Money, as they say, makes the world go round. It is one of the things people should never forget to bring if they are planning to go outside with friends or with themselves. People put their money in their wallets to save them from hunger, thirst, starvation and the like. In a way, we could say that money is a necessity to us all. But, when employees and managers go on a business trip, personal money won’t really be a concern. Why? Whatever things that are necessary to buy during the business trip, they don’t have to spend anything from their own pocket. This is because of a company’s Employee Reimbursement Policy. You may also like company policy.
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This article will help you understand what is a Reimbursement Policy and what are the necessary elements it should generally compose of. We will also describe what are those elements in detail to let you understand better. Different templates for Employee Reimbursement Policies will also be shown. This would be beneficial to the readers who are reading this article and want to make their very own policy for their business. We will also explain why business travels are still important today.
What is the Relationship Between Business Travels and Employee Reimbursement?
To understand the policy, we first have to understand where it is most common in the operations of a company and that is on a company’s business travels. A business travel is basically a trip of an employee or manager with the purpose of business or works in a particular place in the world. Listed below are a few reasons why business travel is important:
It is through personal interaction mostly disputes could be solved and misunderstanding would be minimal. When an employee travels, he/she has a specific task to do and this is one of it. With everything so digitalized right now, sending emails are still not enough to get things done. You may also like HR policy templates.
2. Making New Partnerships for the Business
This is another benefit of personal interaction. Outlining your corporation’s vision and mission to a potential client in person can help in further smoothening the negotiation. This is because the client can ask directly if he has any clarifications. Body language is also important because it tells how the client would react on how the business traveler talks and tries to sell his/her offer. You may also like policy receipt for employees.
When traveling for the company, is not always taking pictures along the streets but about getting the job done. In order to get the job done, little things should be made first like preparing your offer, practicing your discussions and making some necessary initiatives if something goes blatantly wrong. You may also see employee suggestion policy.
Now here, we will discuss what is the relationship between business travel to reimbursement. Reimbursement simply means that you’re refunded or repaid for the expenses you have made. So, if we connect it to business travelers, we get refunded by our company when we buy things necessary for us during the travel. An employee’s expense during the trip is protected by a company’s Employee Reimbursement Policy. The next few paragraphs will explain more what it is and what are its parts. You may also see employee attendance policy templates.
Since we already know what is reimbursement in the business travel setting, let us try now to take a look and understand the Employee Reimbursement Policy itself. Below, we have stated the various parts of the said policy. Do note that different companies have different ways of approaching this kind of policy but generally, they have the same purpose and parts. Those parts are explained below:
1. General Purpose
This section usually starts with the company’s introduction. Followed by it is the statement of the purpose of the said policy to the company and why it is important that this policy should be followed and fully understood.
In this section of the policy, it will state who are the people who should adhere to the policy and why. With that, it is important that whoever is drafting such a policy, should mention specifically the persons and their job title who are supposed to follow what is in the policy in order to avoid a misunderstanding and confusion. You may also like travel policy templates.
From the word itself, the policy will state terms that will be used in the policy with its corresponding definitions. This is helpful especially if the terms used are synonyms for a word that is simpler to understand. You may also see attendance policy templates.
4. The Necessity to the Company
This is where the company would state when reimbursing an employee or manager with the expenses he/she has incurred during his/her trip is necessary. This part will also provide which are reimbursable and which are not in order to avoid corruption within the employees. If it is necessary, it will state the importance of showing the receipt to the company where an employee bought something that is for the benefit of the company. You may also like employee conduct policy templates.
5. Travel Expenses
This section will introduce the things that are allowed to be reimbursed when traveling for a business trip. Little things from meals, taxi rides, air or train fare, base fare, and accommodations. Sometimes in other companies, it is also divided into different subsections so that each kind of travel expense can be explained thoroughly by its different procedures.
This will provide the readers’ information on what are the necessary procedures to make sure one is reimbursed. I mean, who would want to spend their own money on a business trip? The company’s responsibility is to make sure the procedure is clear and concise to avoid future conflicts that may arise if one did not get some procedures done or misunderstood them. You may also see editable company policy templates.
Policies will never have a purpose if one fails to recognize the importance of it. That is why it is important for different companies who draft their policies to be strict and reprimand those who defy those policies professionally. In this type of policy, it involves money, both personal and of the company. It is then necessary that both know their roles and what is necessary to do if any misunderstandings would arise. Having reorientations of the said policy could also help the employees in the company. Depending on the way a company would explain their reimbursement policy, they should always make it readable and understandable. You may also see employment-at-will policy templates.