Travel and Expense Management Software Zoho Expense

12 expense report templates you can use to keep a record of all your expenses, seek reimbursement, stay on top of your business travel costs, and more. Instead, most small business accounting software applications have partnered with third-party expense report apps that were created specifically to manage expenses and create expense reports. An expense report is a document that itemizes expenses from an individual or a company. Businesses can use expense reports to track spending, approve reimbursements or record transactions. Expense report software streamlines processes, providing benefits for employees and employer. The software offers digital receipt capture, faster preparation and review, and eliminates the need for time-consuming paper expense reports.

In case you’re looking for a simple form to help you keep track of your freelance expenses, then the Contractor Expense Report Template could come in handy. Unlike a regular Business Travel Expense Report, the Expense Report for Travel with Mileage includes a section for mileage alongside the sections for the hotel, meals, and other travel-related expenses. The Weekly Expense Report Template lets you list your expenses, related payment methods, and the people the amounts were paid to on a weekly basis. Once you’ve added all the data regarding the purpose of your restaurant visit and the costs, you’ll have your meal and drink costs calculated by date, subtotal, and total. If you’re working on a project that requires you to take note of all the expenses incurred while completing your project tasks, then the Project Expense Report Template could come in handy.

Expense Report for Restaurant Template

This type of reporting is key for tracking income and expenses, which makes tax season a lot easier. Requiring expense reports might seem like unnecessary red tape for a small business. But having a formal expense reporting policy can benefit your company and your employees in several ways.

It verifies calculations and global compliance, automates approvals, and offers EFT payment via ACH bank account direct deposit into the employee’s account. An expense report with receipts is used by businesses to document, approve, and pay the reimbursement of employee expenses. These are typically charged on personal credit cards or paid with their own money.

Expense Report for Construction Template

You can track time on this project-related task by starting a timer and tracking time while you’re at the business lunch. So, Matt, the Payback Artist, decides to file for as many expense reimbursements as he believes are enough before he and the company are square. Take your time to understand your company’s expense policy — ask for further clarification from the company’s bookkeeper or your colleagues when needed. So, Alice the Sidestepper often decides that it’s easier not to report the expenses and often pays for them from her own pocket. The https://www.bookstime.com/ for Construction lets you track and record your construction-related expenses. If you’re a freelancer looking for a simple template that does your expense calculations for you, then this Freelancer Expense Report Template can help you stay on top of your expenses.

In some circumstances, nonemployees may also be allowed to submit expense reports for reimbursement to a company. The expense report concept can also refer to a detailed listing of expenses incurred by each department of a company for a reporting period. This information is examined to see if any actual expenses incurred were different from expectations, in which case management can investigate the reasons for these variances. Expense reports also ensure that there is a record of what goods or services an employee purchases. While these expenses are often for small office supplies, it can be helpful for small business owners to track these expenditures as they can add up. Here at FreshBooks, we’ve developed a handy template for small business owners looking to save time when it comes to tracking expenses.

Design your expense reports with Venngage templates

An expense document refers to a paper or digital document containing the expenses incurred on a business trip or other situation. The document will also include information on the date, location, and categorized purpose of the expense, among other things. Expense reports can also be used to audit the company, file tax returns, and claim tax deductions. They essentially simplify the process of spending money for the company, by systematizing the process and adhering to a standard.

When employees pay for business expenses with their own money, a report like this is perfect for tracking expenditures. They can submit their report, along with receipts, for reimbursement or tax purposes. Several options on the market allow employees to capture receipts with a mobile app, digitally submit expense reports, and automate approvals and reimbursements. The business owner or accounting team then reviews the expense reports submitted by employees to confirm they’re legitimate expenses and reimbursable according to the company’s expense reimbursement policy. An expense report is simply a form that employees (and, in some cases, partners or shareholders) use to report business expenses paid out of their own pocket. Depending on the company’s expense reimbursement policy, employees may be required to attach receipts for all expenses included on the report or only those over a certain amount.

Expense Report With Mileage Tracking Template

Establish clear lines of communication during the time the expenses are being incurred, so that any outstanding questions can be raised and solved immediately. This is easier with today’s technologies, so make sure if you are a manager that you have a positive relationship with your team. Of course, with Excel or Google Sheets, your expense report won’t look professionally designed — these programs aren’t built for that purpose. Barbara is a financial writer for Tipalti and other successful B2B businesses, including SaaS and financial companies. She is a former CFO for fast-growing tech companies with Deloitte audit experience. Barbara has an MBA from The University of Texas and an active CPA license.