Expense Reports and Financial Analysis
Employees are the most valuable asset of any company. It is because of these employees that the company operates and offers value-added services to its customers. If an employee is treated well, they act very loyal to their company and puts in more effort to make the company successful.
The companies expect employees to do their best. But it is the moral duty of every company to strike a balance between being profitable and treating the employees well. No company can achieve its goals without encouraging and motivating their employees. According to the 500 fortune companies, any company who eliminates the employees to save cost will never be successful in the future.
During the course of employment, the employees might incur various types of expenses which can be reimbursed by the company. One of such expenses is the flat rate expenses. These expenses directly relate to the nature of the employee’s employment.
The employee expense report is a good way to maintain the records that can be used for reimbursing the employee for the expenses he incurred personally for his job. The most important thing to mention in an employee expense report is the period it belongs to. The dates from which the expenses begin and stopped should be mentioned clearly.
The next very important factor is to mention the reason for the expense. This will highlight that the expense was actually incurred in relation to the employment. Mentioning the employee details such as the department, designation, employee ID and the reporting manager are all important piece of information.
The dates should be mentioned during which the expenses were incurred. The account number should be mentioned from which these expenses were paid for. Keeping a receipt of every expense incurred is a good practice as it will make it easy to represent and claim the expenses.
Description of all the expenses should be written down. Some expenses are related to other expenses. An employee might be traveling to some other country. So, he will be incurring the expense of the plane ticket, the hotel he will stay in, the food he will be eating and the local travel he will make around. All these expenses need to be recorded in the employee expense report. This expense report can also help the employee to claim tax relief from the government in some cases.
Almost every organization or institution needs a disciplined medium for reporting travel expenses. So, if you’ve started a new small scale business and require an instant solution for creating an expense report, you can try free Excel Expense Report Templates. You can download the free expense report from the web and modify it to suit your needs. Add your company information and other details and give a copy to your employees – a great solution for new businesses.
If you are an employer and you have your employees to use a travel expense report like the ones available on the web, you should preferably tell them to submit copies of receipts along with the report, so you can keep adequate records for tax purposes. A note like “Don’t forget to attach receipts” in the spreadsheet can aid act as a reminder.
The expense list is very helpful is managing your business budget. As sometimes it happens that employees have spent less money on an official tour and submit the wrong sheet with additional expenses to the management. To avoid such problems, the sheet should be properly managed and updated by the staff and rechecked by the management twice. The sheet can be prepared in such a manner that everything should be cleared and understandable. Use different columns and color schemes along with tracking numbers. In this way, a perfect employee’s expense sheet will be made.
This employee expense report is simple yet comprehensive to record all expenses being made by employees. The report template can be used by companies or businesses to accumulate expense details of the employees. Each time an employee has made some expense he/she can be given this sample report to note it down comprehensively. Present this report to the financial department along with other necessary documents to keep smooth financial running of the business.
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Employee Expense Report Template
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