An Account of the Journey

 An Account of the Journey

A perk of using an expense account for business travel is that your employer will usually foot the bill. In the business world, it is common practice to refund expenses incurred on a legitimate work trip. You can get most of your trip expenses reimbursed as long as you live reasonably on the road. We don't want you to misuse the expense account, though.


However, you will need to submit a report upon your return from business travel in order to receive reimbursement for these expenses. Even though it's an annoyance, the business won't pay for your expenses if you don't specify them. This, however, necessitates self-control when traveling in order to record relevant information for your cost report upon return. Managing your expenditure report doesn't have to be as much of a pain as it seems.

To begin, review the company's cost policy and familiarize yourself with its coverage and exclusions thoroughly before you depart. If your employer uses a per diem system, they may pay for a certain amount of lodging and board each day and you'll have to pay for anything you spend more than that. It is important to be familiar with the per diem system if your organization uses it. This will allow you to accurately estimate your expenses before running up a large bill.

It could be a pain to keep track of company spending on a hectic trip. However, you should not return home without a means of recording your journey. The good news is that you can set up some easy methods that won't use up much of your time but will make tracking company expenses a breeze, so you can claim them when you get back. Among them are...

Put Credit to Use. You might think of your credit card statement as a living "tale of the trip" that can be a lifesaver in an emergency.

The retaining of receipts. If you put your receipts in a pocket with other papers or just let them dangle in your briefcase, they are easy to misplace. Keep a regular envelope in which you place all of your receipts as soon as you receive them. Put that in the inside pocket of your coat or your briefcase and never worry about losing track of your spending again.

An active log. You may still find it difficult to recall specifics about that expenditure when you reach home, even if you have saved all of your receipts. Establish a nightly routine using a tiny notepad to review your receipts and create a record of your expenditure for the day.

for situations where a receipt is not obtained. Always have a little notebook on hand to record those instances when you pay with cash or do not receive a receipt. This is a good method to keep track of any snacks or tips you might need throughout the day.

Make sure to secure those receipts. Just like you were careful with your receipts during the day, make sure to lock them up somewhere safe at night until you come back. Envelopes that are sealed are ideal for this task.

Those looking to level up their system can actually bring an expense report form and complete it daily while on the fly. The last steps are to sign it, gather all of the receipts, and send it off to accounting after the vacation is over. An even more foolproof approach would be to use a digital version of your company's expense report or Microsoft Excel on your laptop to update each night as you put your receipts into storage for the remainder of the trip.

The most critical thing is to figure out a method that you can rely on while traveling. Then, while you're away, make sure that system is your first priority. Spending some time planning how you will handle your vacation's spending will allow you to relax and enjoy both your business trip and the expense report when you get home.

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