accountable plan expense report template

#Accountable plan expense report template how to
#Accountable plan expense report template software
#Accountable plan expense report template download

Store the expense report on a company hard drive or cloud location for easy download whenever an employee needs it. You should model your expense reports after your policy and keep them as simple as possible. Smartsheet has created expense report templates for multiple categories.

#Accountable plan expense report template software

Accounting software Patriot Software has a basic expense report template and recommends including tracking for purchase date, item bought, purchase amount, advances given and reimbursement total. The best expense reports are easy to understand for employees who use them and are simple for your accounting department to process. Create a User-Friendly Expense Report to Help Manage Employee Expenses Recruiting software Workable has a sample policy you can download and edit for your own business here. It’s better to provide more information than cause confusion or a case where an employee feels like they have not been fairly reimbursed. You might have different policies for different positions in your company, since employees across departments may be interacting with varying levels of clientele. You should also delve deeper into costs for each item, such as the maximum amount someone can spend on meals in a single day while on a business trip.ĭon’t be afraid to dive into details. The policy should also state what items need to be pre-approved before they’re purchased, such as significantly costly items like plane tickets. How employees should file for reimbursement.

Explicit direction to contact the employee’s manager or the human resources department before spending if there are any unanswered questions.Details of exactly what qualifies for reimbursement.It’s wise to consult with your compliance department when creating the policy to make sure the policy is legal and fair to employees.Ī thorough policy for managing employee expenses should include the following: You should also store the most current policy online where it’s easily accessible. An ideal place to store this for employees is in an employee handbook or policy and procedures manual, and make sure it’s up-to-date in each edition. Your employee reimbursement plan should be transparent and accessible to all employees. Develop a Transparent Outline to Manage Employee Expenses The IRS will want proof that you have a plan in place for employees, which brings us to the next step.

#Accountable plan expense report template how to

You can find more information and how to report on these plans here.Īs a business, you aren’t required to turn in every employee receipt to the IRS, but you must retain documentation for at least three years in case there’s an inquiry. Employees must report their expenses to you within a set amount of time, and any excess reimbursements that are greater than the allowable amount must be returned. Expenses that fit within the plan must have a business connection and may include travel expenses, including meals and entertainment, as well as supplies purchased for business. Get an Accountable Expense Reimbursement PlanĪn Accountable Expense Reimbursement Plan is a business plan that complies with standards set forth by the Internal Revenue Service, which allows your business to reimburse employee expenses on a tax-deductible basis. Use these tips for managing employee expenses while keeping employees and clients satisfied. If you build it, your employees will have to follow it. Having a defined strategy and documentation to support it protects your business.

Employees who don’t get paid what they feel they deserve can get angry with your company and talk about it negatively to peers. You could be paying for items that in no way benefit your business. Employees may overestimate what they’re spending and demand reimbursement. Not having a clear policy for managing employee expenses for your business could spell trouble for your employees, your management team and your company’s bottom line. Manage employee expenses with company cardsĬontinue reading to learn more about managing expenses.

Develop a transparent outline to manage employee expenses.Establish an accountable expense reimbursement plan.Here are four things you should consider to manage employee expenses: Effectively managing employee expenses is important for your business, your employees, and your bottom line. Article Summary: Depending upon the nature of your business, it's likely you have employees who are authorized to make purchases or incur other expenses on behalf of the company.