What is a Travel Expense Report?
A Travel Expense Report is a report entailing your expenses incurred during your travel. These expenses include your transportation, accommodation, food, and other related expenses. Tracking your expenses is paramount for the Accounting Department since they are responsible for the handling of the finances of the company. With a comprehensive report, you'll be refunded by the Accounting Department in no time.
How to Create a Travel Expense Report?
Creating your travel expense report can get complicated especially if not organized accordingly. Microsoft Excel and Google Sheets are programs that will aid you in creating a detailed and itemized report. We also offer templates that are simple and easy to work with whether it's for your personal use or not. Crafting an expense report can help one prevent overspending. Below, we will provide you tips on how to create your travel expense report.
1. Pay Attention To Your Company Policies
All companies have certain company policies that you need to adhere to. These exist to protect the traveler and the company's finances. It's meant to ensure that the traveler takes care of himself/herself and does not overspend during the course of the travel.
2. Keep Your Receipts
Not only does this help you track your expenses but it also shows transparency as well. What is shown in your report should coincide with what's in your simple receipts. Documenting your expenses will serve as your basis of reimbursement. If possible, divide your expenses by day then staple them together. Keep them together inside a small bag or envelope to avoid misplacement.
3. Make Use of Your Smartphone
For a traveler on the go, you can't always expect to remember your expenses. You can make use of your smartphone to track your expenses as well. You can opt to place them in your notes or an expense report app.
4. Keep a Notebook and Pen as An Alternative
Did you know that writing down helps you retain more information? If you are old-fashioned, then you can do the traditional way of retaining information. In case your phone battery is running out, you wouldn't have to worry about expense tracking because you have your alternatives with you. Just remember to write them neatly so you wouldn't have a difficult time tracing them later on.
5. Open Google Sheets or Microsoft Excel
After compiling your expenses, it's now time to input them into Google Sheets or Microsoft Excel. These two programs are designed to accommodate numbers. Categorize your expenses into different groups such as food, transportation, accommodation, and etc. Make sure to update your report from time to time to avoid lapses.
6. Attach Your Receipts To Your Report
After finishing your report, don't forget to attach the receipts to it. Like what has been mentioned before, this is to coordinate what's in your simple report to your simple receipts. There is a possibility that the Accounting Department will not reimburse you for the missing receipts.