HRMantra
- Become our partner
Channel Partner Plans
- Company
Reimbursement Meaning & Expense Reimbursement Process
Reimbursement Meaning & Expense Reimbursement Process
2-3 minutes
Reimbursement has two meanings:
- The action of repaying someone for his/her money lost or spent
- A sum of money paid to cover expenses already made
In brief, reimbursement is termed the act of rendering compensation to someone for an out-of-pocket expense by providing an amount of money equivalent to what was spent or lost by them.
What is the Expense Reimbursement Process?
The process of expense reimbursement is a combined step of procedures through which employers pay back the money spent by employees for business purposes. It may be defined as a business approach to managing the cost of processing, paying, and auditing business overheads, and governing business spending.
Difference between Reimbursement and Compensation:
Unlike reimbursement, where the working professionals are paid back for making business-related expenses from their own pockets, compensation is a monetary way of making up for any overtime, discomfort, or inconvenience caused to fulfill company needs.
Which of the Following Are Categories of Employee Reimbursements?
There are 3 basic types of Employee Expense Reimbursement:
- Travel & mileage reimbursement
- Business expense reimbursement
- Healthcare reimbursement
Do Expense Reimbursements Count as Income?
No, expense reimbursements do not count toward the employee''s income. The reimbursement amount being paid to the employees does not form any part of their annual CTC. Every time the reimbursement payment is made out to an employee through check or direct deposit, it doesn''t count as a paycheck or payroll deposit.
Back to HR GlossaryPopular Terms
#
4DX - Meaning and Significance - HRMantra HR Software
#
What Is the Meaning Of 9 Box Model & Its Importance
A
What Is the Meaning Of Absenteeism policy & Its Importance
A
What is the Meaning of Accrued Leave & Its Importance
A
Ad Hoc - What Is The Meaning Of Ad Hoc And Its Importance | HRMantra Hr Software
A
Defamation - Meaning of Defamation and its Importance | HRMantra Hr Software
HRMantra gives you 10 times ROI as it costs just 3-minute average salary of all your employees and saves 30 min per emp per day
Book a demo
Know More About HRMantra Features
© 1996 - 2024 HRMantra Software Pvt. Ltd.
