Expense Reporting Guidelines for Quick Reimbursement

Having specific guidelines for reporting travel expenses is the best practice that should be embraced by every organization. Expense report guidelines define the cap on budget or Per Diem expenditures, reporting processes, receipt requirements and rules for non-reimbursable expenses.

Budgeting

How to budget daily expenses efficiently is where most companies fail. You should count all the expenditures that count as a business expense while planning budget. You should plan in such a way that your budget should be in specific limits set. All these budget rules should be defined in employee reference handbook. It is better to know your budget limits while planning a business trip.

Reporting

Each expense should be reported on the specific date when it happens. Automobile mileage or flight expenses should be reported on the days of departure and return. It is better to record all expenses in the succession on the expense report as it helps you to arrange receipts by day, which can save your productive time. Add all the expenses and calculate the total for each expense. Deduct any advance payments that company made and double check the calculation before filing the expense report.

Receipt criteria

Whatever the expense it might be, you should keep a record of the receipts each time you spend money on the trip. Generally, you will be asked to keep only few receipts but still keeping all the receipts that help you report expenses accurately. Also, make sure you attach all receipts to your expense report.

Non-reimbursable expenses

You need to pay from your pocket for some expenses such as parking tickets, and excessive baggage expenses. These expenses cannot be reimbursed and you are not allowed to add these expenses to your expense report. So, it is better to refer travel guidelines mentioned in your employee handbook and talk to your human resources.

Authorization

Getting authorization for your expense reports is a time-taking process. Make sure you route the expense reports for right approver so that they will get reimbursed faster. Sometimes, it may take weeks to get reimbursement. It all depends on your approval workflow.