Employee-friendly expense reporting

Small Business Tips: An Expense report template to manage business expenses

August 22, 2019
Min Read

Did you end up here looking for an expense report template?

To cut you some slack, we have done the work for you. You can customize this expense report template to suit your needs. You can also use this template either via downloading it or by directly editing it online. This expense report template can be downloaded either as Excel, PDF, or CSV.

Get your expense report template here.

Essential fields to track in your expense report template:

  • Date: This field becomes your single source of truth when it comes to verifying the claimed spends for specific business trips.
  • Trip duration: The assigned duration and the number of days to a specific employee helps calculate per diems and mileage. 
  • Business purpose: This category helps finance teams document the intent behind the particular business spend. 
  • Employee details: These details cover the name, designation, and the department of the employee.
  • Expense type: The primary categories are accommodation, travel, food, per diems, cash advances, mileage spends, and other miscellaneous business spends. 
  • Project/ client: This category helps finance teams correlate business spends based on their respective clients.
  • Merchant name: The merchant or vendor details play a crucial role in ascertaining the validity of bills that are submitted by your employees.  
  • Amount: This category should ideally tabulate against every expense claim that your employees make. 
  • Total expense amount: Once tabulated, your employees must mention this amount. 
  • The advance amount received: This is helpful for businesses who provide their employees with cash advances before their business trip.
  • Total: Once added with the final amount and the supporting evidence, employees need to fill in this section. 
  • Undersigned by the employee: This ensures that the employees own up to their expense claims. 
  • Undersigned by the reporting manager: This ensures that the reporting manager has verified the expense report.
  • Undersigned by the finance team: This indicates the finance team has approved the expense report.

Related Reads:

How to effectively track Per Diems in an expense report form?

How can businesses track mileage using an expense report form?

Why businesses shouldn’t use an expense report template?

Most businesses often tend to ignore their expense management as they do not see it as a problem that needs immediate attention. As a result, they almost always turn a blindside towards it. Often, businesses download an expense template and circulate it amongst their employees. Other companies may look into an expense report example via the internet. They may then add other variables that tend to their business needs thereby, customizing their expense report form.

Even though both these approaches may try to solve the problem at bay, they both translate into two things: More manual work. More valuable time wasted.

Related Reads:

Expense report template: Why businesses shouldn’t use them!

How to Create an Expense Report in Under 5 Minutes

Is an automated expense management software the solution?

Here are some impressive numbers from a study conducted by Levvel LLC:

"71% of the respondents stated they saw an improvement in their reimbursement cycles."

"66% of the respondents reported they now have better visibility into their employee expenses."

And these are just some of the benefits of using an automated expense management software like Fyle. We do a lot more than just streamlining and easing out your expense reporting.

Pro-tip: As due diligence, ensure your employees attach corresponding receipts for the business expenses they incur.

Do you want to jump onto the bandwagon of digital change? Schedule a demo today!

Effortless expense management for all business spends. Earned time, saved costs, improved productivity, happy employees - achieve it all with a single software.

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Features to support all your expense management needs