Expense Report Templates to Get Started Fast

Expense Report Templates to Get Started Fast

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.

Ditch expense reports forever

Instead of processing reports, your finance team could be sharing budgets and managing spend in real time.

What should an expense report include?

Every expense report contains basic information such as:

  • Name and contact information
  • Description of the expenses
  • Expense categories
  • Date of purchase
  • Subtotals
  • 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 travel expenses, project budgets and personal expenses.

Depending on the requirements of your organization, it may also be important to include an easy way for employees to add expense receipts, itemized expenses, and proof of their purchases. These will enable you to verify claims prior to performing reimbursements.

What is an expense report used for?

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.

All-in-one business expense tracker

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business expense tracker

Get an expense tracker built by our experts. This business expense tracker enables you to track expenses, mileage, and reimbursements in one place.

General employee expense template

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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

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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.

Business travel expense template - full

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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.

Project expense template

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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.

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 automating your expense reports:

  • Decreasing processing time
  • Enhances productivity
  • Streamlines processes
  • Clear oversight
  • Faster reimbursements
  • Increased efficiency

Your time is valuable. Learn more about spend management.

Lola.com is the spend management solution that keeps you on budget.

About the Author: Sagar Velagala
Sagar is the Director of Growth at Lola.com. Before this, he worked in analytics, finance, and operations roles at companies like The Boston Beer Company and HubSpot.