{"id":4233,"date":"2021-11-12T06:37:11","date_gmt":"2021-11-12T06:37:11","guid":{"rendered":"https:\/\/www.itilite.com\/?p=4233"},"modified":"2024-01-16T12:37:15","modified_gmt":"2024-01-16T12:37:15","slug":"expense-reports-importance","status":"publish","type":"post","link":"https:\/\/www.itilite.com\/in\/expense-reports-importance\/","title":{"rendered":"What are Expense Reports and their Importance (+Free Expense Report Template)"},"content":{"rendered":"
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An expense report is a necessity for any employee who wants to claim reimbursement for any expense they have incurred for business purposes such as meals or mileage. Also, it is essential for businesses as it helps track expenditure and file taxes efficiently. <\/p>\n\n\n\n

Lets’ see what exactly an expense report is, its benefits, and how to create one. Also, you can download a customizable expense report template that you can use for your company. <\/p>\n\n\n\n

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What is an Expense Report?<\/h2>\n\n\n\n

An expense report is a formal document (paper or digital) that itemizes all expenses incurred during the course of performing job functions. <\/p>\n\n\n\n

For instance, if an employee is traveling for a business conference, she would use some means of transport, and incur many expenses during the trip such as meals, accommodation, and client meetings. <\/p>\n\n\n\n

All of these may be included in the report and be reimbursed as per the company T&E policies<\/a>. The policies entail the spending limits for each type of expense and what happens if they spend out of policy.<\/p>\n\n\n\n

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Sections of an Expense Report<\/h2>\n\n\n\n

An expenses report typically has the following sections or columns: <\/p>\n\n\n\n

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