Advances are amount of money provided to employee by employer for some specific purpose which is repayable after a short period of time. This also needs to be adjusted from employee’s salary or employee can set it off against any legitimate expense incurred on behalf of the Company by providing proper bills, supporting vouchers and necessary approvals.
Reimbursement claims mean that you claim compensation for money that is already spent by the employee for Company’s purpose. It can be in form of travel bills, stationary purchases, etc. In such cases, the employee spends personally but later claims for the amount back from the Company.
Entities have a responsibility to maintain records and compute such loans and advances regularly. The maintenance of such records can prove to be a very tedious process since companies cannot afford errors.
It is in the interest of the companies to hire third party service providers to carry out the task of loans and advances deduction and processing of reimbursement claims.
We at best legal services can facilitate and provide such services. Kindly visit bestlegalservices.in for further information and advice from our experts.
