Being economic is the toughest task of modern-day life. Whether it is the domestic or commercial environment we discuss, in both places it is really difficult to manage finances. Most people in the business and the corporate world are more concerned about economic trends as compared to laymen trying to manage the budgets of households. In any department of finances and accounts in any business company, people are appointed to keep an eye on the expenditures and profits of the company on a regular basis, to keep a track of the financial changes that might occur in the budget of that company.
An important document in this perspective is an expenditure report. Expenditure reports are an important part of any business or large company. These reports are written in different scenarios depending on how a company’s mechanism works. If the company handles projects more often, these reports will be written for projects and expenditures related to those projects; if the company is a long-term business handling institute then the expenditure reports are written on a time basis i.e. either monthly, or annually or as per requirement. Expenditure reports give an idea of how much is spent and hence help in the future planning of strategies on similar projects.
Here is a preview of this free Expenditure Report Template created using MS Word,
Expenditure reports are usually long documents comprising detailed discussions of the amounts spent on projects or over a period of time. If it is a project-based expenditure report one is planning to write then it is important to include all the spending on the project in order to handle the accountability of the project. Remember to make sections of the expenditure reports to manage the expenses easily. This can be done on computer programs developed for this purpose or on paper as well, but that is becoming obsolete. The sections will be including material expenditures, labor expenditures, and any other expenditures that are related to any project under consideration. However, care should be taken while summing up the expenditures so that no section is ignored in the process. These reports are then submitted to the company heads or respective concerned authorities at the completion of the project. These reports serve as a great resource for future project planning if a similar scenario arises for the company in the future.
For expenditure reports written on regular basis, such as in manufacturing industries where there are no fixed projects or goals, just the production on time basis, expenditure reports contain different elements. For this scenario, the sections will be there just bearing different categories, such as expenses related to resources which might include bills of power or any fuel the factory is consuming, the raw material bought for production, the labor wages, the transportation expenses, the taxes, and other such related expenses. Some of these expenses will be fixed for an industry, which might rarely change, such as the tax amounts, but others might change from time to time. The graphical representation of expenditure reports in this case will help the managers to get a better idea for controlling the prices of their products and making decisions accordingly, in order to survive.
Expenditure reports are great tools for planning if used properly. Following is the download link for above shown Expenditure Report Template,
