Traveling to new places, meeting new people is fun. But, when you travel for work, you have to make sure that you are keeping track of all the spending. If you haven’t traveled for business before, then you must be wondering why it is necessary. But, if you want to claim travel expenses after a trip, you need to keep that in mind from the beginning. Here is the list of some simple things that will help you while claiming business travel allowances. Read on to know how you can get reimbursement for business travel expenses.
Understand company policies -
Every company has different rules and regulations when it comes to travel allowances. Read all the policies related to it before traveling so that you will know how to claim business travel expenses. Ask your senior if there are specific things to remember and what is included in travel expenses. There are some places where you can claim for parking fees and there are some companies that don’t allow that.
Attach original receipts -
You will need original bills for everything you are planning to claim. Make sure you have food receipts, taxi/train/bus bills, along with hotel bills. If you want to increase the authenticity of your travel claim, then attach only printed bills. Do not accept handwritten bills as some companies do not allow such receipts.
Make copies -
Always scan or print the original receipts. If you lose any document, you will still be able to attach scanned copies. You might have to mention that while submitting the claim, but at least that amount will not be deducted. If you want the claim of travel expense to pass without any problems, then make sure that the scanned copies can be seen clearly.
Use credit/debit cards -
If you use a card for paying the bills, you will have a backup record of all the transactions. You might forget the exact amount if you pay with cash. Or you might not be able to keep track of all the spending. It will be helpful when you are about to submit the travel expenses.
Make the claim -
Many companies have pre-decided formats where you have to fill-up the details only. Whereas some companies ask you to make an excel sheet. If you are not supposed to follow a specific format, then keep some things in mind while making an excel sheet for business travel expense. Make different slots for food, accommodation, transportation, and other miscellaneous things. Mention your itinerary in detail including dates and timings.
You can also claim a tax deduction for your business travel expenses. You will need to understand company policies to claim such deductions. Talk to your seniors so that you wouldn’t miss any minute details.
You may also read - How to Track Expenses on a Trip
