Want to improve your employee kilometer tracking and reimbursement process? Tracking receipts and chasing down employees can cost valuable resource. Doing away with old reporting methods and leveraging technology can help everyone in the T&E process – elevating profit potential and time saved.
Out With the Old: Kilometers Calculators
When it comes to your typical travel expenses and reimbursements, many modern businesses and corporations still rely on manual kilometer reporting processes. Employees utilize a simple kilometer calculator to track and report distance for reimbursements. This process leads to mileage inflation, errors and general expense reporting fraud.
According to a survey commissioned by PwC, 47% of Australian organisations experienced in excess of 10 fraudulent incidents in the past 14 months! Another recent study found that over 40% of employees to admit to regularly exaggerating their travel expense claims.
In With The New: Kilometer Verification and Tracking
Employee kilometer trackers can help companies regain control over cost, reimburse employees faster, and reduce fraud. Kilometer trackers utilize GPS tracking technology and cloud-based reporting to provide updates on where your employees have been via their mobile phones. With automatic kilometer verification automatically, employees are forced to submit accurate expense reports, which can reduce errors by 43% and eliminate overspend. Organizations using expense management software like webexpenses save an average of 180 minutes per claim and save over $50 per claim by ensuring company policy compliance.
Plus, the simplified reimbursement processes lead to greater employee satisfaction with higher retention rates, with on-time payments and ease-of-use for both claimant and approver.
A Tool for Maintaining ATO Compliance for Kilometer Reimbursement
Digital applications are often customisable based on the size and nature of the organisation. These digital solutions are a great way to maintain both company and federal compliance. A quality kilometer tracker allows compliance configuration depending on your needs, such as setting employee restrictions or establishing ATO requirements, including:
- The set rate of 68 cents per kilometre (2018/2019)
- A maximum claim of 5,000 business kilometres per car
- Restrictions of separate claims for depreciation of the car’s value
- How business travel kilometers were calculated
If you are looking for a way to improve your company’s travel and expense management, a mileage tracker might just be the way! Expense software solutions with built-in mileage verification and trackers take the guesswork out of your employee travel expenditure. They provide real-time records of routes with a cost-effective method that provides exceptional accuracy – and with increased employee satisfaction!