Business Expenses Policy (IL)

A business expenses policy standardizes a company's rules and expectations for work-related spending. Creating a policy can provide necessary guardrails, so employees know what is acceptable when using the company's money and help a business stick to its budget and avoid overspending.

This business expenses policy can be customized to list out eligible and ineligible expenses, establish spending limits, outline receipt requirements for reimbursement eligibility, and provide guidance for the reimbursement process. In addition, if your company provides per diem allowances for business-related travel, this policy will include information on per diem rates.

The policy is intended to comply with the IRS guidelines for accountable plans, qualifying reimbursements to be treated as tax-free to employees.