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All business-related drives can be used to claim mileage deduction. Whether it’s an on-site visit, meeting clients, or providing client demos, tracking your mileage is imperative as it impacts overall employee productivity and also helps in tax savings. The mileage rate is updated annually and forms the foundation for calculating mileage allowance. In situations when…
Tag: Expense Management Benefits
5 Common Mistakes in Expense Management
Traditional expense management practices can not only lead to inefficiencies in the process but also expose the organization to risks of fraud and non-compliance. As business travel increasingly becomes indispensable, it’s imperative that the businesses figure out better ways to manage travel expenses among other employee expenses. The process of managing receipts and submitting expenses…
How Expense Management Can Help CFOs
Travel and expense (T&E) cost is usually a close second after wages and sales-and-marketing outlay when it comes to controllable costs. According to the Association of Certified Fraud Examiners’ 2018 Report to the Nations, expense reimbursement fraud accounts for 21 percent of fraud in small businesses and 11 percent in large businesses. Adoption of technology with…
How to Manage Petty Cash for Business Expenses
Petty cash refers to the small amounts of cash kept on hand in business. With growing digitization, people are swiping their cards for smaller purchases. This has reduced the use of a petty cash system. However, it’s still essential for any business to make sure all small purchases are properly accounted for as business expenses….
Travel and Expense Management Trends in 2019 – 2020
The TEM (Travel & Expense Management) market today is expanding both in scope and reach. According to the Global Business Travel Association, business travel spending grew globally to $305 billion in 2018 from $292 billion in 2017 – and is projected to grow another 3.1% in 2019. Businesses are exploring technologies to manage, control, and…
Why is Expense Management Software a good automation tool for companies in India?
Did you know that the inability to track company expenditures, has become one of the major issues resulting in companies losing a hefty amount of money each year? There is a huge gap between what companies think they spend on business expenses and what they actually spend. This gap is essentially because of inefficient processes….
Benefits of Implementing an Expense Management System
If you are considering opting for an expense management system, but are wondering how to justify the purchase,here are some of the key benefits that the system offers to help organization achieve their business objectives. Improves processing time – Provides more scalability and robustness in handling large amounts of data,reducing manual entry, thereby eliminating the chances…
