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As tedious and uninviting as it is, proper expense reporting practices are imperative to the success of a business; not only can good expense reporting provide many opportunities for tax reimbursements, but a lack of expense reporting can lead to significant trouble in the event of an audit.
Workers who use their own funds to pay for work expenses are spending nearly £400, and almost half of those fail to claim the money back from their employer. Half of employees use their own cash or credit cards to settle expenses, and spend an average of £367 a year doing so.
While credit cards facilitate the payment process by postponing our bank account’s throughput, they also increase the risk of irresponsible spending.
