Accurate and timely accounting of relocation expenses has a far-reaching impact on the overall performance and success of a corporate relocation program, to both the company and the individual transferee.
The company benefits in several ways when a “best in class” expense management process exists, including:
- Efficient use of staff
- Sophisticated processes that track corporate “spend” from initiation to payroll reporting to the “true-up” of expenses (as a result of the tax gross up methodology used)
- Consistent policy interpretation
- Objective and accurate expense reimbursement audits
- Reduction of exceptions requested
- Consistent tracking of exception approvals
- Convenient, accurate, single-source management reports
- Efficient reimbursement via payroll or check processing
- Reduced risk of penalties from IRS tax audits
- Accurate gross-ups, payroll reporting and year-end tax true-up
The employee benefits from:
- Timely reimbursement of expense reports, normally within four days
- Information typically available online with easy access to policy, FAQs and electronic expense reporting
- Convenience and speed in answering questions
- Year-end summary report including all expenses paid to or on their behalf
- Year-end reconciliation of relocation expenses, including an itemization of what is and what is not taxable and the tax gross up where applicable
To learn more about managing corporate relocation expenses, please visit our resource library.
Powered by Compendium Blogware
Comments for A “Best in Class” Expense Management Process