How Free Expense Report Template Cut Down Your Workload
Not only specialized for large businesses, but the expense report is also necessary for small and mid-sized businesses. Creating an expense report can help you to check how much the company spent in detail, but working on the report will take pretty much time, effort, and money unless you make use of the free expense report template.
Taking the Advantage of Free Expense Report Template
Available in various formats to suit your need, the free expense report template will assist you in tracking the current expenditures of the company during a period or during important job tasks and help to minimize mistakes and lack details in the expense report.
An expense report works by summarizing the whole details of the company’s accounting that consumed by the employees in a certain period of time. It can be based on a monthly, quarterly, or yearly period. By publishing this report, a company might identify the areas with the most and least expense also finds unaccounted money and spent.
Purposes of Using Free Expense Report Template
Among the purposes of employing free templates in making an expense report of a company is to record the employees’ budget management easily, in this case the budget from the company. The employees have the right to spend on certain activities, programs, or training in order to improve their working quality for the company.
The expense report can be an evaluation tool too by comparing the current report to the old ones. Providing clear expense tracking will help the company to decide the next steps to set a more prospective future of the business.
Elements of a Free Expense Report Template
There are fixed basic information composing an expense report that must be included in order to provide the most accurate and responsible data. Make sure to check the following elements to be existed in the free expense report template that you want to use.
- Date of the expense.
- Expense type, for example lodging, mileage, meals, salary, etc.
- Total of expense.
- The charged account of the expense.
- The subtotal of expense in each category.
- The grand total of the whole expenses.
- The subtracted amount of cash advances paid to employees.
Besides the basic elements, a short summary explaining whether the employees have spent the money for their personal items or not is also important to be included in the report. Once the employees’ personal thing is included, they need to make it as detail as possible so the expense can be evaluated and calculated properly.
Tricks in Utilizing a Free Expense Report Template
Since most of expense reports in companies are handled by the employees, there is an urgency for the management to check the validity of information written in the free expense report template employed. If you are placed in the management of the company, you can inspect if there are any abuses indicated in the expense report from the signs below.
- The amount of transactions listed in the report is not balanced with the receipts enclosed in the document.
- Inconsistent number of presenting items in the business compared to the number written in the report.
- Not on-time submission of the report. In the other case, the report might be submitted on time but there is information that absent and marked as delayed one without explanation.