learn more so that you can be prepared for your next tax return. Per Diem Basics Per diem covers a few basic things, including meals and incidentals. This means…

  • budget for expense automation

    Expense management automation – How to win your CFO’s approval?

    Employee expense management is one of the most overlooked finance operations tasks. Such negligence leads to poor employee experience and leakages in cash flow. Expense software can help reduce bottlenecks in such cases.  Though we have seen widespread adoption of expense management software in recent years, there are still companies relying solely on manual methods. Also, there are finance managers and accountants who have never procured software and are unsure of how to go about it.  In this article, we outline how to create a case for investing in expense management software. This guide helps you answer the tough questions to your CFO or Finance controller when it comes to…

  • failing-expense-management-tool

    5 signs your automated expense management software isn’t working

    If you are an employee and productivity-centric business, then you probably already have automated expense management. While at it, you might have invested truckloads of hope and money, awaiting positive ROIs. But what happens when your software of choice fails you? With annual subscriptions ending soon, this may be the right time for you to calculate the ROI on your current expense management software. Evaluate whether the software has delivered all that was promised. In this article, we discuss the five signs of an expense management software which might be counterproductive.  Turnaround time for reimbursements is too high  Ideally, your automated expense management software should reduce the turnaround time for…