The HOWs of Business and Finance

Archive for July, 2009

There are companies who immediately pay for the expenses an employee will incur during the business travel by charging the travel reservations on the companies bank or credit card account. They may also give allowances for other expenses such as cab fares, hotel incidental charges, and meals. Yet, there are some circumstances that the employee gets to use his own money or credit card for the expenses during the trip and the company will reimburse them afterwards.

Thus, when going on a business trip, it is essential to know first the expenses policy of your company, whether they will pay for it or reimburse the travel expense. For reimbursements, you should know what are the expenses being covered for reimbursements. Usually, reimbursement included airfare, meals, hotel reservations, car rentals and taxes.

It is also essential that you keep all receipts during your business trip if you are not certain which of them your company will reimburse. You can always throw the receipts away if you find out that they are no longer needed or they have no further use. You should also try to keep a journal of your expenses together with the reason for such cost, so that when you are questioned about it, you will be able to justify your expenses to your employer.