Travel and expenses

At Kinetic Data, Inc., we believe in responsible spending and trust our employees to make sound financial decisions when representing the company. Our Travel and Expense Policy is designed to guide employees on how to manage expenses while traveling for business purposes.

Policy

Our overarching principle is simple: "Spend our money as you would spend your own." We encourage employees to be prudent and cost-conscious when making business-related expenditures.

1. Pre-Approval Process

Before incurring any expenses, employees must obtain approval from their immediate supervisor or department head. This approval should be obtained via e-mail and documented accordingly. Reimbursements or card transactions initiated without prior approval may be subject to denial by your manager, and any resulting expenses shall remain the responsibility of the employee.

2. Company Credit Cards - Primary Method of Business Expenses

Company-issued credit cards, provided by Ramp, are the primary and preferred method for incurring business-related expenses. These cards are designed to streamline the expense process, enhance accountability, and ensure that company funds are used efficiently.

When using company credit cards, employees are expected to adhere to the following guidelines:

Exclusive Use for Authorized Expenses: Company credit cards should be used exclusively for authorized business expenses directly related to your role and in accordance with this policy.

Timely and Accurate Reconciliation: It is the responsibility of employees to promptly and accurately reconcile their credit card statements, ensuring all expenses are appropriately documented and categorized. Any discrepancies or unauthorized charges should be reported immediately to the finance department.

By making company credit cards the primary method for business expenses, we aim to simplify the expense reporting process, maintain clear financial records, and ensure that our resources are used judiciously in support of our business objectives.

3. Travel Expenses

Transportation:

1. When booking flights, trains, or other modes of transportation, choose the most cost-effective options that align with business needs. Economy class is the standard for air travel.

2. Renting Vehicles: When renting vehicles for business purposes, choose the most cost-effective options that align with business needs. Ensure that rentals are of appropriate size and capacity for the task.

3. Public Transportation: Use economical transportation options like taxis, rideshare services, or public transport when traveling within the destination city.

4. Personal Vehicle Reimbursement: If you use your personal vehicle for business travel, you will be reimbursed at the IRS-approved mileage rate ($0.65/mile as of August 2023) for business travel. To claim mileage reimbursement, please utilize the mileage calculator in Ramp.

Meals: Expense reasonable meal costs incurred while on business trips. See section 6.

Accommodation: Use your best judgment when assessing hotel costs and proximity to your workplace or event. Similar to booking airfare, book lodging in advance whenever possible and optimize for cost, convenience, and safety of location. Use corporate discounts whenever possible.

4. Expenses Documentation

Employees are required to keep detailed records of all expenses incurred during business trips. This includes receipts, invoices, and any other relevant documentation. Expenses should be submitted via Ramp within 10 days of the trip's completion and no later than the end of the month that the trip was completed.

5. Meal Expense Allowance

Employees are eligible for a daily meal expense allowance of $90 per day while on business trips. This allowance covers meals and incidentals. However, please keep the following guidelines in mind:

The meal allowance is intended to cover breakfast, lunch, dinner, and incidental expenses (e.g., tips). Receipts are required for individual meal expenses when using the meal allowance. If meals are provided as part of a conference or other event, the meal allowance for that particular meal will be adjusted accordingly. Employees are expected to exercise prudence and good judgment when utilizing the meal expense allowance.

6. Personal Expenses

Personal expenses (e.g., personal phone calls, entertainment, and shopping) are not reimbursable unless explicitly approved for a specific business purpose.

7. Compliance and Consequences

Failure to comply with this Travel and Expense Policy may result in the suspension of expense reimbursements and other disciplinary actions, as deemed appropriate by the company.

8. Questions and Assistance

If you have any questions or require assistance regarding this policy or expense reimbursement, please contact the HR department.

By following these guidelines, we aim to maintain transparency and fiscal responsibility while ensuring that our employees have a comfortable and productive experience when traveling for business. Your cooperation and adherence to this policy are greatly appreciated.