50 Innovators of the Year 2021
Vehicle expense is the number two expense in all companies behind human resources. Many jobs require employees of many companies to move around regularly. Most organizations outsource the crucial work of managing their employees’ business travel plans because it is simply not feasible to administer them without any help. Another way businesses handle this is by providing travel reimbursement. Companies that require employees to travel by car do this more often than those who have employees taking flights. Such businesses offer in-house taxable reimbursements or offer other types of reimbursement plans that end up either over-reimbursing or under-reimbursing their employees. Hence, there is a need for a solution to keep track of the spending on vehicle-related expenses to mitigate this challenge.
Founded in 2009, AutoReimbursement.com offers businesses a much-needed answer to this problem. The company provides IRS-approved Fixed and Variable Rate (FAVR) reimbursement to the employees by keeping track of annual business mileage, maintenance costs incurred by the driver, and location-specific fuel costs. Their technology allows employees and administrators to work from anywhere. It provides the top database technology to provide the “Real Cost” of a vehicle for a reimbursement plan for 44,000 zip codes. It also provides a cost database for Canadian mobile drivers.
For the IRS, their technology provides qualified tax-free reimbursements under IRS FAVR programs. Their partner, MileIQ from Microsoft, adds mileage cost control that can result in up to 17% Savings. The mobile technology they provide is the first and only in the industry to allow 100% updates for all mobile employees, Administrators, and even executives.
Trusted FAVR Expertise and Unrivaled support:
Accurate: It automatically tracks miles in the background as employees drive to cut down on mileage and reimbursement errors.
Reliable: AutoReimbursement is a trusted source for FAVR plan expert advice and industry insights.
Comprehensive: Employees have easy-to-read dashboards administrators to plan data, and HR can update the plan at any time.
AutoReimbursement.com FAVR Plans
AutoReimbersment.com provides an IRS non-taxable FAVR Plan that accounts for both the fixed costs such as depreciation and zip code sensitive insurance and the per-mile variable costs, such as fuel, oil, and tires. This enables you to reimburse employees for the actual costs of owning, maintaining, and driving a vehicle for business use. The company has the experience and resources to tailor a FAVR program to your company’s budget goals. With their vehicle data variety, nearly any industry can implement a FAVR Plan that meets their needs, including consumer products, construction, beverage, engineering, pharmaceuticals, and technology.
Plans for Small or Medium Business
For a long time, small and medium businesses have explored FAVR non-taxable plans and found that the fees and administration can be complex. At AutoReimbursement.com, they have a FAVR plan built specifically for small or medium-sized companies. Also, they have designed the system to be easy to use for you and your drivers. With this, small and medium businesses can also have a plan with advantages the Fortune 500 companies enjoy.
Plans for Enterprise
With a fresh take on Reimbursement Plan Management, AutoReimbursement.com can offer the best platform for drivers, administrators, and integration with your existing platforms. Also, easy-to-use compliance and workforce management tools have been the focus since day one to bring certainty to the program. Whether you have 200 drivers or 10,000 drivers, AutoReimbursement.com has a custom solution and experience for your plan.
Whether a company leases/owns a fleet or has a reimbursement plan, the company’s extensive Preflight analysis gets you ready to make the switch to an AutoReimbursement.com FAVR Plan. During Preflight, they evaluate cost, risk, cultural issues, and policy issues with your current plan and develop your company’s best plan.
They work with you to design a policy and compliance program that fits your company’s needs. Then, using the AutoReimbursement.com Real Cost Database, containing 40 million combinations, they identify a plan specialized to your company that delivers spend containment.
Finally, they help transition your drivers through custom driver meetings to explain the benefits and help with the change management at the executive level. The driver meetings are then hosted by a leader who has moved over 20,000 employees to this success plan.
AutoReimbursement is the exclusive TEAMS FAVR partner with MileIQ, a Microsoft Company, bringing more control on company spend with automated mileage collection. The company taps into 30 million data points to come up with data according to business mileage and ensures that the employee receives a fair reimbursement. The reimbursement is non-taxed and does not need W2 reporting is compliant with the IRS. The company does this by providing top consulting and a great set of management tools.
Sustainable Solution for Businesses
Many studies conclude that mobile employees are the number two reason for costs incurred by companies. But vehicle reimbursement is easier said than done as it has many moving parts, as there are many fixed and variable costs to consider. AutoReimbursement.com ties all of that in a plan to identify the types of expenditures from its intelligence database (IRS approved). Their clients have been from various industries, including Pharmaceuticals, Chemicals, Tile Manufacturing, Industrial Sales, Plumbing, Petroleum, Business Systems, Food processing and distribution, and. They help clients that have 10 to 10,000 mobile employees with accurate reimbursements base on geographic location
AutoReimbursement.com is the fastest-growing company in the space, with 35% growth. The software provided by the company is a 100% mobile program that provides top mobile driver compliance issues. ARC provides all the mobile services to an Admin and executives, a first in the industry for technology The platform has been developed completely in-house and enables employee onboarding in just a few minutes with 100% cloud functions.
About the President
Jim Doherty is the President of AutoReimbursement.com. He has developed FAVR plans with many highly visible companies, large and small. He has routinely documented significant program savings, heightened driver acceptance and satisfaction, and reduced fleet liability with greater control and administrative efficiency. Before AutoReimbursement, he was a Business Development Consultant at Runzheimer International. Jim has a Bachelor’s degree in Political Science and Business from Western Illinois University..