6 Steps to Prepare an Expense Report

Creating expense reports may not sound so important for small businesses. However, as companies grow, they need to be more mindful of where their money goes. With increasingly large and numerous expenses, sales teams need to have a working system to both input and file expense reports.

Expense reports are necessary when it comes to tax season, as many of them are deductible to the final amount companies owe. They also are good to have during budget planning. Starting from being able to identify which expense can be optimized or how much teams need to fulfill their role, it’s a necessary part of every organization’s operations.

While making expense reports can be overwhelming, it doesn’t have to be. Here’s how you can easily prepare an expense report:


Step 1: Create or Choose Template

A template is a file that contains the necessary fields that teams need to file for sales reports. From the vendor name to the amount, companies will have their specifications on what should be in the expense report.

If you don’t want to make a template from scratch, there are many templates available online for free or software that can make it for you.

Step 2: Add Itemized Expenses

Expenses need to be per expense item. After making sure that the right client is tagged, salespeople filing the report should make sure that they are in chronological order.

Step 3: Total Expenses

Expenses are totaled differently depending on the company. Usually, it is first added by category before the overall cost. When it comes to reimbursement, any overpayments done by the salesperson beyond the budget will not be paid for by the employer.

Step 4: Add Supporting Documents

To validate expenses, companies need proof of purchase from the vendors. These receipts often show the vendor’s tax identification numbers and location, which are both necessary when filing taxes.

Step 5: Send the report

Before sending your report, make sure that that total is correct, the supporting documents are attached, and your employee number or account number is displayed prominently. For emailed reports, make sure that you let managers signing off acknowledge your submission.

Step 6: Collect your reimbursement

While there is a process to send expenses, there is also a process to reimburse them. Make sure that you know your company’s policies. The reimbursement procedure often includes deadlines, payment details, and internal approvals.

CRM Data Entry Services

Despite having hundreds of tools at their disposal, many sales teams still struggle with filing expense reports. Most of the time, they have their time filled with a multitude of tasks. Salespeople not only find prospective clients, but they also manage relationships and close sales. Expense reporting is just one of the many stressful things they have to do in between all that.

With Hey DAN’s Voice to CRM technology, sales teams can file their expenses with just a call. Other than that, Hey DAN also handles data management, cleaning, and CRM integration. It’s the perfect tool for your sales teams on the go.