WATERFORD, Wis., June 6, 2016 /PRNewswire/ -- Runzheimer, a business vehicle and expense management services provider, announced today the release of its new service, TrueCPM, which could save state organizations millions of dollars in reimbursement costs.
Rather than using the standard IRS rate, ($.54/mile) as a one-size-fits-all reimbursement plan, TrueCPM gives state governments a cent-per-mile (CPM) rate that is aligned to business driving costs unique to their geographic driving locations. This more precise rate can be used to fairly reimburse state government employees for driving vehicles for business.
Mileage reimbursement is the number one travel and expense related cost for most states. Having a fair and accurate rate specific to a geographical area along with mobile mileage capturing drives better alignment between the true costs experienced by an individual and the reimbursement they receive. Runzheimer's patent-pending TrueCPM algorithm uses geographically sensitive data, such as gas prices, insurance rates and topographical conditions, to calculate customized reimbursement rates for state government drivers. Mobile mileage capturing removes human error and estimations, which can result in over-reimbursement. The combination of the geographically accurate mileage rate combined with mobile technology enables state governments to save on costs.
The TrueCPM model and methodology provides the policy, process and controls necessary for a comprehensive reimbursement management policy, including collecting employee insurance information and outlining driver responsibilities. State government agencies benefit from:
- Precise mileage tracking with Equo™, Runzheimer's mileage capturing app
- Accurate geographically-sensitive mileage cost based on dynamic data inputs
- Reduced administrative & manual burden through automation
"The technology and methodology behind TrueCPM, used in combination with the dynamic data helps state governments better control reimbursement expenses. This is a huge leap in this industry," said Donna Koppensteiner, senior vice president of Runzheimer.
For information about Runzheimer's TrueCPM solution, please visit https://www.runzheimer.com/business-vehicles/cents-per-mile-custom-solution.
Founded in 1933, Runzheimer connects people, companies and their vehicles in ways that drive superior productivity and impactful business intelligence. We provide expertise, technology and world class customer service that empowers companies to move their businesses forward with confidence. As a result, our customers are able to better manage cost, reduce business risk and increase employee satisfaction in the mobile workplace. Runzheimer is the leader in workforce mobility programs, designing and delivering business vehicle programs, relocation information services and business expense solutions. We are highly renowned and recognized for our market leading service delivery focus, an integral part of our corporate culture.
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