Business Expense Reporting
In order to create accurate business expense reports, you must be organized and remain diligent throughout the year in order to record all expenses. Expenses associated with running a business should be logged using computer software or a spreadsheet. These expenses include travel, office supplies and furniture, corporate gifts and can include the cost of food, labor, and supplies for business or employee events.
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What is a Business Expense Report?
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Any expenses that pertain to your business should be included in a business expense report. If you are employed by a company and have to travel for business, you will be required to report business expenses made during your trip. These expenses include rental car, hotel, food or business supplies.
If you own a business, you should keep records of all business expenses as some are tax-deductable.
Typical Business Expenses for Small Businesses
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Typical business expenses for small businesses include office supplies and furniture, expenses for networking events, fuel for company vehicles, employee travel expenses, gifts for clients, shipping costs, and website design and maintenance.
When reporting expenses on your tax return, you might need to itemize some or all expenses. Itemizing expenses means you will have to list each expense and its final cost. Save all receipts as proof that these expenses occurred and were used to benefit your business. -
Tools Needed to Create a Business Expense Report
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Many software programs are available to help maintain accurate business expense records. You can find these programs in most office supply stores or online. You can also make a simple expense record using a Microsoft Excel spreadsheet.
To do so, create two columns, one that lists the name of the expense and other that lists the cost. Break expenses up by month, quarter or maintain a yearly record by adding subheadings. To add expenses, click and drag the cursor over the appropriate expense portion. Click "Formulas" at the top of the page and then "AutoSum." MS Excel templates are also available from Microsoft.
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