Every business owner works extra hard to make profits in their business, and so tracking expenses is an important way to keep more money in the bank. Download Vencru’s free expense report template to take better charge of your spending.
An expense report is an accounting statement, prepared by a business, that shows all spending related to the business. It contains the details of the expense, the amount spent, and any other details necessary for keeping proper records of spending.
For instance, when a business makes travel expenses such as food, transportation, and hotel accommodation, these expenses are recorded in the expense report. Also, business owners who spend on purchasing raw materials for their products will need to prepare expense reports to record their spending.
Expense reports are usually prepared using the receipts obtained after an expense, to be sure that the amounts being filled in are accurate. They are in turn used to prepare profit and loss statements, to inform business owners of how their spending compares with their income.
One way to increase profits in your business is to cut excess spending, and before you can achieve this, you need to know how your money is being spent. Expense reports tell you what every penny is being spent on, and keep you confident that you’re spending on only the important things.
If you run a business alone, expense reports become important when you wish to create a personal budget. By keeping you updated on your common expenses, they enable you to make informed decisions that move your business forward.
Filling out an expense report is much easier with Vencru’s free downloadable expense report template. Here’s a simple set of steps to fill out your expense report:
The major goal of your business is to make profits, and you need to be sure that you’re achieving this goal. Download Vencru’s income statement template to stay informed on just how well your business is performing.
Need more resources for your bookkeeping? Vencru has all the templates you need to keep your records in check, and they’re free to use.
Even better, Vencru’s reliable bookkeeping platform helps you save time by generating these reports automatically for you. Vencru keeps all records up to date and gives you more insight into the numbers, so you never have to worry about time-wasting calculations and you’re equipped to make the best decisions for your clients and for your business.