Managing ever changing employee benefit tax regulations can incur a high cost for businesses but it’s not a spend management step you can skip — and with automation you don’t have to.
With the prevalence of hybrid working, changes to business travel and an increasingly competitive labour market, spend management goalposts are continually shifting. Benefits that were once considered peripheral are now commonplace. Travel managers have to deal with new benefits categories outside of the usual travel related expenses. Manual processes that used to do the job of tracking and reporting them are no longer enough.
The “Great Resignation”, combined with the accelerated shift of people working from home, has prompted employers to allow various new types of perks, sometimes outside of the norm, to acquire and retain talent. As employees weigh up the merits of these different options, there is an increased need to be vigilant about the tax implications.
