Expense reports play a crucial role in financial management for several reasons:
Financial transparency: By keeping a detailed account of expenses, businesses can maintain transparency and accountability. Budgeting: Analyzing expense reports helps businesses plan and allocate budgets more effectively. Tax compliance: Expense reports are essential for providing evidence of business-related expenses, which can be deducted for tax purposes. Fraud prevention: Regular auditing of expense reports helps in identifying and preventing fraudulent activities.