Business Travel Audit Report

A travel audit report is prepared when someone wants to know where the business is spending most of its money. Audits of different sections of a business are conducted to know the exact amount of expenses incurred. The travel expenses are usually the most common type of expenses a business face.

The audit of travel is conducted to know the exact amount being spent by the business on travel. The employer may ask his manager to conduct an audit and prepare a report on the basis several important decisions can be made. This report has a lot of significance in a business and is widely used.

To keep your business travel safe in the eye of auditors you must look into the following areas to let your audit run smooth. The travel expense report should entail clear transactions with justified purposes. Your business manager should read every bill or expense issues before signing the document promptly.

The audit team will ask all those transactions spend on weekends and holidays especially like on Thanksgiving, Black Friday or Christmas. The reason is that people usually fly on Sunday attending a Monday meeting and has spent some expenses for their personal weekend use.

What are the benefits of a travel audit report?

The key benefits a business can avail by using travel audit report keeps a business always wanting to use it for every type of reimbursement. More commonly, the business uses it for travel expenses reimbursement.

The report gives a clear idea about the amount the business is spending on travel. Based on information obtained from the report, a business can take several decisions.
The reimbursement of the travel expenses is done when the travel audit report is prepared. The employee is required to submit this report to be able to get the expenses reimbursed.
Some tax departments also see the travel audit report to know if the business is paying the tax right.

What are the elements of ta ravel audit report?

Name of the company
Name of department
Date of creating the report
Reimbursement amount
Description of all the expenses including transportation expenses, hotel expenses

The employee is needed to provide the receipt of all the expenses. The receipts act as a return proof of the expenses that the business must reimburse.

Give a grave look on your highest spending. Check why so much is being spent here and how steadily the expenses are flowing. Are those spikes uniform or certainly, a big amount has driven for a certain purpose.

Analyze the data taken from months to know whether such expenses are meaningful or not. The merchant name and his links with the purchased item should co-ordinate and same is the case with merchant code which should align the relative expenses.

Flight receipts confirm that the flight is not in someone else’s name. As it may happen much time that the employee on a business travel accompanies his spouse under the business travel expenses.

Other people to have a check for such travels are contractors, clients, and people traveling for the sake of job interview.

Employees usually misuse the cash reimbursement feature without providing the receipt, therefore, each and every receipt should be saved to show the authentic reimbursement and company should set amount for the reimbursement to deliver.

A detailed travel mileage log is necessary to provide good travel expense reports for audits. If you take care of all the above-mentioned features your business travel audit will be a no–trouble feature.

You can get a printable and downloadable business travel audit report template. The template is very easy to use and customize. The user can add the details to it and perform all the calculations on the data provided with complete ease and comfort. The template no doubt saves the time and money.

Preview

Download your file below.