What are some tips for getting your expense reports approved faster and easier?

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If you work in an office, chances are you have to deal with expense reports at some point. Whether you travel for business, buy supplies, or entertain clients, you need to document and justify your spending to get reimbursed. But expense reporting can be a tedious and frustrating process, especially if you don't follow some best practices. In this article, we'll share some tips for getting your expense reports approved faster and easier, and avoid common pitfalls that can delay or reject your claims.

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1 Keep receipts and records

The first and most important tip for expense reporting is to keep all your receipts and records. You need to have proof of your spending, and be able to match it with the purpose and date of your trip or activity. Don't rely on your memory or bank statements, as they may not be enough to satisfy your employer or the IRS. Use a scanner, an app, or a folder to organize your receipts and records, and make sure they are clear and legible. If you lose a receipt, try to get a duplicate or a statement from the vendor.

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Malarvizhi Natarajan

Office Administration Specialist | Expert in Organizational Efficiency & Executive Support
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? Create a record retention policy ? Use a consistent naming system ? Categorize and label records ? Store records securely ? Review and update records regularly ? Use a document management system ? Record expenses as soon as they occur ? Digitize documents ? Train and communicate with your team ? Use technology

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Malarvizhi Natarajan

Office Administration Specialist | Expert in Organizational Efficiency & Executive Support
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? This helps ensure that financial information is up to date and helps catch errors. ? This is important for producing meaningful financial records. ? This allows you to store receipts, invoices, and income statements in one place. ? This helps eliminate the chance of losing receipts and money. ? Label the folder with the types of receipts it contains. ? Place the most recent receipts in the front of the folder. ? This helps prevent losing important financial information. ? Some companies may prefer to store receipts for a longer period.

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2 Follow the rules and guidelines

The second tip for expense reporting is to follow the rules and guidelines of your employer and the IRS. Every company has its own policies and procedures for expense reporting, and you need to be familiar with them before you submit your claim. For example, you may need to use a specific form, software, or system, or follow a certain approval process or deadline. You also need to know what expenses are eligible, reasonable, and allowable, and what are not. The IRS has its own rules and regulations for business expenses, and you need to comply with them to avoid audits or penalties.

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Malarvizhi Natarajan

Office Administration Specialist | Expert in Organizational Efficiency & Executive Support
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?Understand the policies: You can do this by reading the policy manual or handbook, attending training sessions, and asking questions if you have any. ?Communicate effectively: Use communication skills to stay in touch with employees, clients, and senior staff. ?Be respectful and ethical: Be respectful and ethical in your work. ?Dress appropriately: Dress appropriately for your role. ?Follow procedures: Follow the policies and procedures that govern how you perform your tasks, communicate with others, and handle confidential information. ?Avoid mistakes: Following policies and procedures can help you avoid mistakes, conflicts, and legal issues.

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Chris Martell

Director of Operations / Chief Operating Officer ? Driving Operational Excellence and Transformative Growth by Seamlessly Blending Visionary Leadership with Strategic Execution to Elevate Organizational Profitability.
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In my experience, making sure leadership creates and sets clear deadlines for when expense reports are due is the most fundamental aspect of having clean financial statements. Team members that have been submitting expense reports months late are doing a real dis-service to the business. Get it in check fast with clear deadlines.

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3 Categorize and itemize your expenses

The third tip for expense reporting is to categorize and itemize your expenses. You need to separate your expenses into different categories, such as travel, meals, entertainment, supplies, etc., and provide details for each item. For example, you need to specify the destination, duration, and purpose of your travel, the names and titles of the people you entertained, the business reason for your meals, etc. You also need to indicate if any of your expenses are personal, shared, or reimbursed by another party, and adjust your claim accordingly.

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Malarvizhi Natarajan

Office Administration Specialist | Expert in Organizational Efficiency & Executive Support
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? Create an Excel spreadsheet with columns for expense, type, date, and amount. List expenses from least to most recent, and add up the total at the bottom. ? Use accounting software to create an expense report. ? Use third-party expense management apps like Certify, Abacus, ReceiptBank, or Zoho. You can connect your bank account, credit card, or corporate card to the app to automatically import statements or fetch transactions. ? Use a pre-made expense report template in Excel. You can fill in the template with your expenses and identifying information, such as your name, employee ID, and the purpose of the expenses.

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4 Review and verify your report

The fourth tip for expense reporting is to review and verify your report before you submit it. You need to check your report for accuracy, completeness, and consistency, and make sure it matches your receipts and records. You also need to verify that your report follows the rules and guidelines of your employer and the IRS, and that you have all the necessary approvals and signatures. If you find any errors, omissions, or discrepancies, correct them as soon as possible, and explain the changes in a note or an attachment.

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Malarvizhi Natarajan

Office Administration Specialist | Expert in Organizational Efficiency & Executive Support
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? Checking for errors: Make sure all details are correct, and that there are no inconsistencies. ? Verifying receipts: Ensure that all required receipts are attached, and that they match the amounts and dates on the report. ? Checking compliance: Ensure that the report follows company policies and guidelines. ? Reviewing calculations: Double-check all calculations. ? Categorizing expenses: Make sure that expenses are correctly categorized. ? Explaining unusual expenses: If there are any unusual expenses, explain them clearly and provide supporting documents if needed.

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5 Be honest and ethical

The fifth tip for expense reporting is to be honest and ethical. You need to report your expenses truthfully and fairly, and avoid any fraud, abuse, or misuse of funds. You should not inflate, falsify, or duplicate your expenses, or claim personal expenses as business expenses. You should also not accept or offer any bribes, kickbacks, or gifts that may influence your spending or reporting. If you are caught cheating or lying on your expense report, you may face serious consequences, such as disciplinary action, termination, or legal action.

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Malarvizhi Natarajan

Office Administration Specialist | Expert in Organizational Efficiency & Executive Support
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? Use accounting software ? Implement internal controls ? Conduct regular audits ? Maintain proper documentation ? Stay updated with accounting standards ? Reconcile accounts regularly ? Analyze financial data regularly ? Perform balance sheet reconciliations

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6 Communicate and cooperate

The sixth and final tip for expense reporting is to communicate and cooperate with your employer, your manager, your accountant, and the IRS. You need to keep them informed of your spending and reporting, and respond to any questions, requests, or feedback they may have. You also need to cooperate with any audits or investigations that may arise, and provide any additional information or documentation they may require. By communicating and cooperating, you can build trust and credibility, and reduce the risk of delays or disputes.

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What are some tips for getting your expense reports approved faster and easier?

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1 Keep receipts and records

2 Follow the rules and guidelines

3 Categorize and itemize your expenses

4 Review and verify your report

5 Be honest and ethical

6 Communicate and cooperate

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