A business short term expense report template is comprises all the places where a company’s money is being spent. The term “short term” basically just suggests that the document will contain a list of purchases made in less than a year, say two (2) or three (3) months or more. The advantage of a business short term report is that, the expenses can be handled more efficiently rather than for an annual expense report. Now, when a person is carrying out a business, they will definitely have employees. In most cases, the business manager or CEO of the company asks their employees to carry out some major business expenses by their personal money. Similarly, a certain amount allotted to certain employees for purchasing necessities for their company. In either cases, the used amount or the extra amount spent is reimbursed to the employee on the basis of a business expense report.
Importance of Business Short Term Expense Report
The business short term report is basically a part of business expansion and growth report, which consists of a summarized list of all the expenses that an employee made and the total amount to be reimbursed. This report is usually prepared and manage by a manager which is recruited for that specific purpose. They are required to specify all the places where the company’s money is being spent. In some companies, one of the most crucial step while making a short term report is the attachment or availability of recipients. This habit shows the legitimacy and accuracy of such reports, and the employer can easily calculate the amount which he/she has to make available during that time period. This short term period also included those expenses which needed to reimburse to employees.
Tips to Prepare a Business Short Term Expense Report
A business short term expense report has an easy format. It can be made by any employee on MS Excel spreadsheet or any other app. This report should include a proper itemized list of the purchases, their brief description, the amount allotted and the amount used. Moreover, it should not contain any other unnecessary information that is unrelated to the purchase or the money. The list of things that the employee should keep in mind while making an expense report is mentioned below;
1. First of all, brief introduction of the employee and the branch from which they operate and their contact information.
2. The beginning date from which the purchases are being listed.
3. The ending date/ the date on which the list is being made.
4. The name or the person who prepared and approved the list.
5. The date on which each purchase was made.
6. Name of each purchase and its brief description.
7. Its method of payment (cash or card).
8. The amount that was allotted for the purchase.
9. The amount that was spent on it.
10. Total amount spent over all along with tax inclusions.
If it is specified by the company to attach receipts, then they should be attached on the backside of this report to claim as an expense. This proves the authenticity of the purchases that are listed. The expense list is then printed out and personally handed over to the employer, or it can be directly sent to the employer through an email. This helps the employer keep track of all the places where their company’s money is being used and control their cash flow.
Template for Business Short Term Expense Report
