This checklist is designed to ensure that all expenses are being monitored and tracked effectively throughout the accounting period. It helps in maintaining financial discipline and identifying any unusual spending trends.
Collect all expense reports submitted by employees for the given period to ensure that no paperwork is missing.
Check that all reported expenses are categorized correctly (e.g., travel, supplies, etc.) for accurate tracking.
Ensure that all expenses have corresponding receipts attached and that they match the amounts reported.
Review each expense to confirm it complies with the company’s expense policy, including limits and approvals.
Calculate the total expenses for the period by category to understand spending patterns.
Look for expenses that are significantly higher than usual or fall outside expected categories for further investigation.
Compile all findings and summaries into a formal expense report for review by management.
Set a meeting with management to discuss the expense report, findings, and any necessary actions.
Incorporate any feedback from management into future expense tracking processes to improve oversight.
Ensure all documentation related to expenses is stored properly for future reference and audits.