If an employee has paid for business expenses out of their pocket, they would want a reimbursement that is accurate and fair. Luckily, you also want to make sure the request is fair so you aren’t paying more than you owe. If you’re looking for expense reports in a Google Sheets format, check out this collection of free Google Sheets expense report templates and business expense trackers. Designed with transportation expenses in mind, this employee expense report with mileage template is perfect for tracking reimbursable miles or kilometers traveled.

While some executives use corporate card statements as proof for deductible expenses, s are a much better alternative. Business accounts or credit card histories aren’t always reliable since they can’t track down all expenses. Operating any type of business comes with certain expenses that cannot be avoided. They include gas, meals, parking, travel expenses, hotels, and many more. Expense reports document all these expenses in one place so you can track where company money is being spent.

Free Time Study Templates in Excel & ClickUp

Make it company policy that your employees have to attach the receipts to get reimbursed. To track expenses efficiently, you should provide some basic information on why the expenses incurred. For a solid structure, organize your expense reports with multiple line items.

The accuracy of this information is very important when it comes to calculating profit or filing taxes. In this guide, you will learn all about expense reports—what they contain, why they are important, and most importantly, how to create them. Additionally, you won’t have to deal with the reimbursement procedures.

Set Up An Expense Policy

Any additional ones will depend on the type of business you run. Additionally, you should ask your employees to attach receipts to the report to provide evidence about the incurred expenses. Receipts also help you determine whether the expenses are compliant with the expense policy. The time it takes to complete an https://www.wave-accounting.net/webinar-nonprofit-month-end-closing-accounting/ can vary widely depending on your company’s methods. 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.

From this monthly expense report template, you can see what the employee (Melanie Rodrigues) spent in the latter half of September 2024. This report itemizes her expenses by date, description, and category (Air/Travel, Lodging, Fuel, Meals, Entertainment and Other). Using these helpful features can make a world of difference to a busy business owner who needs to know where their money is going. The FreshBooks expense management tool will make your accounting experience an automated breeze, so that you can focus on running the business. Why spend time sweating over the small stuff, when you can use an automated accounting software that puts in the hard yards for you. Expense reports are for anybody who makes business-related purchases on the company’s dime.

You Will Know the Accurate Reimbursement Amount

Also need to remember that you have to attach all expense documents while submitting this report to the authority. For example, hotel expenses, transportation costs, phone bills, other expenses, etc. This Small Business What is the best startup accounting software? Template by ClickUp is a handy tool designed for that exact purpose.