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How to Write a Great Business Expense Report: A Step-By-Step Guide with Examples

    expense report

    When comparing long-term expense reports to other templates, you’ll see that each month gets its row, and then monthly totals must be calculated for each expense category. Even if you’re a business owner generating an expense report to track spending, you’ll need to keep your corresponding receipts or invoices. If you’re deducting your expenses on your taxes you need a backup in case you get audited, according to The Balance.

    expense report

    Use this section to keep track of all expenses and reimbursement amounts. Designed with transportation expenses in mind, this employee expense report with mileage template is perfect for tracking reimbursable miles or kilometers traveled. Use the template’s built-in odometer-reading fields to calculate each distance driven, and record the reason for travel, such as driving to the airport, a client meeting, or an offsite social gathering. In addition to  tallying your expense totals, the template also helps you track total distances driven so you can ensure the most accurate and timely reimbursement possible. If you’re listing different categories—such as a recurring expense report that has rent, utilities, and salaries—then you’ll add together the grand total of all the expenses from each category. This final number tells you your business costs in that department or for a particular time period.

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    If you’re using Different Types of Revenue and Profits for Startup Accountinging to help you prepare your taxes, just remember that not all business expenses are deductible. Using the IRS categorizations of tax-deductible and non-deductible expenses will help immensely as you prepare to file your business taxes. If you’re looking for a no-fuss, simple expense report template, this one’s for you. You can edit this annual report template to include your company’s projected funding sources and expenses.

    Analyzing expense reports will help you see the bigger picture and you will be able to determine which costs you can reduce and which you should focus on. During the final step, you’ll be reimbursed for any qualifying expenses you’ve incurred. This completes the reporting process—until you incur new expenses and begin the process again. But as the owner of the business, you should also be keeping track of any business expenses you may incur yourself. Another myth is that expense reports are only a necessity for your employees.

    Choose a Template (or Software)

    This can prove to be a useful tool to determine if a trip is financially viable prior to incurring the costs, and it can be especially useful if your business operates on a tight budget. If you’re using small business accounting software such as QuickBooks Online, Xero, or FreshBooks, you likely know that it’s not possible to create an expense report in these and similar applications. If you’ve got a pile of expense reports sitting around and have no idea what to do with them next, our bookkeepers can help.

    expense report

    To effectively manage your business’s financial health, it’s essential to have a clear picture of where your money goes. These reports offer a detailed view of the expenditures within your business. For precise financial record-keeping, it’s crucial to comprehend the nature of expense reports, their usage, their components, and their significance. Many smaller businesses opt to use a common expense report template like the one offered by Excel. Excel templates can be downloaded easily and allows you to input line item data into the appropriate columns, where it will be automatically calculated. There are a variety of ways to create an expense report depending on your business, the accounting software you use, and how automated you’d like the process to be.

    Choose a Template

    Not every team member will make purchases for a company, but having an expense reporting process can ensure that any time someone needs to submit an expense and receive reimbursement, they can. An Expense Report is an organized way for businesses and their employees to track and report their expenses for business-related trips and events. The expense report is usually a printed form or a spreadsheet that is filled out and kept for accounting and tax purposes. Because of this, it is especially important to track any expenses that are tax deductible. Whether you’re a one-person operation, or you manage a staff of 10, expense reporting is an essential part of your business operation. If you or your employees find yourselves on the road (or at airports) a lot, it’s worth the time to investigate the best way to create expense reports.

    Take the pain out of tracking employee spend, receipt capture, reimbursements, and more. Don’t you wish you could fit your accountant in your pocket so that you could stay on top of your books wherever you go? With FreshBooks, you can swap your accountant out for powerful accounting software and make managing your books a breeze. FreshBooks offers a Microsoft Excel spreadsheet, which is very popular amongst our users. The Excel spreadsheet format has familiar features that suit many users and is accessible and easy to customize.

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