The how and why of a great expense policy — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

The how and why of a great expense policy

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in Centerpiece,Office Management,Payroll Management

by Omar Qari

expense reimbursementMost office managers have probably faced questions from employees about which type of restaurant is appropriate for a client lunch, or whether they’re able to take a convenient, but more expensive, flight home from a business trip. What is the best balance between being a responsible employee and being too extravagant (or stingy)?

While understanding proper business etiquette and using good judgment are often the best starting points, a company expense policy can help validate employees’ selections and, more importantly, ensure corporate dollars are being spent on valuable items and initiatives.

Management should keep in mind the following considerations when developing their organization’s expense policy:

1. Understand legal limits

Understanding IRS and state regulations is absolutely paramount when developing an expense policy. Regulations may vary for things like spending limits or rates for certain businesse...(register to read more)

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