Everyone’s feeling the pinch of expensive gas, but you haven’t yet seen the worst of what it can do to Accounting.

If it hasn’t happened at your company already, be prepared for management to start taking a closer look at reimbursable expenses. It’s a legit tactic, but any expenses that get denied are going to result in angry employees calling A/P to find out what’s going on.

At the same time, many employees are finding their paycheck barely covers the cost of commuting to and from work. Some companies — especially those in more rural areas or with many workers making low wages –may have no choice but to offer transportation perks and fringe benefits. Otherwise, it could be impossible to fulfill staffing needs.

Sounds like a win-win, but both Payroll and A/P will have to be extra careful to document what portion of those perks are considered taxable income. Otherwise, you could have a potential audit nightmare on your hands.

Tags: Fringe benefits, Inflation, T&E, Transportation benefits