Having employees use personal credit cards to make purchases and then request for reimbursement has advantages. The expense policy should also be added to your company’s employee handbook for full visibility. To avoid this, have each employee sign and date a copy of the expense policy and document this in their personnel files (electronic or paper is fine).
While most employees are honest, some employees might try to get reimbursed for personal purchases. Tracking and recording the expense reports also gives you insight into any potential misuse or abuse of company funds. Then, once you have finalized it and the accompanying form, ensure all employees get a copy of the policy and understand it (e.g., hold a companywide meeting or video call). Have your accountant or HR professional review your expense reporting policy before you distribute it to employees. We recommend keeping your expense form template in your company’s shared drive or leaving copies in a designated folder everyone can access. Whatever method you use, track employees’ expense amounts and make sure they are appropriate. The most common practice to document employee expenses is to use a form, like our company expense policy template above. You could also establish a daily limit (per diem) on employee spending-usually ranging from $50 to nearly $400 per day, depending on your state and permitted expenses. While our expense policy template is fairly basic, you might want to specify which expenses are approved if your employees frequently travel or entertain clients. Reimbursable expenses listed on your report and in your policy should include those that are and are not approved, as well as those requiring pre-approval. Having employees submit expense reports also allows you the ability to accurately deduct eligible expenses from taxable income and have a verified record for tax reporting. Expense reports provide employers with a detailed account of how company resources are being used, enabling informed financial decisions. If your business anticipates employees making work-related purchases, it’s prudent to develop a policy and form for accurate tracking and recordkeeping. Integrate with accounting software for seamless data synchronization and reporting.Your expense report template may include fields for travel-related expenses such as airfare and meals.Leverage Automations to streamline repetitive tasks and notifications.Regularly update and reconcile expenses to ensure accurate financial records.
Customize dashboards to visualize key metrics and trends for better decision-making.Set up statuses like Pending Approval, Approved, Reimbursed, and Archived to track the progress of each expense.Create different views like Monthly Expenses, Category Breakdown, and Yearly Overview to analyze data from various perspectives.Utilize custom fields to input specific expense details such as category, amount, and date.Here's how you can make the most of this template: Next, invite team members or guests to collaborate on tracking expenses and financial performance. To get started, add the template to your Workspace and designate the appropriate location for easy access. Small business owners and managers can streamline their expense tracking with the Small Business Expense Report Template in ClickUp. Utilize Dashboards in ClickUp to create visual representations of your expense data and track key financial metrics effectively.
Regularly reviewing these reports will help you stay on top of your finances. Generate expense reports to visualize spending patterns, track budgets, and make informed financial decisions for your small business. Once all expense data is inputted, take advantage of the reporting features in ClickUp, Notion, or your chosen platform to analyze the data. Use tasks in ClickUp to log each expense entry with all necessary details. Accurate and detailed input is crucial for creating a comprehensive expense report. Include the date of the expense, amount spent, vendor or payee information, category, and any additional notes that may be relevant. Input Expense DetailsĮnter all expense details into the Small Business Expense Report Template. Categorizing expenses will help you gain insights into where your money is being spent and identify areas for cost-saving.Ĭreate custom fields in ClickUp to assign specific categories to each expense item. Once you have all expense data compiled, categorize them into relevant categories such as office supplies, utilities, travel, marketing, and more. Utilize the Table view in ClickUp to organize and input all expense data efficiently. This includes receipts, invoices, credit card statements, and any other documentation related to business expenses. Before diving into the Small Business Expense Report Template in ClickUp, Notion, or any other platform, gather all necessary expense data.