Relocation Cost Estimates and Projections
We will generate cost estimates based on the parameters of our client’s policy and associated services and we are able to compare them to the budget throughout the relocation process. These estimates can also be used to set relocation budgets and monitor expenses, providing for informed decision making and budget planning.
Expense Management and Tax Assistance
OneSource will audit, track, reimburse and report on all expenses associated with each transferee’s relocation. Our expense analyst will manage the process, record relocation expenses and payments in appropriate tax categories, cut checks, and calculate gross-ups consistent with client policy. This service also includes Relocation Tax Report (formerly IRS Form 4782) generation, and check cutting. OneSource advances funds for reimbursement of employee expenses and reconciles them monthly on a consolidated billing statement. All relocation expenses appear on a single statement.
Transmitting Expense Information to the Company’s Payroll System
A Payroll transmission report is processed at the time an expense check is processed to an employee or vendor. This report categorizes expenses as Taxable, Excludable or Other. Our Expense Management software is updated regularly with current tax rates. Subject to client reporting requirements, our accounting department works closely with your payroll department to ensure proper reconciliation of amounts posted to payroll with actual amount of taxes due for that year, based on updated salary and withholding information obtained during the year. Customized reports are available on demand, as well as on a client-directed schedule.
Management of Property Expenses And Recurring Payments
Once OneSource Relocation acquires a property, we assume all mortgages, HOA, utilities, maintenance, and other recurring payments. Utilities and maintenance will be put into our local representative’s name, and we will assume responsibility for making mortgage and other payments. This will continue until the property is sold and closed by a third party buyer. All related expenses will be paid by OneSource and billed to our client.
Equity Funding and Mortgage Payoffs
OneSource Relocation will provide the funds, on behalf of its client, necessary to make equity loans, equity advances, equity payments, mortgage payments, loan payments and the like, as well as any other funds that may be required to purchase the employee’s property.
Lump Sum Administration and Budget Management
On our client’s behalf, OneSource Relocation will advance employee lump sum payments. Or we will manage an individual relocation budget, tracking each expense and providing our client with regular updates, budget vs. actual.
Process Miscellaneous Expense Allowances, Employee Relocation Incentives, etc.
We will obtain salary and withholding data from payroll to process miscellaneous expense allowances, employee incentives and other employee payments (as directed by the client) and funds such payments as net checks, on the client’s behalf.
Home Sale Reconciliation
For each home sale closing we provide an itemized detail of closing costs, final equity statement, HUD-1 settlement statement, and include a home sale funds reconciliation worksheet.
Our billing capabilities can be customized to any extent and we will include any supporting documentation required. Our standard practice is to create an individual invoice detail for each relocating employee and direct it to the appropriate cost center, operating division, or unit. These expenses can be aggregated by operating division, unit, cost center, tier or any allocation required. Each operational area may receive its own invoice or a master bill can be created for our clients to allocate expenses to their business units.