Definition
Travel & Entertainment (T&E) refers to business expenses incurred by employees for travel, lodging, meals, and other activities related to work. These expenses are often reimbursed by the company or covered through corporate credit cards.
Related Services
T&E services include travel booking, corporate credit cards, expense management software, and travel insurance. Companies often rely on expense tracking tools to manage and control T&E budgets.
Problem and Application
Managing T&E expenses can be challenging for companies as they need to ensure that all costs are reasonable and align with the company's policies. Poor management can lead to overspending or compliance issues, making it crucial for businesses to have a streamlined system in place for monitoring and reimbursing T&E costs.
Conclusion
T&E management is vital for controlling company expenses and ensuring financial compliance. With the right tools and policies in place, businesses can optimize their travel budgets, reduce unnecessary expenditures, and maintain employee satisfaction.
