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BUSINESS EXPENSES POLICY

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Basic Info

  • Applicable Region UAE
  • Available Languages
    English & Arabic
  • Document No 0000221
  • Version V 1.0
  • Last Updated 10-12-2022
  • Reviews 0

Description

An expense policy is a formal set of guidelines that clearly outlines exactly what is and isn’t an approvable expense. It also helps the accounting department and/or approvers quickly decide whether an expense is reimbursable or not.

This policy clearly outlines exactly when employees can expect to be reimbursed for their expenses (typically 30 days or less, depending on the company) and any recourse they have if an expense is rejected.

One of the best ways to control employee spend is to implement an expense management policy that everyone in the organization will follow. That way, when an expense is rejected or questioned, your policy will serve as a standard for making final decisions on whether to reimburse the costs or not.

An expense policy also:

  • Standardizes rules for a company’s expense management.
  • Prevents employees from claiming they “weren’t told” that they wouldn’t be reimbursed for a specific expense.
  • Helps employees familiarize themselves with the rules and know in advance whether the purchase that they’re making is going to be reimbursed.
  • Gives approving managers a guidebook to work from (versus having to ask about every “questionable” expense).
  • Helps prevent financial fraud and identify when an employee is abusing the system.

This Policy contains the following sections:

1.     Policy Statement

2.     Objectives

3.     Definitions

4.     Scope

5.     Travel Expenses

6.     Minimizing Expenses

7.     Non-Reimbursable Expenses

8.     Procedure

9.     Breaches of this Policy

10.  Implementation

Jurisdiction

This Policy is intended for use in the United Arab Emirates.

Disclaimer

This policy template is meant to provide general guidelines and should be used as a reference. It may not take into account all relevant local, state or federal laws and is not a legal document. Kanoony will not assume any legal liability that may arise from the use of this policy.

Before Execution

- The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.

- Please delete this front page together with the information contained in the headers, footers and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.

- Please remove the square brackets and all highlighting prior to signature.