Expense report processing | Traveldoo

In their professional capacity, some employees may need to be reimbursed for expenses (travel, food) by their company. The processing of expense reports is a specific stage in expense accounting. It is only after having completed this stage that a reimbursement can be triggered.

Processing of reimbursement costs

The company’s finance manager is responsible for integrating employee expense reports into the IT systems. Clear rules regarding expense reimbursement must be adhered to. In many cases, reimbursements are made by bank transfer on a monthly basis.

Problems managing these reports on a day-to-day basis arise when you have a multitude of expense claims to reimburse. Manual processing of expense reports can lead to errors by the manager or even the employee. HMRC is very particular in this respect and, if inspected, a company could suffer a tax adjustment.

At Traveldoo, we offer you expense management solutions. Our platform will ensure that:

  • Employees are better able to declare their expenses
  • Managers and the accounts department are better able to verify expenses and reimbursements.

Which costs qualify for reimbursement?

Expense reimbursement includes:

  • Meals during a business trip
  • Hotel accommodation
  • Different methods of transport (car, aeroplane, train)

From an accounting perspective, several requirements must be adhered to:

  • Reimbursement shall only be made if all reimbursable costs appear on the expense report
  • The supporting documentation must indicate different types of cost, such as the VAT rate, the amount excluding VAT and of course the amount including VAT.

Note: the company usually claims the VAT back, but only if it is itemised on the invoice.

  • Every employee must justify each work-related expense if he or she expects to be reimbursed.
  • Each expense report must be organised in date order.

Processing and cost control

Expense report processing and reimbursement management generate a significant cost to companies. It is difficult to combine speed with reliability. Our expense reporting software not only saves you time by reducing administration time, but also allows you to reduce costs through a clear, reliable process. You will have control over the slightest overspend, thus avoiding any tax adjustments.
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