Expense Report

An expense report provides vital information about expenses that incurred during a specific period of time. An expense report may be called Daily report or weekly report. In expense report, cash inflows and outflows are presented in  very professional and convincing manner. In the end, the current debit or credit balance of cash is showed in the bottom of report along with any necessary note, if found inevitable. It is a very important document for any business and organization. An expense report indicates all expenses in a particular time period. Expense reports must be maintained for accuracy to ensure that the company is not spending unaccounted for money. Expense report may prepare monthly, quarterly or yearly. Mostly Yearly expense reports are required for tax purposes by the Internal Revenue Service. Expense reports are also supplied to the Internal Revenue Service each year for tax purposes. Expenses associated with running a business should be logged using computer software or a spreadsheet. These expenses include travel, office supplies and furniture, corporate gifts and can include the cost of food, labour, and supplies for business or employee events. Typical business expenses for small businesses include office supplies and furniture, expenses for networking events, fuel for company vehicles, employee travel expenses, gifts for clients, shipping costs etc.