Mileage Reimbursement Form
If you run a business it’s a good idea to track the miles that your employees use for work related tasks. This allows you to reimburse your workers for any gas money they’ve spent as well as collect a refund during tax season. The mileage reimbursement form is one of the most valuable forms a small business can have.
Using Framestr you can use a fully customizable mileage reimbursement form template to track everything you want tracked. You can even place your 2017 mileage reimbursement form online, allowing employers to easily track their miles digitally. You’ll be able to compile this data in one centralized location, making it easier than ever to keep track of logged miles.
Knowing what to put on your customizable employee mileage reimbursement form can be confusing at first. In order to help you make the perfect mileage log reimbursement form, here are a few things to make sure to include on your form.
Destination & Reason Traveling There
Starting and Ending Miles
Amount of Total Owed
Area for Managerial Approval
You may want to add more fields to your template, but these will cover the bases if you’re looking for a simple and effective sample mileage reimbursement form. Once you have your fields all made out, it’s time to create the form using Framestr’s free mileage report template. If you’re looking for similar Framestr templates, then you can use both the travel expense report and the expense reimbursement report template to track other expenses your employees make.
Methods to Reimburse Employees for Mileage
The modern day business constantly has people on the go. They’re driving from factory to factory, hauling equipping or moving goods, and making visits with clients. Understanding the most effective way to pay them for their miles is a perplexing topic.
If you’re trying to figure out the best way to reimburse your employees for their mileage, you have a couple options that you can test out to see what works best for your organization.
The Basic Reimbursement Program: If your employees are driving their own personal vehicles, then using the basic reimbursement program is going to be the one best suited for your organization. This doesn’t require your organization to have to take out special insurance or big loans to pay for cars, allowing for more capital spent on other things.
There are a few payment methods you can choose for the basic reimbursement program. The first one is the cents-per-mile program. This program can be a flat fee or fluctuate depending on the market price. When you pay a flat fee, known as the Flat Car Allowance, you’re likely to lose hundreds, if not thousands, of dollars each year for overpaying for gas. Your employees may not mind, but you might.
The Fleet Program: The fleet program is for those companies who have their own vehicles. This program is capital intensive, but helps to bolster your brand awareness and keep a professional image. You’ll have total control over the vehicles used, branding, as well as 24/7 access to tracking information for everywhere you vehicle travels.
The fleet program can often be paid using a company credit card to cover gas expenses, but you risk the employee using this card on their personal vehicles, resulting in money lost every year.
Tips for Effective Mileage Reimbursement
Tip #1: Reimburse miles in a timely fashion.
If you’re using the basic reimbursement program like many small businesses do, then it’s important to quickly reimburse your employees. Making this a priority will keep your workers happy and make their life easier. Your workers are spending their own money for gas and may be struggling financially, so delaying mileage reimbursement can cause further financial hardship. Aim to reimburse your employees on a daily basis, or at least every few days.
Tip #2: Keep track of all reimbursements.
Come tax time your reimbursement information is vital for a big tax deduction. The IRS has a standard mileage rate (although horrendously low), can make a large impact in your taxes. Having your reimbursement forms in a centralized location will make your life easier during tax time, as you’re likely have hundreds of mileage reimbursement forms.
Tip #3: Utilize an online form template.
An online form template will help you to keep all of your information organized and in one location. The database will secure your confidential information and allow you to easily analyze and store mileage reimbursement forms. Crafting an online reimbursement form template will save you hours of your time.
When you use the free Framestr mileage reimbursement form template you’ll be able to easily make the mileage reimbursement for that’s perfect for you. Your employees will be able to keep detailed accounts of their miles and you’ll be able to use both pdf versions of your form and online versions.