WHY EMPLOYEE EXPENSE REPORTS ARE NEEDED FOR FINANCIAL STATEMENTS
Financial statements are one of the most important documents for business owners. A financial statement essentially gives you a rundown of what your outgoing expenses are and what your incoming money is. This is one of the tools that is used to see if your business is profitable and where cuts should be made to your business to help it remain profitable. Employee expense reports are needed to complete financial statements, even though many people often overlook these statements. Here is more about the importance of employee expense reports.
Employee expense reports can tell you a lot about the ways that your employees are spending company money. For example, if you send an employee to a conference in another part of the country, they may have to submit an expense report for their hotel expenses, taxi costs and food costs. You want to find out what they are spending and if the cost of sending them is worth the amount it is costing your business. Employee expense reports can include everything from putting gas in company cars to wining and dining potential clients. Being able to see what employees spend can help you to set limits, get a feel for what your employees are billing the company for, and make financial decisions as to whether travel or business meetings over meals is a financially wise investment for your business.
Here at Xpert Bookkeeping Plus, we can help you with both financial statements and your employee expense reports. Whether you need help putting together employee expense reports or you need help incorporating these reports into your financial statements, we can help. Call or email us to set up a time to discuss your bookkeeping needs and why you should turn to us.