<<em>strong>Expense Report Template
Find the perfect expense report template for your business needs
If you are opening up a business or you have had a business for a little while you will not underestimate the importance of having a good expense report process and procedure in place to insure you are capturing all your businesses various business expenses that are then used to help your accountant and lawyers balance the books at the end of the year as well as provide a key reporting matrix to help you understand where the business hard earned money is going.
If you are like most good business people and sales people, keeping expense reports nice and up to date is not easy for you. In fact you may find the task to be arduous and cumbersome. So what should you do? Look to use a good expense report template and then adopt it companywide and make everyone who creates any expense use the template to standardize the process of tracking and keeping business expenses.
There are many good expense report template forms that you can find through various sources like on line right now. Ensure the expense report template captures all the necessary expenses to satisfy your accountant’s needs and requirements and if it does not have your accountant or finance department add to the expense report template those areas that are lacking or missing. Also, have your finance department or accountant come up with the numbering scheme they utilize for all general ledger accounting and keep those numbers in sync and the same. This will ensure your accountant will properly track and account for each of those business expenses in their proper place and also so they can go back and audit any section at any time to provide you with the exact numbers based on which accounting schedule the expense should be or has been posted to during the accounting process.
This will also lessen the possibility of having the IRS perform an external audit on your business especially if your accountant can produce well documented and easy to understand expense forms for them if need be. The expense report template will ensure uniformity and conformity to these best practices in effort to maximize productivity while at the same time minimizing risk for you and your business.
Be sure when completing the expense reports to fully document each and every transaction as well as having the hard copy original receipts for items such as business meals with clients, presentation supply orders, taxi rides, and the all-so-well know hotel receipts. Telephone and internet receipts and payment histories are also needed in many cases today so ensure your expense report template form has a specific spot to document this expense and do so each and every month.