What Really Is Reimbursement?

Are you struggling with the reimbursement policy of your company? Here is an amateur’s guide which will tell you all you need to know about it:

What is Reimbursement?

Reimbursement is an act of compensating someone for an expense. Out-of-pocket expenses are reimbursed when the person incurs those expenses through employment or while carrying out duties for another member/clients. Reimbursement is a widely used term and includes, but is not limited, to the following: Day-Care, Mobile Expenses, Transport, Medical and Study Expense. Often employees travel for work to attend workshops, meetings and conferences and their expenses are covered by the organization. The reimbursement procedure, amounts and guidelines for claiming expenses varies across different organizations. This calls for a unified employee expense management or determining reasonable and appropriate expenses.