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How ridesharing can simplify your accounting and eliminate hassles

Traveling employees traditionally used taxis or rental cars to get from place to place. To pay, they used their corporate credit cards or they turned in a stack of receipts for reimbursement.

ridesharingBut what if you could reduce the expense report hassle, saving time and expenses? With ridesharing services such as Uber and Lyft, employees can summon rides as needed – more quickly than calling a taxi and without having to wait in long lines at the airport – often within five minutes. Th
e cost is automatically billed to a corporate account – no more paper receipts that can be lost, no more issuing checks, no more consolidating corporate charges from a number of employees. And as a bonus, these services are often less expensive than taxi services.

When your company creates a corporate account through a ridesharing service, employees can request a ride via the employer’s business profile. Expenses are automatically charged to a central payment method, giving you immediate access to all transportation costs in one location and eliminating the need for your employees to pay with cash or credit.

Some services even allow employees to indicate whether a payment should be billed directly to a client or project, so they can complete expense information while still on the road. And some allow you to schedule rides up to 30 days in advance, removing the hassle of summoning a ride that day and the anxiety of employees hoping it responds quickly enough to get them to the airport on time.

In addition, some ridesharing services allow you to set up one-time IT integration. You can link your account with your employee and expense management system, eliminating the need to have someone actively manage your account. That also allows you to automatically sync expense codes as they change and generate custom ride reports. You can also set ride limitations, letting employees request rides from anywhere to anywhere, or limiting locations where employees can request to be picked up or times of day when they can request rides.

Despite all of the potential benefits of ridesharing services, some companies remain concerned about liability. Because drivers are using private vehicles, they likely don’t have a livery license and their vehicles don’t have registration – or insurance – as commercial vehicles. As a result, many businesses are hesitant to authorize use of these services because of concern about their liability should an employee be injured in an accident when riding in one of these vehicles.

Creating an account with a ridesharing services can benefit both you and your employees, offering convenience, cost savings and hassle-free rides, wherever your people may be travelling. But before you make the move, make sure you’ve considered the potential liability that could result.

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2 Responses to How ridesharing can simplify your accounting and eliminate hassles

  1. Carl Richardson says:

    Does Westfield have an Endorsement available for Personal Auto Customers, or an avenue thru Specialty Brokerage for the Uber / Lyft Liability for its Personal Auto Customers?

    • Rob Koszkalda says:

      Hi Carl,

      Thanks for the question! We are currently monitoring the industry but do not have a PL endorsement for ride sharing at this time.

      Thanks!

      Rob

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