If you’ve got a pile of expense reports sitting around and have no idea what to do with them next, our bookkeepers can help. In addition to running America’s largest bookkeeping service for small businesses, Bench also offers a full suite of expense tracking tools, including a dashboard that lets you monitor your finances in real-time. Thankfully, a bookkeeping service like Bench can help. Use a bookkeeping service like Bench to stay on top of expensesĪlthough filing expense reports will get you part way there, staying on top of your business expenses is a year-long struggle. When recording expenses or designing your own reports, make sure to use IRS terminology like: Its simple but provides what you need to stay on top of your expenses and earnings. This is also why it helps to use the IRS’s categories when designing your expense reports.įor example, if you run a sole proprietorship and you use Schedule C (Form 1040) to record your business expenses, make sure to use the expense categories from Schedule C (which you can find in Part II of the form) on your expense reports. This budget spreadsheet is perfect for personal use. Generating an expense report helps you keep track of deductible expenses that your business bank account/credit card history might not be catching, and make it a whole lot easier to write those expenses off around tax time. Many of the expenses your employees make when working for your business are deductible, but you can’t deduct those expenses until you record them somewhere and have proof that they happened. They let you track expenses over timeĮxpense reports also let you track spending over time and see whether any particular expense category is driving costs. An itemized expense report (with receipts attached) lets you do exactly that. If an employee pays for something out of pocket and asks for a reimbursement, you need some way of making sure the expenses they’re claiming are accurate. So why do it? They let you reimburse employees properly If you run a small business that already does bookkeeping and produces financial statements, it might not be clear why you need expense reports. Pretty straightforward! Download Templateĭownload Template Why do we need expense reports? Each line asks for the date the expense was made, a brief description of the expense, the expense type and the expense amount. In addition to the employee’s personal information and the relevant pay period for which the report is being submitted, all it asks for is a one-line description of each business expense. If your employees don’t make many regular business expenses and you just need a form to capture the odd travel or project expense, a simple one-time expense report might work. We’ve come up with three templates that we think should cover most use cases. Google “expense report” and you’ll find an endless variety of templates, all of which seem slightly different.
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