{"id":25438,"date":"2020-11-26T00:00:00","date_gmt":"2020-11-26T05:00:00","guid":{"rendered":"https:\/\/www.nevharris.com\/?p=25438"},"modified":"2020-11-19T21:24:33","modified_gmt":"2020-11-20T02:24:33","slug":"expense-reporting-tips","status":"publish","type":"post","link":"https:\/\/www.nevharris.com\/expense-reporting-tips\/","title":{"rendered":"7 Expense Reporting Tips You Need To Know"},"content":{"rendered":"\n
When you run a business, expense reporting is an inevitability – like paying taxes or feeling the uncontrollable urge to order takeaway every Wednesday night.<\/p>\n\n\n\n
At the risk of stating the obvious, it\u2019s not exactly thrilling – but you know what is? The fact that nailing your reports could help you keep more money in your pocket. <\/p>\n\n\n\n
Here comes your stock standard definition: Expense reports track your spending on essential business expenses. Essentials include things like meals, accommodation, and transport. Things like expensive workwear, fancy cat food, and those bathroom renovations you\u2019ve been dying to get done? Not so much. <\/p>\n\n\n\n
The reports are generally prepared on a monthly, quarterly, or yearly basis, and often for different purposes. For example, monthly reports are great for tracking your spending against your budget, whereas yearly reports are used to write off expenses on tax. <\/p>\n\n\n\n
Now that the theory is under control, it\u2019s time to make sure these expense reports are done right. Follow these steps to make it happen. <\/p>\n\n\n\n
Fair warning: company policies can be almost<\/em> as boring and tedious as financial jargon, but they also happen to be the foundation of successful reporting. Think of your company expenses policy as the bread in your financial sandwich: they\u2019re there to hold everything together by letting your team know where money should be spent and under what limits. <\/p>\n\n\n\n A well set-out policy should also include specific budgetary numbers, a reimbursement plan, and the contact details for the relevant managers within the company. I\u2019ll let you in on a little secret: the only thing that tastes better than an expensive lunch on the company credit card is the knowledge that you\u2019ve avoided nasty policy violations. <\/p>\n\n\n\n Being a agency owner comes with so many responsibilities that it can be easy to neglect the people who keep your business running. If there\u2019s one thing all employees have in common, it\u2019s an appreciation for extra savings, but most won\u2019t find much joy in filling out expense reports. Don\u2019t miss an opportunity to highlight the importance of following the company process for expense reimbursement claims, even if it makes you feel less like a Cool Boss and more like a Major Nag. <\/p>\n\n\n\n It\u2019s easy to fall into the habit of declining receipts at counters or flinging them straight into the recycling bin. They\u2019re just extra wallet clutter anyway, right? <\/p>\n\n\n\n Wrong. <\/p>\n\n\n\n Whether you\u2019re a agency owner with staff or a freelancer working on your hustle, you\u2019ll need receipts to present to your clients (and the tax office) in exchange for any reimbursements. As long as you have the receipts, things like travel costs and rent can be reimbursed after the fact, so resist the urge to go full Marie Kondo and hang on to those paper slips – even if they don\u2019t quite spark joy. <\/p>\n\n\n\n We all want to keep more of our money in our pockets, and understanding your deductibles makes it possible to do just that. The rules around each of these claimable items depend on your company\u2019s policy, but you can generally expect to claim travel expenses<\/a>, rent, insurance costs, interest on business loans, and car expenses. <\/p>\n\n\n\n Q: How do you turn something incredibly tedious and time-consuming into something more efficient? <\/p>\n\n\n\nTrain your employees<\/h2>\n\n\n\n
Keep all of your receipts<\/h2>\n\n\n\n
Get to know your deductibles<\/h2>\n\n\n\n
Get your hands on an effective template<\/h2>\n\n\n\n