One of the biggest adjustments that any company has to make when it comes to sending employees abroad is the big change in currency and finances that come with working in an entirely different country. Even between America and Britain—that ostensibly speak the same language—there’s a whole different system of money and sales taxation at work that mean these differences need to be considered and taken into account when filing out an expense report. It may not be convenient, but it needs to be done to ensure that proper amounts are properly addressed, especially for an employee that paid out amounts in one currency, with taxes, but needs to be reimbursed in another upon return.
Fortunately, if you’re using a modern system, you’re covered.
Taxes Travel Too
Countries like America may only have sales tax to worry about, but countries like Canada have GST, HST and other forms of taxation, while the entire European Union has the V.A.T., and the United Kingdom itself may now be in the process of reconsidering its sales tax system now that’s leaving the EU. With all of these changes from one region to the next, it’s no wonder that an employee, just trying to do his or her job, might let the smaller specific details of these transactions get lost in the flurry of work abroad.
With up-to-date expense report software like ExpensePoint, this shouldn’t be an issue. Travel expenses should mean taking into account regional and national differences, and good software does this. If there’s any kind of reclaimable taxes like GST, V.A.T. or Singapore sales taxes, these amounts can be noted, entered and managed as just another easy component of reviewing and approving expenses.
With this kind of added functionality, it can mean the difference between saving a few minutes between individual expense reports, and saving hours having to take on many of them all at once after a trip has been concluded. “Little things add up,” is a truism both of expense reports themselves, and the time it takes in which to process them. Things like managing a reclaimable sales tax is part of that.