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We’ll also share some of the best practices and tools to make managingtravelexpenses less of a hassle. Which travelexpenses are deductible? If your organization’s employees travel for work to a temporary location within the past four years, they may qualify for tax relief.
What expenses are included in T&E? T&E expenses are the costs incurred for business travel, entertainment, and meals. And for SMEs, these expenses can be a tax deduction for your business and can reduce your taxable income to help lower your tax bill.
Concerns over an economic downturn haven’t seemed to dissuade venture capitalists from backing B2B FinTech firms, with this week’s roundup including players in the small business (SMB) banking, corporate travel, expensemanagement, alternative finance and data integration spaces. 2nd Address.
This Indian startup offers small and medium-sized businesses cash flow management solutions through an array of services, like invoice management, expense tracking and other features, reports said last week. TravelExpenseManagement. B2B eCommerce. Lightspeed Venture Partners India and Lightspeed U.S.
As such, they can struggle to organize flight bookings, handle payments, manage trip expense records and more. The February Workforce Spend Management Tracker , a collaboration with PEX , tracks how solution providers are seeking to bridge this gap to meet the business travelexpensemanagement needs of SMBs and freelancers.
Mastercard and SAP Concur, an invoice management company, will provide support for the card. Corporates can gain greater insights and control, while ensuring regulatory and tax compliance through this solution,” said Parag Rao, country head for payments business and marketing of HDFC Bank.
There are also additional features that the company has added to support compliance of corporate travel policy, regional tax support and different payment options. That led to the integration of Travelstop’s Book For Others feature. million, reports said.
According to Magow, the MyBusiness solution will also help business users remain compliant under new goods and services tax (GST) rules and streamline the process by which SMBs claim GST credits.
Last year, WeChat announced a partnership with corporate travel and expensemanagement firm Concur, integrating the T&E tool into WeChat to facilitate users’ fapiao tax receipt needs. The fapiao system offers both proof-of-purchase as well as tax data necessary for businesses to comply with tax law.
Expensify, meanwhile, is focused on growth through product development, having recently launched new software to support freelance workers and self-employed professionals in need of more efficient ways of tracking business expanses and filing taxes.
“By eliminating the paperwork trail, InternationalXpense facilitates tax recovery and meets audit requirements, ultimately freeing up finance teams to focus on value-added activities,” said TMF Group in its announcement. Earlier this year, TMF Group launched another solution with similar goals of reducing the burden of paper.
Business travel and expense (T&E) management firm Concur is integrating its latest service with China’s WeChat, the company said in an announcement on Sunday (Nov. Concur is rolling out a solution to address corporates’ electronic fapiao needs, which relate to tax receipts.
The Payment Consolidation Service collects invoices for all hotel bookings and ensures they are presented to the corporate client in a tax-compliant format. There is another point of friction the company said it is looking to address with its new service: Corporates often don’t receive invoices from their hotels.
This is not the first foray into China for Concur, as the firm already has existing partnerships that help firms in the country tackle travel and expensemanagement challenges. The company is integrated with Taxback International, which enables companies globally to reclaim value-added taxes levied on international travel.
Streamlined reconciliation and enhanced visibility into travel payments is also crucial for value-added tax (VAT) and other tax compliance. The adoption of a virtual card program may not necessarily put an end to all points of friction in corporate travel payments and expensemanagement, however.
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