Business Travel and Entertainment
Business Travel and Entertainment
Executive Overview
A new process for handling employee Travel & Entertainment (T & E) expenses which streamlines expense report preparation and processing and eliminates unnecessary process components including cash advances, reimbursement checks, management approvals, and reconciliations. The foundation for any T & E process is a complete set of policies & procedures that clearly articulate the company’s guidelines in controlling T & E expenses. Soltec has developed a comprehensive T & E policies and procedures manual that world-class companies have adopted.
IMPACTS
- Company’s culture for both department managers and subordinates are affected by the new T & E process with regards to accountability and discipline
BENEFITS
- Eliminate most current receipt requirements
- Improve data quality
- Empower employees
- Substantial reduction of administrative costs
- Elimination of travel advance checks and travel reimbursement checks
- Elimination of the need for expensive imaging systems
- Improved reporting for accounting, operations, and travel procurement functions
- Increased T&E auditing and control
- Enhances SOX compliance
- Reduction of internal/external paper handling
- Minimized record storage and retention costs
- Leveraged existing computer hardware and software systems
- Elimination of delays in expense report preparation, processing, and payment settlement
- Soltec provides Travel & Expense Best Practices education to both business professionals and executives in both web enabled and on-site formats. Please contact Soltec to setup an educational session or to understand how Travel & Expense Best Practices can improve your organization’s financial performance.
