Wednesday, April 29, 2015

The Meaning of Expense Report

Almost in every organization in many situations, employees are required to spend from their own purse for the purpose of the organization. In such cases, the organization becomes liable for the reimbursement but for this to happen, it needs the detailed report of the expenditure. This detailed report of the expenditure is called as expense report. This is the key to get the reimbursement from the organization as it contains all the expenses made by the employee for the organization. All the official expenses are mentioned in this report. This report also gives a very clear idea about the tax deductions and payments and also about the personal account as personal expenses are also parts of this report. The data that is common to all the expense report is travel expenditures, hotel rents, air and train fares occurred on traveling to different destination. The food expenditures are also mentioned in this report.

This kind of report gives a very clear picture about the daily as well as the monthly expenses of an employee. This information is useful for both the employee and the employer. In general, the reimbursement takes a lot of time after submission of the expense report for this reason the organizations use a fixed form to enter all the expenses. This form can be filled online as well as on paper. The online submission is a very fast way to get the reimbursements and this is the reason that most of the employees prefer as compared to hard copy of the report.

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