No matter what the size of an organization is, the policy of reimbursing the expenses is much needed nowadays. When an organization implements the use of expense claim form, it also makes the policies regarding reimbursement clear to the employee. The form is then provided to the employee when he returns from the work after spending money from his own pocket.
What is an expense claim form?
The expense claim form is a document which is used for the reimbursement of the expenses related to business. The purpose of using this form is to provide an organization with all the details needed to perform the reimbursement. OR
A written request or document that allows an employee or any other person to register a claim against an expense that he/she might have made or going to make for the attainment of goals and objectives of the organization or institution.
There are various fields in the form that collect the information regarding the employee and the total amount to be reimbursed.
The reimbursement of money means paying back the amount to the employee which he spends while he performs his duties. Most of the expenses to be reimbursed are those which occur when the employee travels for a business purpose.
Need for an expense claim form
In organizations, the employees are required to carry out different kinds of tasks and activities to meet the requirements of fulfilling the goals and objectives of the company. There may be some task that is desk job while others may be of a different nature and require a lot of running around and spending money.
When this money is spent by the employee or manager, he or she has the right to claim it as an expense made by the employee from the organization.
This process is completed by using an expense claim form. For example, if an employee travels outstation for a meeting with a client and pays the traveling expense through his own pocket he can claim it from the organization to be paid back to him through an expense claim form.
The Process:
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- The employee fills in all the details on the expense claim form
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- Submits it to the finance department of the organization
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- The department verifies all the details
- Reimburses the employee with the payment made.
This is a very detailed form and the employee must write down the true facts and figures in the form to avoid any problems.
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What is the purpose of using expense claim form?
The expense claim form is usually used by the employees of the organisation when they spend their own money for a business purpose. This form is very important for an employee because whenever he is required to claim for the money, the organisation asks him to provide the details needed to make decisions regarding whether to reimburse the expenses or not.
The use of expense claim form is very convenient for the employee because it saves him from having to think about the details to be provided. Furthermore, many employees like to use this form because it reduces the possibility of forgetting any important detail while claiming for the reimbursement of expenses.
The employee is also required to attach various types of receipts with the form to give