EMPLOYEE EXPENSE REPORTS
WHAT TYPES OF INFORMATION SHOULD BE ACCOUNTED FOR ON EMPLOYEE EXPENSE REPORTS?
As a business, you need to know where money is being spent. This can help you to make smart business decisions or make decisions to cut off activities that may be creating a loss for the business. Bookkeeping and accounting can be used to help you track all of your incoming and outgoing money. One of the tools that should be utilized is employee expense reports. These reports track what employees are spending for business reasons. Here are a few of the different pieces of information that should be tracked on employee expense reports.
Employee expense reports need to detail all of the purchases that employees make when they are not in the office, yet are essential for their job. Employees who travel are often required to submit expense reports. These reports typically include things like transportation expenses, including gas, plane tickets, car rental and Uber, taxi or shuttle service fees. Hotel or lodging expenses should also be placed on employee expense reports. If your employees travel for work, you may provide them with a stipend to pay for meals or you may require them to submit receipts for their meals, both of which should be listed on the report. Finally, any expenses related to clients, such as work dinners or lunches with a client, should be included on employee expense reports.
Maintaining the bookkeeping and accounting for your business yourself is a lot of work. You have to keep track of bank statements, financial records, and employee expense reports. Here at Xpert Bookkeeping Plus, we can handle off your accounting and bookkeeping needs, freeing up more of your time for other tasks. Schedule an appointment with us today and let's talk about what services we can provide you.