Managing the Company’s Expense with Expense Report Template
Various kinds of templates are provided for you who need them and one of the many kinds is expense report template where it can be produced for monthly, quarterly, or even yearly expenses of business obligation. The report should be done accurately to avoid the unaccounted spending of the company. It is also provided to the Internal Revenue Service each year in order to account for the tax purposes. Companies can also be divided their expense reports into some subsets to verify , also to check which departments are spending too much for their costs. By doing that, the company can determine what can be fixed to increase the business profits.
There are some elements which are included into expense report form. Actually, there is no standard way in filling an expense report but you can customize the report depending to your business’ needs. These are some elements and information that should be included in the form; purchasing date, items that were bought, amount of purchase, itemize expenses, subtraction of advances, and total number of reimbursement. Some companies or business also add different policies into their expense reports.
In making an expense report, you can use word format or even spreadsheet from the Excel format. Business expense spreadsheet can be presented to keep track for the expense and income of the business. The simple way to make it is by using Microsoft Excel where you can adjust the details inside the form. You will also be able to add and remove some information when needed. First is to open Excel then click File – New – Available Templates – Blank Workbook. Therefore, add the heading for the columns in the top row of the income worksheet and detail information of it. Next, format the columns by choosing the suitable category for it and select your expense worksheet to be set up for the expense data.
After you are done with expense columns, you can format it by adding categories for it. Companies can also use monthly expense report template to check and manage the expense for their future plan in evaluating their budgets. Company budgeting can also be done by the accounting department (internal) or to hire third party company (external).
Come to think about the expense report, in the previous explanation, employees can also fill out the expense report where the manager or supervisor can check their work afterwards. Sometime additional revisions or edits might also need to be done. Other than that, with companies having their expense reports, employees will also have their own report to be reported to the company. This is usually done monthly or quarterly. Employee expense report template can be used to track their expenses such as for their meals and tips, entertainment, lodging, air and transport and other things made by employee. There are many kinds of employee expense report such as basic for the basic expenses, domestic for business expense, and free employee weekly expense report, which sometimes will need attachment copies of receipts or bills for the expense to be included.
Expense report template – download