Forgetting to include all your company-related expenses on your expense reports is like giving part of your paycheque back to the company – a gift not many want to make (at least not on purpose).
Despite the unpleasant idea of personally paying for you company’s expenses, it’s not uncommon for executives and professionals to forget to include all of their expenses for reimbursement. Expenses often slip through the cracks because they are mixed with your daily/personal expenses, are tough to remember and/or are frustrating to calculate.
Technology can get us most of the way there – helping with calculations, imported credit card statements and auto-set recurring expenses. But we still have to do some of the leg work. Listed below are the 5 most common expenses executives miss on their expense reports:
Nexonia Expenses makes this one easy – just put in your start and end destinations and the app will calculate miles based on your company’s mileage settings. The trick is remembering your trips. Get in the habit of marking them on your calendar so end of month reconciliation is easier.
Tolls are a tough one to remember especially if the charges are on a personal auto-toll account like FasTrak® or E-ZPass®. Try to check these statements soon after business trips end and add them into your travel expense report immediately.
3. Purchases Made With Cash
Get in the habit of taking a photo of the receipt with your smartphone & loading it into Nexonia Expenses immediately. Time here is key – after a day or so you probably won’t even remember the purchase. Even better – send your receipt photos to your personal assistant who can match it to a report in Nexonia Expenses for you!
4. If You Use More Than One Card
Nexonia Expenses will allow you to connect multiple credit cards to the system. This will, at the very least, remind you to comb the report for business-related expenses.
Parking, like tolls, is difficult because you have personal and business charges mixed together. Be sure to track your travel days to accurately expense this. Again, use your calendar to mark trip mileage and tolls you’ve encountered on the road so you can easily remember them on your travel expense report.
The key to remember all of these commonly forgotten expenses is time – get the expenses out of your head and into your report before you forget. Better yet, submit receipts to Nexonia Expenses as you go!
Bonus Tip #1
Nexonia has a great app (for iOS, Android, Windows, and BlackBerry)! Having the app at your fingertips will make you far more likely to import and classify your receipts in a timely manner. And as I mentioned before, it’s all about time.
Bonus Tip #2
If you can’t give more time to doing certain administrative tasks like your expense report, then it might be worth hiring an assistant to help you keep your expense report up to date and complete.
Good luck and happy reporting!