Keeping Track of Expenses on Your Business Trip

I will be the first to admit that although I hold a professional position, there are instances in which I am not the most organized person in the world. And that's okay, because part of what makes me good at what I do is that small level of spontaneity. There are times, however, when this small lack of organizational skills has gotten me into a bit of a pickle. The need to re-group and develop a strategy in conquering this flaw became evident during a recent trip to an out-of-town seminar. You see, most companies will agree to cover all of your expenses when shipping you off on a business-related trip but the catch is that, upon returning, it is necessary that you possess proof of said expenses. Because proof in the form of hand written "estimates" that you've jotted down on an airport restaurant beverage napkin prior to departure is not what an executive would consider an ideal expense report, I will share with you some tips that I conjured up in my latest attempt at keeping myself organized on business trips.

Organize, Organize, Organize

So, you are trying to cram your receipts, money and credit cards into a tiny clutch that coordinates perfectly with your most professional looking suit? That's all good and well, but I am betting that your boss will care more about physical state of the crumbled and disheveled receipts than the fashionable accessory enlisted to house them.

• Invest in a mini expanding file that will help you keep your receipts/tickets organized. If you don't want to give up the cute clutch (they are small, but not that small), simply put the expandable file in your briefcase or work tote. File the receipts alphabetically or by date, whichever is easiest for you.
• By doing so, your receipts will stay nice and neat and it will be easy for you to gather and organize them when it comes time to submit your expense report.
• An added bonus would be that you could file other necessary documents in the mini expandable file for quick access (hotel room key, credit card, driver's license, name badge, etc...) Just be sure, if you do this, to keep it in a secure location and you are not just carrying it in plain sight.

Choose One Method of Payment

Keep in mind that your company will most likely expect you to take on the expenses for you to get reimbursed for upon your return. It is not customary for a company to send employees on a trip with a wad of cash. For this reason, you need to put some thought into the method of payment you will choose.

• Avoid using cash at all costs. Any opportunity that you have to use a credit card, do so. Not only will it keep you more organized by not having to worry about getting cash out, getting change, etc... but you will also be able to prove your purchases through your credit card statement, should you loose or misplace a receipt. If you paid in cash and lost a receipt, you would have no proof of purchase.
• Try to use one credit card throughout the duration of your trip. If you end up having to rely on your credit card statement, you do not want to have to sort through 3 or 4 before finding a purchase. Likewise, you want to avoid turning in 3 or 4 to your boss. Using just one credit card will also mean less to sort through in your purse, bag, wallet, etc... when making purchases.

Track Your Cash

It's easy to spend $5.00 here, $3.00 there and allow that money spent to get lost in the shuffle. Challenge yourself to track every dollar you spend and make note of it to be turned in on your expense report. Some of the common forgotten expenses include:

• Tipping - bell boys, luggage check/claim, valets, parking garage attendants, etc... All of these tips can add up to a nice chunk of change and should be included on your report. Make note on a piece of paper that will be filed in your mini-xylophone file
• Coffee Breaks - Think about how many times you grab a cup of Joe during a 10 minute break or even a cup to get you through that 4:00 slump. Some coffee vendors (especially at hotels) are still cash only and forgetting to include this small purchase is all too common.
• Parking Expenses - Don't forget to turn in all receipts/tickets for reimbursement on parking fees. Paying $12.00 cash per day to park is not to be overlooked.
• All of these expenses can be added to your report under "cash expenses." When you can get a receipt, be certain you do but sometimes, you will be unable to do so. For example, when preparing your report, under "cash expenses" create a section for tipping. Your boss will know not to expect receipts for this expense. Note: You want to avoid any temptation to exaggerate cash expended on tipping for many reasons but mostly, it's just plain dishonest.

Separate the Non-Refundable

Most of us partake in a nightcap of sorts in attempting to decompress from the day's activities and that is expected from most any boss. What is not expected is for those items to be submitted on any expense report. Furthermore, there may be certain items that your company is not willing to reimburse you for. It is important to get an idea of what is considered non-refundable in advance and separate these items from your expense report.

• Ask your server/bartender to create a separate check from your food expense for any alcoholic beverages.
• The argument is there that you could simply black out non-refundable items on your original receipt and adjust the total, but truth be told, it is simply more professional to generate an entirely separate check, so resist that urge.
• After compiling a list of any non-refundable items, be certain they do not make an appearance on your expense report. You do not want your boss to think you are attempting to slip one past her buy including what you already know you will not be reimbursed.

When first considering what goes into generating an expense report for a business trip, it sounds like an easy task; "just save all of your receipts," but there really is more to effectively compiling an organized and concise expense report. While organization does play a key role in doing so, you can see that preparation is also a large component. Hopefully, these tips will assist not only in being more organized but also in preparing yourself the next time you are set to leave town on business and are faced with creating a report of your own.