This saves a lot of time for your employees, their managers, and your finance team. There’s no need to keep and submit receipts for every expense, and they don’t need to go through a clunky approval process. ![]() One of the benefits of using per diem payments is that it’s often simpler to manage than a traditional expense tracking policy. Take a look at the IRS standard mileage rates for more guidance. If your employees are driving on business and you want to reimburse them, you’ll need to handle mileage reimbursement rates separately. One thing that per diem payments can’t cover is mileage. For example, they might want to upgrade to a more comfortable suite or save money on meals by opting for more affordable lunch options. They don’t need to cover costs out of pocket, and they can choose how they use the payment. Using per diem makes it easier for employees traveling on business. They may also use it for gratuities or tips for their servers. Your employees can also use their per diem allowance to cover laundry or dry cleaning services for those all-important business meetings. This daily rate covers lodging, meals, and incidental expenses (also known as M&IE). In the business world, a per diem payment is a daily allowance for travel expenses. Per diem is a Latin phrase that means “per day” or “for the day.” While per diem looks like a complicated concept, it’s relatively simple. Keep reading to learn everything you need to know about per diem. This simplified way of covering travel costs can help you cut down on admin time and make business expenses easier to manage. If you’re looking for a better way to manage employee travel expenses, per diem may be the way to go. ![]() It also creates the need to track, manage, and pay business travel expenses. ![]() There are hotels to book, flights to arrange, and schedules to make. While business travel often brings new opportunities and can help you close deals, it comes with its own set of problems - even if you use a corporate travel tool.
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