Free Expense Report Excel Template
An expense report provides a detailed record of costs incurred during the course of any business-related activity. It can also be used for documenting any expense for which an employee needs to be reimbursed. For instance usage of gas for job purpose, meeting with clients and taking them for a meal or any other entertainment, a complete record of these expenses backed by receipts lessens the chances of any errors.
An expense report proves helpful in budgeting, planning and tax filing. Generating weekly or monthly expense report not only safeguards future budgeting but also serve as a medium to ensure that money is well spent.
Solely depending upon the business requirements, an expense report can either be kept very simple or very detailed. Items are listed down followed by a description of each. Furthermore, categories can also be made for the purpose of differentiating each expense subsection. If any advance payment is made, it should be subtracted from the total amount being reimbursed.
Signatures of the approving authority should also be present therein. For accuracy, the time period for which the expenses were incurred should also be mentioned. For reimbursements, the amount incurred for each expense is written and reimbursement is automatically calculated.
With the expense report, a business is able to look for heaps which by some means became a reason for over budgeting thus avoiding them in future. A business can then readily choose where to invest and where not. Things proving profitable can be carried forward for future transactions for the business. Likewise, expenses which prove to be unnecessary or of no benefit can be cut down or looked upon for any reason pertaining to their being a part of the loss
Expense reports are not only meant for recording a business expense, they also prove helpful for household expenses as well. Whether running a house or a business it is important to be well aware of money sending’s surely when and where and then managing the budget circle effectively by minimizing the losses. Understanding the need for making the expense and then going for it is a sensible thought.