If you run a business, it’s likely that you have created, or are in the process of creating, a business mileage record. Whether your company is a public company or a private limited liability entity, keeping track of employee mileage can be difficult. In addition to the expense of vehicle maintenance, there are many other expenses that must be tracked and recorded, such as employee insurance premiums. The use of an effective business mileage spreadsheet can simplify this task by creating a simple to read, comprehensive report that will help managers make the best choices for their companies.
To begin, determine what type of report you need. If your business has one, determine which employees will be creating the reports. If you do not have a separate file for them, consider printing a template that can be used in several different situations. For example, if you require all employees to submit their work habits and mileage on a daily basis, consider using a template that provides a separate section for each activity. This will provide a single location for information to be filed for each individual employee, saving you time and money from duplication.
Each employee’s report should include the exact amount of mileage driven, as well as whether they have been reimbursed for mileage already billed to the company. Also required should be copies of official receipts for all expenses incurred. Expenses that are reimbursed should be indicated on the receipts, but any other expenses not associated with a reimbursement should be included on the expense report. All receipts should be attached to a file for easy tracking.
Every three months, review your records to identify any new expenses that were incurred or that were previously charged to the account but not reported. These include the mileage driven by drivers that are contractors or are completing part of a work assignment from another company. Review the list to make sure all companies are actively using mileage charged by their employees. You may also want to include expenses incurred by out-of-town clients, as well as a breakdown of expenses by vendor and company type.
As your business grows, your records may become outdated. In this case, you can make frequent reports to the accounting department. You can provide an estimate of how much time is saved in office operations and transportation costs. In addition, you can use the spreadsheet to track all personnel records, including their hours worked, equipment worn and any monies paid. Using employee time sheets can make it easier to understand and track employee hours, which can be used to plan your employee hours and improve employee productivity.
If you frequently send employees cards or gift cards for purchases made outside of your business, you should consider a mileage-based expense tracking system. You can calculate the cost of gas, oil, car rental, or other business operating expenses based on the number of miles driven. You can also determine the cost of tolls and parking fees by determining the rate per mile. When you make major purchases such as cars, trucks, buses, vans, and SUV’s you can get an estimate of the retail price at the pump. With these and other business expenses, you can get real-time mileage and retail price estimates which will allow you to better plan your business expenses.
There are many types of business expenses. These include: payroll, insurance, property taxes, vehicle maintenance and repair, computer operating expenses and more. To get a complete list of your expenses, you can go online and look up the Small Business Administration website. They have free downloadable forms you can fill out with your tax information. From there, you can enter your data and get an instant business mileage estimation.
Whether you are a small business owner or a large corporation, you can take advantage of using a business mileage estimator. It can help you save time and money when it comes to tracking business expenses. You can run the software multiple times to obtain a fair and even estimate of your annual business mileage. The software works fast and easily so you don’t have to worry about re-calculating your data. Just input the required data, and get the final expense estimate within minutes.
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