A tool designed to compute the distance traveled for business-related activities, multiplied by a predetermined rate, to determine a reimbursable amount. For example, an employee traveling 100 miles for a client meeting, using a rate of $0.65 per mile, would be entitled to $65.00 in reimbursement.
Accurate tracking of vehicular travel is essential for expense reporting, tax deductions, and compliance with company policies. Historically, this process involved manual logs and calculations, prone to error and time-consuming. Modern iterations offer digital solutions, often integrating with GPS and accounting software, enhancing precision and efficiency.
