Don’t Forget About Taxes In Your Expenses

Don’t Forget About Taxes In Your Expenses

Don’t Forget About Taxes In Your ExpensesWhen you’re sending your employees off to do work in the your own country, taxes aren’t much of an issue. Even if you look at a country as big as the USA, with variances in state taxes, the differences are minute.

However, once you enter the world stage, this is where things can get complicated fast. Foreign employees coming to Canada—even if they’re American—now have to contend with GST and HST in their purchases. People traveling to Singapore must also pay taxes, but can enjoy a rebate on those taxes, provided they make the appropriate accounting and present the correct documentation at the airport. All over the world, taxes vary a lot, and this can have an unexpected effect on your travel spending as these little extras add up.

Good Software Keeps Up

This is another of those areas where modern automation in expense reports can save time and headaches. ExpensePoint, for example, has been designed with the entire globe in mind. Whether employees are being sent to Canada, Singapore, Australia or the Czech Republic, automated expense report software with the right features can automatically factor in the taxes of a specific country, saving time for financial departments since they don’t have to run these numbers themselves.

For an active company that sends employees all over the world, the savings in time and efficiency really pile up over the course of a business year. Taxes are not something you want to make any errors with, especially as they relate to your company. Having software that takes care of some of these issues automatically provides both peace of mind and a bit more operational efficiency to the company.

It’s just a matter of taking the time to make sure that expense report software you’re looking at meets the demands of the international travel that your company may require.