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What is a per diem?
Per the IRS, a per diem is an allowance paid to your employees for lodging, meals, and incidental expenses incurred when traveling. This allowance is in lieu of paying their actual travel expenses, and is often preferred by employers as it can save both time and money by minimizing time spent on expense reports, and ensuring employees keep daily spend to a reasonable limit.
Ramp customers are able to set per diem limits for business travel separate from daily hotel limits for cleaner accounting, tighter spend controllers, and more visibility. We aggregated Ramp data from New York City businesses to help finance teams benchmark their per diem policies.
New York City business per diem benchmarks
While some businesses may use rates set by the GSA as a benchmark, it is helpful for controllers and finance leads to know what other companies are actually setting as their per diems when determining expense policies. According to actual Ramp cardholder spend, the average per diem for New York City is $171.
Interested in learning more about New York City T&E policies?
Get full visibility into corporate spend trends in New York City and beyond, across all industries. See how your company’s spend compares with other businesses of your size or industry by downloading our Q2 spend report today.