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For example, you might need to note your weekly spending on personal items. On the other hand, expense reports are vital for tracking and recording any expenditure in general. And instead of guessing the amount of spending, detailed reports prevent inaccurate calculations and lies, especially when receipts are required. The same goes for determining how much to reimburse the expenditures. If an employee bought meals for visitors, equipment for an event, or plane tickets for a business trip, expense reports show how much was spent. It is essential to record business expenses because of reimbursement. So any form of purchase that runs a business is documented. Why Is an Expense Report Important?Įxpense reports are mainly business reports that track spending. On another note, Statista reported that the global business travel expense reached $1.33 trillion in 2017.Īlso, via the Bureau of Labor Statistics (BLS), Chron stated that the wages or salaries per hour are responsible for 70.4% of employer expenses for workers’ compensation. Studies show that employee expense fraud among businesses in the US costs about $2.8 billion each year. Aside from reporting how much was spent, the sheet is also useful for tax management and accounting information. The expense report, which often comes in a printed document or a spreadsheet, notes how companies and their workers spend on a business trip, special event, or any factor reimbursed by the business.

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And one of the essential factors is how to manage expense reporting. Considerations include employee management, work development, marketing, and more.

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Sample Meeting Expense Report download nowįor any manager in a small business or a big corporation, there are plenty of factors to consider in reaching specific goals.

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