Relocation employees incur a lot of expenses that need to be monitored and managed throughout the relocation process so that they are accounted for during pay periods and at tax time. 

 

XONEX Relocation has a robust expense tracking system that begins with an initial cost projection report that is used as a benchmark for actual expenses throughout the relocation. Our full expense tracking and financial services program includes the following:

 

Auditing

 

Our auditing process is designed around approved policies and services. Transferees that submit expense reports are limited to categories that have been initiated for them under client direction. Expenses that are eligible for reimbursement will be processed by an expense analyst, digitized and posted online. If any expenses are questionable, XONEX Relocation will contact the client, third party or employee for clarification. Similarly, any exceptions to policies are noted and displayed in the online report.

 

Employee Reimbursement

 

Reimbursable expenses are quickly submitted for processing in the client’s preferred format. Our enhanced technology allows us to transfer data through FTP, ACII or CSV for direct mapping of information to the clients server or VAN. As a result, transferees are typically reimbursed with 13 days of submitting an expense report.

 

Supplier Payments

 

We use approved accounts payable software to audit and voucher supplier invoices within terms. As invoices become due, we prepare reporting for the client which organizes and facilitates reimbursements so that the payments to suppliers can be released properly. We work closely with client treasury or finance departments to minimize interest costs,  facilitate cash planning, and provide accurate reporting for budgeting.

 

Gross Up Calculations and Adjustments

 

XONEX Relocation uses leading software to calculate tax gross ups and provide in depth reports and tracking for clients. We are experts in managing taxes and relocation for our clients.

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Throughout the year and especially at year end we work with clients on tax compliance including the calculation of taxes due for relocation costs which are considered income to the transferees. This calculation, known as a “gross up” is prepared, submitted to payroll, and reconciled at year end by our expense analysts. Following reconciliation with client records, we prepare the year-end report for transferees. Each transferee receives a comprehensive packet to help them complete IRS Form 3903 for inclusion with their annual IRS 1040 form. 

 

Equity Advances and Funding

 

XONEX Relocation is able to provide equity advances to clients when needed. We manage equity payment by first establishing the available equity and the timing of the need. If the funds are needed prior to the property being sold by the transferee, we administer the Payback Agreement terms on behalf of the client. Advance funds are requested within the weekly cash requirement report and all necessary documentation is digitized and available for client review before processing.