Components of a travel expense management report
There are different types of travel expenses, which means that the details of each travel expense report also differ. In any case, general information such as the name of the employee, date, duration, destination and purpose of the business trip should not be missing from a travel expense report. Travel expenses incurred by driving the employee’s own car are reimbursed with mileage allowances (for car or motorcycle trips) or with the actual amount. For concrete expenses with receipts (e.g. in the case of train travel), the reimbursement of travel expenses takes place via a reimbursement request. With regard to additional expenses for meals and accommodation, travelers are entitled to specific (half) daily rates – depending on the destination and duration of the trip. This entitlement is reduced accordingly if certain services (meals, overnight stays) were paid for or provided by the employer. Incidental travel expenses such as parking fees or entrance fees are often reimbursed in full by the employer.
If the employer sets expense guidelines, e.g. a certain ticket class for train travel or a certain upper limit for accommodation costs, employees should adhere to these in order to be reimbursed for all travel expenses later.
Advantages of a travel expense report software
Analog travel expense reports are typically tedious, time-consuming and error-prone; the verification and reporting of all expenses is very time-consuming. Especially for larger trips, this can lead to long processing times and frustration for employees. With software like finway, travel expense reports can be easily digitized. The online travel expense report has various advantages for employees, approvers and the accounting department:
- Fewer manual errors, as for example, per diems are calculated automatically
- Easy upload of receipts and invoices via app
- Transparent documentation centrally in one place
- Efficient integration of all employees through automated workflows
- Faster processing and reimbursement of travel expenses
- More time for other tasks
- Export option to DATEV Unternehmen online and practical CSV overviews for further processing in payroll programs
No more tedious paperwork and Excel-based travel expense reports! finway makes travel expense reporting a simple, fast and effortless process.