Chatise Thomas served as an executive assistant at American Express, a position she held for five years before joining Metlife and Rainbow Media. One of Chatise Thomas's responsibilities as an executive assistant in American Express was writing business expense reports.
An expense report is useful for tracking every cost incurred by employees or business owners relating to training, travel, transportation, meals, and other business operation incidentals. Routinely updating the expense report will ensure the company is ready for any audit or financial trouble. Using this guide will help employers and business owners write an adequate expense report depending on their business operation and needs.
The first step to writing a standard expense report is identifying the expenses that need to be listed. Routine expenses such as payroll and rent don't require expense reports since they are budgeted for in advance. The company may draw the line on what constitutes business expenses and personal expenses.
Next is to create a template or use software to help simplify the tracking process. There are various software like Expensify and Zoho expense to help generate expense reports quickly. Regardless of the company's approach to expense reporting, there should be instructions on report completion, documentation, and saving relevant receipts.
Furthermore, ensure to tailor the expense report to the company. Depending on the firm's industry, it is more likely to incur some specific expenses than others. For instance, a professional service organization might spend more on training expenses. To make writing an expense report easier, consider creating one tailored specifically to an area the firm incurs costs regularly (travels or training). It will help in monitoring and tracking those expenses.
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