Companies regularly assign budgets to sales teams to help them do their job. However, the total amount of expenses will never be exact. For salespeople to be free to spend while they’re working, many companies opt to provide reimbursement for costs incurred on company time.
Each company will have its own expense reporting policies and procedures. Often, the allotted budget for reimbursement and allowances depend on the nature of the company’s industry and the role of the person.
However, many companies share similar policies when it comes to what kind of expenses are reimbursable. Here are a few of them:
The 4 Common Types of Sales Expenses
For many employees, especially those in sales, meetings are inevitable. Often, these meetings extend well into lunch or dinner. Companies often have a budget for teams who need to eat while trying to hit an upcoming deadline.
When it comes to meeting clients during meals, companies also want to make sure that they are well-represented. Sales representatives have a budget to treat clients to meals when trying to nurture the relationship into a sale.
In particular, some roles require employees to rarely in the same place twice, especially those in sales. Salespeople need to be wherever their customers are, and that sometimes means being at a different city every day.
With this, companies shoulder transport expenses that can cover everything from car rentals, petrol, bus tickets, or even flights. Companies need to know that their employees will be where they’re supposed to be and have the budget to get there without issues.
When there’s a transport expense, there’s also likely a lodging expense. Traveling team members mean that they may frequently have to stay in foreign places to participate in everything from trade marketing events to closing deals.
Lodging expenses include rental fees for apartments, staff housing, or even hotel rooms. A recurring cost for salespeople, lodging expenses are for those who travel to meet clients from different countries or those who cover a large territory and need to have rest stops in between meetings.
Gift & Entertainment Expenses
When trying to get close with clients, salespeople often have to spend resources to make sure they’re happy. To do so, companies dedicate a budget for occasional gifts and entertainment that are essential to nurturing the relationship.
Professional Data Entry for Expense Reporting
Salespeople have an almost endless task list that they must keep up. Many of their administrative tasks often get pushed away in favor of fulfilling their core functions. Unfortunately, this leads to things such as inaccurate filing, missed deadlines, and possibly even not getting back their reimbursement.
To help sales teams, companies should invest in automating their company’s expense reporting procedures. By hiring professional crm data entry service providers, your sales teams can be sure that their expenses are correctly filed and on-time with just a call. Your sales teams will never have to worry about their expense reports ever again.