To fully understand where your business stands financially, it's important to fill out expense reports. It will provide insight into your business' spending and cash flow, as well as can help you calculate profits, expenses and reimbursements. But to figure this out, what do you actually need in an expense report? To save you and your bookkeeper time, incorporate the following seven features into your expense report.
Consider requiring a specified time frame to have the report submitted--for example by the 15th and 30th of every month or better yet, at the end of every week. We’ve found that the more often the reports are required to be done, the easier it is for employees to complete the report and the more accurate the information is. Keep in mind that your financial information, Profit & Loss, is not correct until all expenses are recorded so make efficient expense reporting part of your culture.