Organized Expense Reporting
Expense reports can be tough. It might be difficult for you to organize all of your receipts and business expenses. If you found yourself scrambling to get ready for tax day this year, here are a few tips to make it easier in 2017.
Keep All Receipts
Keep your receipts as a record. Although the IRS says you don’t need to keep receipts for expenses under $75, things can sometimes fall through the cracks when it comes time for an audit. Also, make notes on the receipts for the business purpose behind it.
Scan Your Receipts
To help save paper in your office, consider scanning your receipts once you receive them. This will help prevent ink from fading and allow for space for other important documents. If you do not have access to a scanner, you can take a photo of your receipt with your smartphone and use a scanning app. Genius Scan can quickly scan receipts, save them as JPEG or PDF files, making it easier to email receipts with expense reports.
Use a Template
There are many templates for expense reports online available for Excel. The Microsoft Office website offers free basic templates including cash flow statements and expense calculators. Also, many companies have a template they want employees to use.
Make Reporting Expenses Easier
There are a variety of programs available to business owners to make expense reporting easier. Expensify allows employees to quickly import any transactions made with a business credit card and capture reimbursable and billable expenses. It also has an offline mode, allowing you to keep track of expenses no matter where your job takes you.
For administrators, Expensify can integrate with many popular accounting, payroll, CRM, or ERP solutions. You can also have users create individual accounts to ensure safety and security of all information in the app.
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