Your mileage reimbursement program can go a long way toward saving your business money, time and help keep you in compliance. But, it's tough to build and maintain a mileage reimbursement program that satisfies both businesses and employees. We've put together a free guide offering mileage reimbursement best practices for business.
This practical guide helps you:
It also covers why automation and standardized reporting are the foundational pieces of an effective mileage reimbursement program.
Nearly three-quarters of the total U.S. workforce will be mobile by 2020, according to an IDC study. That means that more and more businesses need to figure out ways to properly reimburse employees for the use of their personal vehicles.
But roughly 50 percent of businesses with mobile workers don't even have a mileage reimbursement program, according to MileIQ research. Even if there is a plan in place, relying on manual tracking means businesses are still missing out.
This can lead to a major drag on your bottom line. Research suggests that up to 34.5 percent of employees admit to inflating their mileage for reimbursements, contributing to the estimated $2.8 billion in the annual cost of expense fraud for U.S. businesses. Additionally, employees waste time logging miles - employees reportedly spent four hours per week logging and reporting expenses, including mileage.
An effective mileage reimbursement program for businesses can solve these issues and let you and your employees get back to growing your business.
MileIQ for Teams is a simple and powerful mileage tracking tool that employees love and businesses trust. It uses automatic mileage tracking and standardized, digital reporting to help you build effective mileage reimbursement programs.
MileIQ for Teams is elegantly designed and easy to use, so your employees will actually use it. At the same time, it's capable of saving you money and helps you promote accountability. It has helped businesses like The Edge Fitness Clubs grow it's business in a sustainable way. In fact, it now requires MileIQ reports before paying any mileage reimbursements.