Table of contents
The establishment and proper management of expense reports are important elements in the life of a company. Therefore, it is necessary for employees and employers to master the expense report. So, what do we mean by an expense report? What does it imply? Find out all about it in this article.
What is an expense report?
An expense report is the set of expenses personally spent by an employee in the framework of a professional activity or mission. Thus, this duly completed document allows the company to reimburse the employee, usually through the accountant. More information on https://www.usefullfacts.com/
The areas that can be taken into account in the establishment of an expense report are numerous and mainly of a professional nature. They often include meals, travel, documentation, and accommodation expenses. However, for all these expenses to be validated and reimbursed, they must be justified legally.
Conditions for the validity of an expense report
Sometimes employees add personal expenses to their expense reports. To avoid such an act, companies ask to provide proof. To comply with the standard and be validated, this receipt must contain certain information. This includes the date of each expense, the name, and surname of the beneficiary, the reason and the nature of the expense.
In addition, to facilitate reimbursement, the mileage expense report must contain the place and time of travel. All this must be signed by the employer and the employee concerned.
The normal timeframe for reimbursement of an expense report
When the employee carefully drafts and submits his expense report according to the company's principles, the company must respect a deadline. Depending on the company, this time frame is approximately one month for the expense report to be processed and reimbursed.
However, some reimbursements may take a little longer. These cases are due to the numerous approval steps that the expense report undergoes. Indeed, an expense report goes through the validation of the manager, the accounting department, and the execution of the transfer or reimbursement. This is why it is imperative to submit the expense report in a short time to be quickly reimbursed.
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