An expense report policy and procedure defines the guidelines for employees when submitting an expense report for business-related expenses. It outlines acceptable forms of payment – such as a company credit card or petty cash – and how to fill out the expense report form. Additionally, it spells out how to keep receipts and document expenses, how to submit reports in a timely manner, and what happens if an employee fails to comply with the policy. An effective expense report policy and procedure ensures that reimbursement is accurate, efficient and secure.