Expense Report Templates That Streamline Processing
Managing your expenses is often very strenuous and frustrating. With so many other tasks that need to be completed, you don’t want to spend all your time staring at employee reimbursements and expense report spreadsheets or have to make them. We’ve got your back - keep reading for some easy to use free templates you can download today.
What is an expense report?
An expense report is a form that allows an individual to track and itemize all expenses related to a specific business or event. These reports are resourceful for tasks such as reimbursement, taxes, and planning. These reports may come in many different formats such as PDF, Excel, or Word.
Basic elements in every expense report template
Every expense report contains basic information such as:
- Name and contact information
- Description of the expenses
- Expense categories
- Date of purchase
- Total amount
Other expense categories and information that may be included in an expense report include details on vendors, project titles, business mileage calculations, and planned costs. Beyond typical business expenses, these reports can be useful for managing project budgets, personal expenses, and travel expenses.
Depending on the requirements of your organization, it may also be important to include an easy way for employees to add receipts, itemized expenses, and proof of their purchases. These will enable you to verify claims prior to performing reimbursements.
Why do you need expense reports?
Expenses have many purposes and uses, here’s a list of a few:
- Identifying and Managing reimbursements
- Tracking expenses over time
- Planning and Budgeting
- Auditing and Compliance Monitoring
How often should you update and track your expense reports?
A small business with few employees may be able to track expenses on a monthly basis. However, a larger organization may have a lot of business expenses, requiring them to track and manage thousands of records and reports on a weekly basis.
Four Free Microsoft Excel Expense Report Templates
- General employee expense template: This template is perfect for managing general business expenses. It helps you track the payment method of each transaction whether from credit card payments, accounts, or cash.This template is simple to use and can easily be modified to suit your needs.
- Business travel expense template (simple): Managing and reimbursing travel expenses after a business trip can be timely and frustrating. This template helps alleviate this process and offers an easy way to manage expense reimbursements.
- Project expense template: This template offers fields to track project expenses by milestone, and further breaks down expenses to identify labor, materials, and planned vs. actual cost assessments.
- Business travel expense template (full): This template helps calculate and break down mileage reimbursement costs, perfect for ensuring you are properly reimbursing employees for their business trips.
Skip the templates, and automate your expense reports
Automating your business expenses saves you time and money! Streamline the expenses and reimbursement process by using methods that will quickly and efficiently track and manage your expenses.
While free templates built using products such as Microsoft Excel or Google sheets allow skilled finance professionals to calculate subtotals and break down costs, they do not ease the administrative burden. The ability to efficiently add receipts, visualize expenses, and provide detailed printable reports is crucial if you want to save time and money.
Here are some clear benefits to automation:
- Decreasing processing time
- Enhances productivity
- Streamlines processes
- Clear oversight
- Faster reimbursements
- Increased efficiency
The bottom line: Your time is valuable. Download any of these templates for a quick strategy, but we highly recommend leveraging an automated spending management solution. An automated solution will help maintain insight and visibility into your organization’s spending.
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