Traditional company-owned vehicles, or fleet programs, have been central to employee travel for decades. However, with the recent push to contain company expenses and find new efficiencies, AutoReimbursement.com has noticed a rise in demand in transitioning out of company-owned vehicles … Read More
The Power of Cost Center Reporting in Vehicle Reimbursement
Employee travel and vehicle reimbursement represent a significant expenditure for companies with employees on the road, often ranking as the second largest expense. That said, managing this area can introduce uncertainties in cashflows and expense control. To address this challenge … Read More
How to calculate a FAVR allowance?
As the Federal Reserve interest rate benchmark continues to reach 15-year highs and operating costs continue to increase, many companies have been looking for ways to retain employees while maintaining company costs. A fixed and variable rate (FAVR) program has been popular … Read More
AutoReimbursement.com Recognized as Top 50 Admired Companies to Watch 2023 by CIO Bulletin
“ARC is the only program to provide cost of ownership down to 44,000 zip codes for vehicle depreciation, insurance tax, and registration in the FAVR program.” A Fixed and Variable Rate (FAVR) Reimbursement program, which is IRS approved, lets your … Read More
IRS Mileage Rate 2023 Alternative Solutions
Is the IRS-Standard Mileage Rate Too Expensive? Companies are looking for alternatives with the 2023 IRS standard mileage rate for business use increasing to 65.5 cents per mile. Furthermore, as vehicle operating costs fluctuate, choosing the right reimbursement solution will … Read More
Mileage Reporting Product Offerings
At AutoReimbursment.com, we offer our clients the flexibility of three different mileage expense entry methods to support your vehicle reimbursement solution. Mileage entry is often at the heart of any vehicle reimbursement program. Regardless of your company’s reimbursement program, IRS … Read More
Vehicle Reimbursement Program Comparison Guide
For many companies, every year brings new initiatives, goals, and provides time to re-align themselves to their desired company culture. Furthermore, as the Federal Reserve raises interest rates to the 15-year high, and operating costs continues to increase, it may be an … Read More
Why is accurate insurance data needed for vehicle reimbursement program?
It may appear rudimentary when looking at the different ingredients that go into vehicle reimbursement for companies with drivers on the road. Depending on the reimbursement type (car allowance, cents per mile, or FAVR program), it is commonly mistaken that … Read More
IRS Announces 2023 Mileage Rates
The Internal Revenue Service has announced new mileage rates for 2023 for use in calculating reimbursements or deductions for tax purposes: Business use: 65.5 cents a mile, up from 62.5 cents a mile from the 2022 mid-year increase. Medical use: … Read More
Understanding Vehicle Depreciation Changes in the Market
As the market for both new and used cars continues to hit record highs, the demand continues to follow suit. Within the vehicle reimbursement industry, many analysts have been closely monitoring the effect of vehicle depreciation in the car market. … Read More