Reimbursement Request Form

A reimbursement request form is used by an employee to report the expenses which he/she has paid on behalf of the company and is now willing to get reimbursed. The amount of reimbursement is strictly given as per the policy of the organization and the agreement when a specific employee is hired. Normally, there is a set policy available at all organizations where employees can make payments on behalf of the organization. A reimbursement request form provides you with a single page which you can easily fill in and provide all the necessary information along with the bills. You don’t need to follow more steps in order to get a reimbursement facility. Most companies and departments find this method to be very efficient and easy since it makes processing information easier for them when presented.

Importance of Reimbursement Request Form

Basically, a reimbursement request form is filled in and sent by an employee to get reimbursement for your company’s expenditure that he/she paid for. Only those employees can get a reimbursement facility who follow the terms as described by the policy. To do so, there are certain steps which must be taken by the employee in order to get back funds. These steps are such as, filling in a form, providing original bills or receipts and, any other evidence which is required to submit. A reimbursement request form can be filled in online or on paper and then later presented to the person who deals with such stuff in your company. These expenses usually arise when you go for any business-related activity such as dinner with a customer, traveling or buying office supplies.

Key Points to Remember

The following are the things you should take care of before sending a reimbursement request form, because if you don’t keep these things in your mind, you may not receive the whole payment or nothing at all.

Know what will be considered as an expense: before sending this form, you should clearly know what the expenses are that most employees ask for reimbursement. A few of the most common ones are if you contributed to paying for the advertisement for the company, bought any office supplies such as pen, paper, printer, spent any cost on repairing any machinery or utilities of the company, paid for taxes, went for a business trip and spent on meals or rent a vehicle.

Save your receipts: make sure you have all the receipts of the expenses you paid for. So you can send them as proof of your reimbursement request form. This increases your chances of getting paid the whole amount. Sometimes it’s not possible to keep receipts of everything. Therefore, most banks, when paid by credit or debit card, have a record available online. To make sure you have attached all the evidence, try to get a link to that proof too.

Types of expenses: in a reimbursement request form, you should properly categorize your expenses. It is important to do this step. Write details such as date, method of payment and the purpose of the expense. You should also add the total amount and then submit it to the appropriate department.

Receive the amount: most companies have a 30-day reimbursement policy and you have to submit your form within those days. So, as soon as you submit the form, the earlier you will receive the reimbursement amount. Sometimes you will also have to submit some additional documents according to the policy of the company. And hopefully, once you complete all these steps, you will either receive your money in cash or a check will be handed to you.

Benefits of Reimbursement Request Form

There are certain benefits of utilizing a reimbursement request form, no matter whether you are an individual or employee of an organization. This form is used to collect vital information regarding an employee and his/her claim for getting reimbursed for those expenses which he/she did for the organization. Apart from this, there are many benefits which are given as below:

• A reimbursement request form is the source for an employee to claim the amount which he/she spent on behalf of his/her organization.

• It unfold the sense of loyalty among employees that organization is taking care of their employees and if any employee has made expenses, he/she will get it back.

• It serves as a verification tool for an organization and can be used to verify various important segments like bills, receipts and tickets.

• Being satisfied, employees tend to perform well. Because when an employee knows his/her organization will pay for the expenses which he/she paid for them.

• This form helps management with deciding whether to allow employees to pay expenses on their behalf or not. They can impose different checks on them through this form and reimbursement can only be possible if an employee follows these rules.

• The ultimate benefit of using this form is to make sure actual expenses are paid. Any attempt to fraud through this form can easily be recognized and properly addressed.

• A reimbursement request form also plays a vital role during internal and external audits.