How to Make a Reimbursement Form for All Types of Expenses

An electronic reimbursement form can save you and your employees plenty of nerves, paper and time. Learn how to make one!

Everything is on the move in 2019 - and the chances are that the same can be said about your business. With the explosion of personalized, delivered-to-your-door services and products in all industries, there has been an increased need for the mobility of your employees. Although practical and rewarding, the constant movement can also be a source of significant financial losses if not monitored properly.

Reimbursement forms are one of the ways to keep track of your expenses. This is why you want to make sure they are readily accessible and quickly filled out. An electronic reimbursement form like this can save you and your employees plenty of nerves, paper and time. Take a look at our guide to make sure your reimbursement form has all it needs to make every dollar count.

Click here to see an example of a reimbursement form!

Making something like this doesn't have to take hours - you can create one in our content builder in less than 15 minutes! We'll show you how while we guide you through the ways you can keep track of your employees' expenses.

There are three categories of reimbursements:

1. Travel Expenses Reimbursement

These reimbursements refer to any expenditures made while your employee is traveling, including vehicle, gas, lodging, and meals. The reimbursement form you can see above records these expenses. Start off with the employee's personal information.

You have two options when it comes to hotels and food - you can reimburse per each receipt, or have a fixed daily allowance. The General Services 

Administration sets the fixed allowance standards, and for 2018, the general per diem rates are $93 per night lodging and $51 per day meals. Whatever your choice is, make sure that questions and requests in the reimbursement form are clear, and that you give your worker clear directions on how to fill it out.

This reimbursement form refers to travel expenses - we went with the possibility of long answers so that the employee can add all the details. If there are predetermined amounts and types of expenses, you can adjust your form accordingly.

When it comes to tracking mileage, the Internal Revenue Service (IRS) set the 2018 standard mileage rate at 54.5 cents per business mile.

Include the section that records any unexpected expenses, since they are always a possibility on business trips.

2. Business Expense Reimbursement

This is the most common type of reimbursement, and it refers to any expenditures for business purposes, including office supplies, tools, employees' phone bills, education, training, etc.

All of these expenses are tax-deductible if they are accounted for with receipts and within a reasonable time frame. If you want to make the job simpler for your accounting team, you can set up an amount that will be reimbursed to the employees without the receipt. 

In this reimbursement form, we enabled the employee to send the receipts by clicking on the link in the results. It automatically directs the worker to Dropbox, where they can easily upload the receipts to your business account. 

3. Medical Reimbursement

While our sample reimbursement form deals with daily and travel expenses, some businesses provide their employees with medical expense reimbursement plans. They include:

  • Healthcare Reimbursement Plan (HRP) - reimburses health insurance premiums tax-free
  • Health Savings Accounts (HSA) - enables tax-free medical expense reimbursement directly to a personal employees' bank account
  • Health Reimbursement Arrangement (HRA) - allows tax-free reimbursement of medical expenses, often includes a high-deductible health insurance plan
  • Health Flexible Spending Accounts (FSA) - account often funded by the employees, enables tax-free savings for medical expenses on a yearly basis

You can easily adjust this reimbursement form following the standards of each medical plan. 

With these guidelines and our LeadQuizzes 3 monthly plan, you have access to the exclusive features that enable you to make various types of reimbursement forms and stay on top of your finances at all times.

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