30 Most Innovative Companies To Watch 2020
There are many jobs that require employees of many companies to move around on a regular basis. Most organizations outsource the crucial work of managing business travel plans of their employees because it is simply not feasible to administer it without help. Another way businesses handle this is by providing travel reimbursement.
Businesses that require employees to travel by car do this more often than those who have employees taking flights. Such businesses provide 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 the plan business needs as an answer to this problem. The company provides IRS-approved Fixed and Variable Rate (FAVR) reimbursement to the employees by keeping track on annual business mileage, maintenance costs incurred by the driver, and location-specific fuel costs.
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 if compliant with the IRS. The company does this by providing top consulting, and a great set of management tools
The Solution for Businesses
Many studies conclude that mobile employees are the number two reason for costs incurred by companies. That makes it a big deal. 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 a range of industries including Pharmaceuticals, Chemicals, Tile Manufacturing, Industrial Sales, Plumbing, Petroleum, Business Systems, Food processing and distribution, and Furniture. They help clients with over 2000 employees who have to be constantly on the road to even small businesses with up to 10 employees on the move. The Wisconsin-based company has helped businesses across various industries come up with a customized plan to meet their requirements.
AutoReimbursement provides tailor-made services that are cut out specifically to fit 44,000 zip codes based on their database. “Each and every mobile employee receives a reimbursement base on where their local cost. This provides a fair reimbursement for high and low-cost area, combined with how much they drive and business use,” says Jim Doherty, President of AutoReimbursement.com.
A Transformed Approach
Auto Reimbursement.com is the fastest-growing company in the space with 35% growth. But this growth is backed by a great vision that is helping the company evolve its offerings as technology moves forward.
“We saw a need for mobile employees to have a 100% mobile platform, not just one or two things to do from a smart device. From there we said; why not provide a complete mobile program for all users in the platform,” says Doherty. “Then we took it a step forward, and invented the only all mobile program for employees, administrators, and executives.”
But that wasn’t all. AutoReimbursement took it a step further. Now, its entire staff can manage any program from any smart device. They can access every part of the robust software program in the cloud from any smart device as it is a one integrated program. “Only program that provides the same all mobile access to our employees, for the CIO, this is one of our many innovations, providing customer support tools to our staff, 100% mobile,” says Doherty. The software provided by the company is a 100% mobile program that reduces mobile driver compliance issues. It provides all the mobile services to an
Admin and executive to make a FAVR plan easier to use. The platform has been developed completely in-house and enables employee onboarding in just one second (top in the industry).
Meet the Expert
Jim Doherty, President
He has developed FAVR plans with many highly visible companies large and small, and has routinely documented significant program savings, heightened driver acceptance and satisfaction, and reduced fleet liability with greater control and administrative efficiency. Prior to AutoReimbursement, he was a Business Development Consultant at Runzheimer International. He has a Bachelor’s degree in Political Science and Business from Western Illinois University.