Expense statements provide a way for employees to itemize expenses when requesting reimbursement from an employer. Though expense statements provide benefits for employers and businesses alike, many organizations encourage employees to exercise discretion when spending money.
An expense statement, according to a quick guide provided by the University of Maryland, is a detail of financial transactions itemizing expenses. Businesses typically use expense statements to reimburse employees who spend personal funds while traveling for business.
An expense statement allows employees to quickly and accurately request reimbursement for expenses incurred during company business. From a business perspective, expense statements ensure the organization does not reimburse employees for non-reimbursable expenses or overpay during the reimbursement process.
Many companies provide expense statement policies that guide employee expenditures and reimbursement requests. According to the human resources website, Employee-Handbook, expense statement policies set some guidelines, but organizations must encourage individual employees to use discretion when making purchases.