You need to keep an eye on where your money is going.
Some new business owners don’t appreciate it until they’re neck-deep in paperwork at tax time, but not having some sort of business expense management system in place is a massive problem.
Far too often, the process of expense management is throwing paper receipts in a folder and attempting to sort everything out at the beginning of April. That’s problematic for two main reasons:
- Receipts get lost or thrown away
- You have zero idea what your money is being spent on
What should an expense management form include?
Expense management forms can be cumulative, showing the total spend for a company or department over a period of time (e.g. monthly or quarterly). They can also be more targeted and record individual expenses for a specific employee or project.
The most common fields to include in an expense report are:
- The date of the expense
- Who the expense was paid to
- If the expense should be tied to a specific project or client
- The total amount paid, including taxes and fees
- The category of expense (e.g., travel, meals, mileage, etc.)
Basic expense management can be easy to do with a simple form that can help you keep track of your business spend. Download our template today!