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:
The employee benefits from:
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
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