When your staff are working from home, how do you track their work-related expenses and get a clear real-time picture of your finanicals?
Contractors are in the habit of recording business expenses related to the home office for tax reasons. Employees, however, do not claim deductions because the employer pays for these expenses.
Xero have launched two new features to help make expense management easier. These features automate the process of recording work-related costs, such as couriers, work calls, mileage or internet, in order for you to approve and reimburse them.
- Mileage – this feature removes the need to record odometer readings via photo or log book. Xero calculates the travel mileage using trip start and end point.
- Company card and petty cash expense recording – allows employees to categorise expenses when they are submitted, so you know what to reimburse or just reconcile.
If you’re already using Xero Expenses you can activate this feature by going into the Expenses settings and assigning the relevant bank accounts for each employee.