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Do’s and Don’ts of Employee Reimbursement

By: Toffer Grant

 

do-s-and-don-ts-of-employee-reimbursement
Expense reimbursement is a necessary part of business for many employees and finance managers. To make this aspect of business a little more pain-free, we’ve compiled a list of do’s and don’ts for employee reimbursement. Follow these simple guidelines to make this process easier for everyone!

 
DO: Make sure employees are aware of and have access to expense policy guidelines.
 
DO: Save your receipts—and collect itemized receipts whenever possible.
 
DO: Complete your expense report shortly after your purchase. Delays not only increase the wait time for your reimbursement, but the likelihood that you will forget what the expense was for.
 
 
DON’T: Wait until after the employee spends money on an unapproved expense to initiate expense policy guidelines.
 
DON’T: Lose paper receipts. Go digital! Ask for a digital copy, or scan one in using your camera’s phone.
 
DON’T: Submit unapproved expenses for reimbursement (lavish meals, alcohol, dinners with a spouse or friend).
 
For bookkeepers:
 
DON’T: Delay processing your employee’s expense reports and cutting them a check for reimbursement. Requiring employees to spend their own money for the business is a burden, and they should be reimbursed in a timely manner.
 
For more on expense reimbursement, check out this great infographic. Or, download our Employee Expense Management Guide.
 
This article was originally published by PexCard
Published: June 30, 2015
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Toffer Grant

Realizing that banks and card issuers were not serving the development of prepaid debit card services for small and mid-sized companies, Toffer Grant founded PEX Card to help SMBs maximize the efficiency of their financial operations. His career in the prepaid card industry began in 2000 at Clarity Payment Solutions, a leading venture-backed platform company servicing the budding prepaid industry. Toffer focused on customized check to card payment conversions for large brand corporate clients and grew a high value reseller network for the company. Over six years, he initiated 65 prepaid card programs in consumer, corporate and emerging verticals of the prepaid card industry.  Toffer saw the company grow from a tech startup to life in a large public company after acquisition by TSYS in 2004. Follow Toffer on LinkedIn and PexCard on Twitter, Facebook, and LinkedIn.

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