Travel & Entertainment

At a recent chapter meeting, an attendee posed this question concerning best practices surrounding coding of various types of food expense.   In our chart of T&E accounts, we have: Catering Business Meals Meeting Expense Entertainment We’re not sure how others classify food and beverage purchases, but we are struggling to be consistent.  We have...… Read More

Accounting rules state that employee expenses should be reported during the period in which they are incurred. The IRS says expenses should occur within a “reasonable” period of time, which it defines as within 60 days of when the expense was incurred. This sounds straightforward enough, but challenges can arise concerning reports and receipts timing when employees use corporate p-cards to pay for their purchases.

credit-card-gold-platinum-smallTo get some advice for Acc… Read More

The IRS has decreased the optional standard mileage rate for 2017 by half a cent. See IRS Notice 2016-169 Beginning Jan 1, 2017, the standard mileage rates for the business use of a car (including vans, pickups or panel trucks) will be: 53.5 cents per mile for business miles driven (see section 4 of Rev. Proc....… Read More

The Accounts Payable team can serve as a solid line of defense against a common source of leaked dollars—Travel & Entertainment (T&E) fraud. By checking employee expense reports carefully and identifying patterns of behavior, AP can be particularly helpful at stamping out fraud in an area coined “bleisure” travel, suggests Patrick Taylor, CEO of Oversight...… Read More

Per Diem Rates to Increase October 1, 2016 The U.S. General Services Administration announced that the per diem lodging rates for fiscal 2017, which go into effect October 1, 2016, will increase; the new rates are effective through September 30, 2017. The standard lodging reimbursement for CONUS (continental United States) destinations will increase to $91...… Read More

T&E fraud is the most frequent type of employee fraud. The so-called “fraud triangle,” developed over 50 years ago by Donald Cressey, helps explain why. The three sides of the fraud triangle are opportunity, rationalization, and motivation. Comparing T&E fraud to the sides of the triangle, we can see how T&E fraud is easy to...… Read More

“In most organizations, T&E is the second-largest ‘controllable’ or ‘discretionary’ expense after payroll,” says Pam Miller, IOMA’s education director. “As such, T&E presents a unique opportunity for accounts payable to bring improvements to the bottom line.” AP has always been focused on travel and entertainment expenses in terms of managing the process, ensuring and maintaining...… Read More

Generally, expense reimbursements for travel are taxable wages to employees unless they submit detailed backup documentation to their employers. However, if you reimburse employees using travel per diems that stay within government-approved rates, the amounts are tax-free—and there is no detailed recordkeeping. Employees just have to show where, when, and for what purpose they traveled....… Read More

During tough economic times, it’s more important than ever to control costs. Plus, employee fraud—check tampering, phony payments, and expense report trickery—tends to increase. Employee travel and entertainment (T&E) has traditionally been the second largest controllable expense category after payroll—so it’s no surprise that most organizations focus on ways to control their T&E costs and...… Read More

Virtual workers can throw a huge monkey wrench into your efforts to administer employee reimburse­ments for travel and entertainment (T&E) expenses. That’s because reimbursing mobile workers is becoming complex. Plus, many of their expenses are off the radar, making it difficult to capture for reporting purposes. Here’s where T&E automation can be a big help....… Read More

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