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Download expense report template in Microsoft Excel format.
The Basics of Employee Expense Report
Employee expense report is a business financial record of all the expenses incurred by top level employees while they are on business visits on behalf of their companies. It is proper for a company to have a standard format of expense report form as a way of making employees accountable for the money spent in the course of their employments while working with their respective business organizations.
Why you should consider effective management of employee travel expenses with a good report format
The sum total of employee expenses which often require reimbursements can soon add up to be a huge amount of money besides salaries that usually occupy the first position in terms of the expenses companies usually incur and it should therefore be well managed in order to avoid rip-off. A recent survey report of a research organization based in Boston reveals the enormity of cost implication of travel expenses on business organizations in the United States. The report states that one out of every five dollar expenses incurred by a business organization goes into reimbursement as travel expenses. Things like ticket bookings and hotel reservations for top level employees when on business visits need proper management with the employee expense report in order to cut cost. Some researchers have valued the amount of costs that can be saved to be about 20 percent if the expense report is well managed and co-ordinated particularly through making online bookings.
Basic format of an employee expense report form
The details about the place and purpose of the expenses, actual amount spent, date of the expenditure, and the name of the top level company employee should form the main contents of the expense report form before it is submitted. The signature of the authorizing person who approved the employee’s visit should be appended on the report and the report should be submitted along with bills and vouchers of every expenditure stated on the expense report.
Procedure for managing employee expense report
Every employee requesting reimbursements for expenses incurred while in the course of the employer’s business is expected to submit the fully completed expense report form and the expenditure incurred must be related to the business of the employer. It is also a requirement that the report for reimbursement must be made within a specified time frame. There are some instances where an employee has gone on a pleasure visit not directly related to the business of the company but such an employee is officially eligible for such a visit; such expenditure report can be submitted for reimbursements.
Your company should have a designated department that will be responsible for reviewing the submitted expense report forms and subsequently approve the claims where satisfied. There is the possibility of getting tax rebates for expense claims not reimbursed by the company.
Many companies have made online submission of expense report forms available to their employees which makes submission and quick reimbursements of the expense money possible and the expense report software is now available for the benefits of the employer and the employees seeking reimbursements for the expenses they have incurred while in the course of their official duties as employees of their respective companies. Employers gain when the submitted report is trimmed down and cost is saved by deploying the software and the employees also gain when their reimbursements get approved and paid in a record time.