A report is a given statement or account presenting something along with all facts and evidence. People usually structure a report in order to provide information or explanation about something to a particular audience.
In report writing, the writer gathers information about particular subjects and presents it in a summarized form while ensuring that all key information or ideas is presented to the audience. Ideally, the reporter provides a copy or a written sample of the report to the audience, or in some cases (like in thesis defenses), the panel.
An expense report is a detailed document which presents or reports expenses of an individual upon conducting a business report operation.
For example, when an employee makes a purchase of materials and equipment to be used for company operations, he/she needs to write an expense report to be submitted to the company head.
In preparing for an expense report, the writer needs to keep all the receipts of all expenses during the operation. Receipts will serve as a proof that the company’s money is being spent on the things it is allotted for.
Expense reports are documents which record the expenses of a business operation. They also help in keeping track of company finances used during the said operation. This is to make sure that the company’s finances are being used well by the employees and not spent for personal or dubious reasons.
Expense reports are also used for reimbursement of expenses if the employee uses his/her own personal money for the business operation. Basically, expense reports are written documents intended for the head of the company to be able to track all the outgoing financial operations of the company.
There are many differences to point out between an Simple invoice or an expense report. However, it is not uncommon to confuse the meaning of both. After all, they are commonly used in business transactions. Let’s get to know how each of them works.
Expense reports and invoices are similar, in a sense that both contain a list of goods and services, serving as an evidence that a business or sales transaction did indeed happen.
However, an expense report is a document sent by an employee to his/her employer as a receipt of all the money spent for the company, while an invoice is sent by a seller to a buyer as a bill for the goods/services being rendered.
If you are still confused, you may check out some free expense report examples for clarification.
Expense reports are useful in managing and keeping track of a company’s financial report status. By keeping track of all the expenses made by the employees for the company, the head of the company will be able to know if the company’s finances are being spent accordingly.
If the money is being spent for reasons not related to company operations, expense reports will aid in tracking them so that the company head can immediately act on it. Reviewing the past expense reports will show how expenses were made in the past, guiding future budget allocations.
Managing expense reports or other kind of reports (e.g. monthly reports) can be a bit of a headache. If you’re someone who manages expense reports really well, congratulations. But if you’re someone who’s having a hard time managing expense reports from day one, here are some things to help you:
Like other reports (e.g. sales reports), making expense reports can be a real hassle, especially if your hands are already full. Gathering, calculating, and organizing the data needed for expense reports—it’s tiring just to think of.
Here are few easy ways to help you manage those numbers: