Investing in your business growth is not just about becoming physically larger. It’s all about growing and becoming more popular with the wider population. However, as with many other entities that involve money, there are always going to ethical decisions involved. Here, we’ll discuss what these are and if ethical investing is a feasible strategy for your business. [Read more…]
How To Ask for Reimbursement of Travel Expenses
At this point in time, business travel is less common than it used to be. I have a hunch that it will never return to pre-pandemic levels, as employers found it easier and less expensive to accomplish this through Zoom. It’s still important to know the ins and outs. Today we will cover how to ask for reimbursement of travel expenses.
What are travel expenses?
Travel expenses occur when an employee travels for business purposes. A business trip can include conferences, business meetings, client meetings, training, job fairs, etc.
Travel expenses include lodging, food, rental car, tips for servers and bellhops, etc. Most organizations that require employees to travel on a regular basis have policies in place.
If an employee is traveling for an extended period of time or is at a particular location for an extended stay, the business may also include reimbursement to pay for your family to visit.
When entertaining a client or a business partner, there are limits on entertainment expense reimbursement, so make sure you check your company’s guidelines so you don’t breach that threshold.
How do employees pay for travel expenses?
Company credit cards, personal credit/debit cards, cash, or allowances given by the employer.
How to ask for reimbursement of travel expenses
If the corporate policies are unclear about the process, write a letter first. Before you go on a trip or take a client out for lunch, request the payment of the expense, or at least ask for some information about what is covered, what isn’t, and what the limits are. Establishing communication upfront is very important.
Per diem, aka travel allowance or an expense account, is recognized by the IRS. Per their guidelines, your expense report is due to your employer (usually HR) within 60 days. The report should include dates, location(s), and receipts.
If you have any allowances or advancements that haven’t been used or can’t be justified as a business expense, then you must return that to your employer. If you don’t return it, that money can be classified as taxable income.
Conclusion
As I said in the opening, I don’t believe business travel will return to pre-pandemic levels, but it’s important to know what travel expenses are and how to ask for reimbursement of travel expenses.
Review your company’s business travel policy for more information, and if your company doesn’t have one, speak to them about what’s covered, what’s not covered, and any limitations.
Related reading:
Why Financial Literacy Matters
Top Reasons you Need Car Insurance
**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com
Taking your Small Business to the Next Level
During the first few months and years of a small business, it’s not uncommon to see explosive growth. You’ve identified a demand, you’ve catered to it, and now you’re reaping the rewards. Congratulations are in order. [Read more…]
Mosaic Finance Software. The Innovative Platform aligning each of your Department’s Needs
Introduction
In the advantages of today’s digital age, the rapid growth and existence of online software platforms is definitely one of them. There have been industry favourites for years in sales software and in customer relations management. [Read more…]
4 Ways to Boost Your Savings In 2021
Are you worried about your rainy days? Do you feel that despite being the top-rated tender writer in Melbourne, you failed to make your mark? It is time you recollect your enthusiasm because we are about to unleash the best hacks to save money. Yes, people you can explore our well-guarded saving secrets that will help you make a fortune even if you are earning the bare minimum.
Do not forget to go through the content in detail. It will not turn out to be a futile effort.
One of the most common New Year’s resolutions is to get your finances on track. Along with shedding those winter pounds and taking more time with family and friends, aiming to save more money is a great aspiration to start 2021. With the economy continuing to recover from its unprecedented dip, you may feel that increasing your savings is more of a priority than ever before. [Read more…]
6 Investing Tips for Risk Adverse Individuals
In the modern-day economy, investing has become a necessity rather than a choice. The cost of living is going up, interest rates are near zero, and saving does not achieve what it did 30 years ago. [Read more…]
COVID-19 Crisis: Is Our Money Safe in Banks?
The future is uncertain, and this uncertainty can cause you to wonder if your money in the banks is safe or not during an economic downturn.
The coronavirus pandemic has caused so many concerns that we otherwise wouldn’t have. In some cities and countries, the lockdown has caused panic among citizens and made them stock up on food, toilet papers, medicines, and cash. This is what an economic crisis will do to people around the world. [Read more…]
Signs That You May Need a Financial Advisor
Scaling Up – The different levels of forex trading
The forex market is diverse in many different ways, particularly in terms of the types of traders active within the space. [Read more…]
Red Flags When Choosing a Financial Advisor
Finding a qualified, trustworthy financial advisor can be very tough. Not all of them are created equal. What requirements and/or rules they follow are not the same. There are some financial advisor red flags you need to be aware of when shopping. We’ll explore those in today’s post.
How was the first meeting?
What kind of vibes did you get from the person you met with? Did you have a good gut feeling or a bad gut feeling? Was there good rapport? Did the conversation flow naturally? Did they answer your questions?
These are all great questions to reflect on after you met with your first prospect. You have to trust your gut. If the conversation was good and flowed naturally, but you just didn’t get a good vibe from them, shop elsewhere.
If you think they were walking a line of honesty, whether they held back on telling you things or they made contradicting statements, I would either address it directly or walk away. This is your financial future we’re talking about. You have to make the right decision.
How are they governed?
Do they operate using the fiduciary standard or are they only required to do what’s suitable? As a fiduciary, the advisor is legally obligated to do what’s in your best interest.
For example, when making investment recommendations, an advisor that operates using suitability is only required to make recommendations based on what’s optimal for your investment objective, time horizon, and risk tolerance.
With the fiduciary standard, they use that same suitability but take it a step further. If there are two options for investment – one charges 1% and one charges .50%, the advisor will use the lower of the two because that’s in the client’s best interest.
What are they offering?
If you meet with a potential advisor and they say that they’ll beat the market, run the other way. If an advisor recommends annuities or variable products, I’d either stress that you’re not interested or move along. These are insurance products and there could be a conflict of interest.
How are communications?
Are they honest with their pay schedule? When you asked them about what they charge, were they clear with their answer? This is important. A wishy-washy answer is enough grounds for you to walk away.
Do they talk a lot or do they take time to listen to you? Advisors that talk more than they listen are often pitching a narrative that they believe instead of listening and creating a plan customized to your needs/wants.
How are they with following up? Does it take them forever to get back to you? An advisor that doesn’t make you feel important is a red flag.
Are they a “yes person”? Do they always agree with you? A key characteristic of good advisors is the ability to correct you or express their opinion about your financial plan. If there’s something that you would like to do, but they don’t think that it’s a wise move based on the plan you created, they need to tell you that.
Conclusion
Are there financial advisor red flags? Absolutely. We illustrated them here. Keep them in mind when you’re shopping and trust your gut. There are fantastic advisors out there, you just have to do a little work to find one.
Related reading:
Robo-advisers: What I Like and What I Don’t Like
The Pros and Cons of Being a Financial Advisor
**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com